New or Used Car?

If you are at the crossroads of buying a new or used car, there are few tips you ought to find out before you sign those papers...
1. Decide what kind of vehicle you need. Shift focus to your lifestyle if you are to cater to city highways and not off-road tours, you might want to think twice before investing into a four-wheel drive. Or maybe SUV for kids on the way...

2. Car depreciation value. Consider if you want a late model or brand new as car depreciation rates are as high as 20% each year. Paying few thousand dollars more this year and few less next year will be a pain to bear.

3. Note auto leasing. Low down payments, convenience, and accounting advantages are for businesses. It is almost imposibble, over the long run, to lease a car for less than it costs to buy.

Insurance Considerations
Regardless of where you live, auto insurance is required for you and your vehicle. These are few for you to work around with

Bodily Injury Liability - for medical or death expenses resulting from an accident in which you are at fault.

Property Damage Liability - for repair or replacement and legal expenses for property damaged in an accident in which you are at fault.

Personal Injury Protection - for expenses resulting from injury or death to you or your passengers, regardless of who is at fault. This coverage also pays death benefit to the deceased's survivors.

Comprehensive - for damage caused by theft, vandalism, fire, and most natural disasters. Equipping your vehicle with certain antitheft devices can reduce your premium.

The motor picture
Do your own research prior talking to a salesperson. Know the value of your future car. Read up technical and performance data including repair history to prepare you the availability for car maintenance.

Vehicle Value
Determine the amount of money for your car. Having a bigger car definitely has bigger liability and you might want to get the best deal from the auto showroom. Slow sellers would be able to get more on discounts where as hot cup cakes very unlikely.

Get rebates
Normally you can get 2-3% rebate of the sticker price. Thus make full use of your negotiation skill and kill

Trade-in
If you clean up your car and sell it yourself you might get better value then asking it from the shop. Watch out for lower value offered when you liaise with you car dealers.

Always bear in mind that what you see might not be the exact of what you will get. Investigate further to avoid pain in the future.