The average cost of a new vehicle
today is around $35,000. Whether you're looking for a brand-new car or a
reliable used ride, you want to get the most for your money. The process can be
made easier by following the RAIN
method: First, meet with a member of the lending staff at Coosa Valley Credit Union to secure your financing. Then begin the RAIN process:
1.
Research - Check out Consumer Reports, Kelley Blue Book, and other sources to make sure
the vehicle you want is reliable and right for you. Use the buyer's guide to
find the wholesale price -- the price the dealership paid minus any rebates,
hold-backs, or incentives. That is the price you'll use to negotiate.
2.
Ask - Ask the dealership for information about
the average cost of upkeep. This information is critical as you examine the
overall costs of the purchase. Insurance is another big cost. Contact your
insurance company to find out the rates you can expect with the vehicle you are
looking at.
3.
Investigate or inspect - If you're thinking of buying a new
car, tell the salesperson at the dealership that on this trip you will be test
driving only and not ready to make a deal yet. This is your opportunity to get
a feel for the car. Will it meet your needs? How does it handle? Will you be
happy with it for years to come? If you're buying a used vehicle, the
inspection process is very important. Check out the exterior and interior. Take
it for a test drive and see how it handles, how it accelerates and brakes. If
everything looks good, take it to a certified mechanic for a full diagnostic
check. It may cost you $100, but not only will you get a detailed report of the
condition, most will provide you with a list of problem areas and the cost to
fix them. This will be helpful for your last step.
4.
Negotiate - Many people find the negotiation
process is intimidating, but it's important if you want to get a good deal.
Pick out two to three dealerships to visit. Tell the salesperson that you're
checking out other dealerships and the one that offers the best deal will be
getting your business. Ask them "What's the lowest price you can offer on
this vehicle?" Take that number and visit your other dealerships. See which
offer comes in the best. If you still aren't happy with the offers, tell them
what you think is fair based on the research you have done. If they say no,
move on.