Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Buying your first car can be as exciting as it is daunting. Although the freedom that a vehicle affords you is invaluable, it’s not a purchase that you should take lightly.
Used and new auto prices are still high throughout Canada, according to reports from CTV News and AutoTrader.ca. This means that you’ll need to look a bit harder to find a good deal.
If you know what to look for, deals can still be found. However, if you’re uninformed, you can just as easily get ripped off.
Whether you’re buying a car off the lot from a dealership or purchasing a car in a private sale, there are a few basic tips that you should always keep in mind:
Below, I’ll go over these key points and share some other practical tips for first-time car buyers on a budget so that you can find the best deal.
1. Research price ranges for the vehicle you want
If you’re shopping for your first car, you likely already have a few different vehicles in mind. Before you visit the dealership or look at local private sales, I recommend visiting Kelley Blue Book’s website to do some initial price research.
Simply enter the car’s year, make, and model, and the website will show you the average price range that you should expect to pay for it. This is great information to have while you’re shopping, as it will help you determine whether or not you’re getting a good deal.
2. Look for minor imperfections in the vehicle
One of the best ways to convince a seller or auto salesperson to come down on the price of a vehicle is to point out small imperfections. Look for imperfections, such as:
None of these affect the overall performance of the car, but they’re a useful negotiation tool that can convince the seller to reduce the price a bit.
3. Shop towards the end of the year (closeout sales)
Have you ever realized how dealerships run the best sales during the holidays? That’s because major dealerships are trying to liquidate the previous year’s inventory to make room for the latest models arriving in January.
If you plan on buying a new or certified pre-owned vehicle from a dealership, the holidays are the best time to shop. Private sellers may also come down on their prices, as they might be looking for quick cash so they can buy gifts for their friends and family.
4. Don’t be afraid to negotiate the price
Remember - salespeople are not your friends and family. Don’t let their golden smiles and friendly compliments sway you into buying a car that you wouldn’t purchase otherwise.
The best way to save money on your first car is to negotiate the price down. This works better with private sellers than at dealerships. However, most dealers are also willing to negotiate (although you may have to speak directly to a sales manager to get the deal).
5. Ask for service records and car history reports
Saving money upfront doesn’t mean much if the vehicle breaks down on you a few months later. That’s why you should always ask the seller or dealership for the car’s service records. In particular, you’ll want to ensure that the oil was changed regularly.
This can also show you whether or not the vehicle has had major work performed on the engine block, transmission, or cooling system. Recent work is usually a good sign, as it shows that major issues were taken care of, so you don’t have to worry about them.
A car will also have a history of any accidents that it has been in that have had any insurance claims, so see if the owner of the vehicle has access to those records. If they don’t have one, you can buy a report from a third-party provider.
If the vehicle has been in an accident, this can be a good negotiation tool for you to bring the price down.
6. Inspect and drive the car with a mechanic
Even if the car is sold with impeccable service records, you should still get a mechanic’s input. If you have a friend or family member who’s a mechanic, ask them to come along with you to the car lot to do a brief once-over and accompany you on the test drive.
The mechanic’s trained eyes and ears should be able to identify any major issues before you hand over your money.
Many shops are also willing to perform a pre-purchase vehicle inspection for a small fee as well.
7. Negotiate your interest rates
Dealerships often entice first-time buyers by offering them deals and clever perks, such as:
If you’re only focused on the upsides of the deal, it can be easy to overlook the fact that your interest rate may not be the best. Interest rates can mean the difference between thousands of dollars over the course of your loan. Not everyone knows that it is something that you can negotiate with a dealership, so try your best to haggle it down.
If you want to find the best deal on your first car, I recommend shopping around a bit. Don’t buy a car on an impulse or let a salesperson pressure you into buying on the spot. Look at multiple options, weigh the pros and cons of each, and make an informed decision based on your budget and needs.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his Wealth Awesome website.
Do you have a question, tip or story idea about personal finance? Please email us at dotcom@bellmedia.ca.
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Molly Knight, a Grade 4 student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.