Are you financially savvy?

DATE: | Consumer bulletins

November is Financial Literacy Month and there’s no better time than now to learn how to make smart financial decisions when it comes to buying a new or used vehicle.

Here are tips you can use to make a financially smart automotive purchase:

  • Set a budget: have a set plan before you shop and decide how much debt you can afford.
  • Research: make a list of your vehicle wants vs. needs before you shop.
  • Minimize risk: if you choose to buy used there are a few extra steps you can take to protect yourself including choosing to buy from a licensed automotive business and always accessing a vehicle history report.
  • Read and ask questions: Be sure you fully understand what you are paying for before you sign the contract. Review all fees and ask questions if you are unsure.
  • Clarify the reason for a deposit: ask if you are paying a deposit or a down payment and whether it is refundable. Always get a receipt for your deposit and a copy of the agreement.
  • Learn the language: considering a vehicle lease? The terms used in a lease contract differ from those in a purchase contract.
  • Know your rights: Learn the benefits of choosing to deal with legal, licensed automotive businesses and how to avoid curbers.

Make amvic.org your first stop for useful resources and information: