Take the Headache Out of Buying a New or Used Car: Tips for Millennial

Take the Headache Out of Buying a New or Used Car: Tips for Millennial

The millennial generation has gotten a bad rap over the years, with many people from older generations calling them “entitled,” “irresponsible,” and “destructive.” However, as the generation as a whole comes into adulthood, it is clear that millennial are just like those who came before them they had their heyday, but now they’re ready to settle down, make sound investments, and live a stable life. In short, they’re ready to grow up, and part of growing up means buying a new vehicle. Unfortunately, dealers and lenders may make doing so more difficult than it should be.

If you’re a part of the millennial generation, and if you’re in the market for a new or used vehicle, you may face some adversity at the dealership. With these tips, you can overcome common challenges and get the new set of wheels you need to pursue your grown-up goals.

Use Technology

You don’t have to put your smartphone down to go car shopping, in fact, you can use your device to your advantage. Take to the internet to browse dealerships’ inventories, get quotes, ask questions, and even negotiate. Most dealerships have implemented live-chat sessions that allow car shoppers to do most of the hard work from the comfort of their own homes. This saves the dealers and buyers time, as it eliminates the need for hours’ long sales talks that eventually lead to nowhere.

You can also use sources such as Kelley Blue Book to find out how much you should really pay for a vehicle. There are also apps that allow you to do the same thing.

Get Approved

There are several advantages to getting approved, the biggest of which is that it gives you a baseline for what types of rates to expect. While dealers typically have access to some of the best rates, most tack on between one to three percent for “commission.” Over the lifetime of a loan, that one to three percent additional interest can add up to thousands of dollars gone

When you show up with a approval, a dealer is less likely to try to hoodwink you and to offer you rates that you truly deserve. Also, a qualification letter gives you a good idea of what you can really afford and can save you from being tricked into purchasing a vehicle that is far outside of your budget. Auto Loan Solutions has an easy online auto loan application for your convenience.

Test Drive!

Too many people, especially those of younger generations, skip the test drive all together, claiming that it’s “too much of a hassle.” While it is true that test drives are time consuming, and that sometimes dealers require shoppers to jump through hoops before allowing them behind the wheel, they’re a necessary aspect of the car buying process. After all, how can you know if a vehicle is really for you if you don’t know how it drives? You may discover that your dream sports car drives terribly and that the sensible station wagon is more your speed.

Test driving is absolutely necessary when buying used. Used cars often appear fine at first glance, but drive around the block in one and you may just discover that its brakes squeal, its engine overheats, and the power steering fluid is almost gone.

Make Big Decisions Ahead of Time

Though you cannot know for sure which vehicle you want until you’ve test driven and priced them all, you can know what extras you do and do not want prior to heading to the dealership. For instance, if you live in a colder climate, you may value seat warmers, a remote starter, an engine block heater, and heated mirrors. However, if it never drops below 65 degrees where you live, such features would be a waste of money. Make a list of features that will make your life easier and your drive happier and which you can live without prior to going to the dealership. Doing so will help you keep your priorities straight when the dealer tries to up sell you.

Because of the prominent bias against the generation, millennial have it tough, especially when trying to obtain financing of any sort. You can overcome those biases and drive away from a dealership in the car of your choice by utilizing the tips above.

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