Are there any outdated car buying tips?

I was going to buy a car and after talking with my father about it, I'm more confused than ever. Are there any outdated car buying tips I should avoid?

Answer
“The landscape of buying a car has changed over time, so there are certainly some outdated car buying tips.
One of those is always paying cash. Sure, you won’t have a car loan, but with interest rates at all time lows, it’s not necessary.
For example, if you finance a car at 2.9% interest instead of paying cash and can invest that money at more than 2.9%, the interest rate for the loan drops to zero. If you can make 5% interest on your investment, you’re actually borrowing money and making cash on top of it.
Another great tip is to not always finance through the dealer. While they might be able to get you a better deal, going straight to a lender and cutting out the middleman will almost always save you money.
If you need a new car insurance policy once you purchase a car, use Jerry. Jerry will generate competitive quotes from top providers in less than a minute.”
avatar
Eric Schad
Answered on Aug 23, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.