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: