5 Car Buying Considerations of a Savvy Consumer

Money wise consumers know that when it comes to buying a vehicle, used cars generally afford the greatest value. However, five considerations drive the cost of owning an automobile.

GMT AUTO SALES ST. LOUIS REVEALS HOW TO CALCULATE A USED CARS’ VALUE

GMT Auto Sales St Louis provides car shoppers with five vital calculations to determine prior to buying a vehicle.How to gauge car buying costs?

The monthly car note is not the only calculation to measure when buying a car.
Cost estimates by AAA indicate that from fuel economy, auto insurance, and annual maintenance all influence the vehicle ownership budget. Prior to selecting an automobile, check the average auto insurance premiums to determine affordability of insurance coverage.

Review the average fuel economy published by FuelEconomy to gauge your budget. The information is available on the U.S. federally funded website, identifying the estimated annual fuel cost of car produced since 2010.)

Which car to buy?

A savvy auto consumer bases their car buying decision on three factors:affordability, safety and style. A good performing car is both safe and reliable Refer to the reports, feedback and crash tests, featured at SaferCar.gov.

Always invest in a new or used car, suitable for your lifestyle and economic scenario. In other words, never buy a car that will take up more than a fourth of your monthly pay. Consider the vehicle'” suggests a consultant of GMT Auto Sales St. Louis.

How to offset certain costs?

“Some of our customers add an extended warranty to the car loan; However, most financial planners do not recommend this because, car buyers end up paying more in interest costs than the actual value of the vehicle.

For instance, extended warranties should never be rolled into the price of your auto loan, as you end up paying extraneous interest costs that do not affect the on the Pay any extra expenses out of pocket,” recommends a financial coordinator at GMT Auto Sales St. Louis.

Fuel Economy.gov publishes the fuel efficiency of all vehicles, produced since 2012.

On auto buying websites, (i.e. GMT Auto Sales St. Louis) used car dealerships often publish the monthly car note.

When to buy a used car?

As for scoring a valuable car deal, timing can be everything. Many auto experts advise car buyers to purchase a vehicle at the end of the year or at the beginning of the new year when new and used car dealerships are clearing out older inventory.

Where to buy a used car?

Shop at used car dealerships, where the inventory includes hundreds of preowned vehicles. The auto dealer should also be affiliated with numerous financial institutions. A good selection of preowned vehicle coupled with a variety of auto loan options help ensure a satisfying car buying experience.

“Road test our dealership for quality preowned automobiles: GMT Auto Sales St. Louis, the premier source to buy a used car in Missouri.

Test Your Car Buying Knowledge

Think you know the art to buying quality used cars.
GMT Auto Sales St. Louis challenges you to its test.

How much do you know about buying a new or used car? GMT Auto Sales St. Louis challenges you test your car buying intelligence, with this short quiz.

Select the answer according to true and false multiple choices.


1) When it comes to buying a car, consumers should refer to:

A) The National Highway Transportation Safety Administration, NHTSA.gov
B) The Insurance Institute of Highway Safety (IIHS)(LINK)
C) SaferCar.gov
D) All of the above

2) Any vehicle with a recall is not worth buying.

A) True
B) False

3) Ideally, you should test test drive a car for ________.

A) Two-hours
B) 45-minutes
C) Half an hour
D) As long you feel comfortable.

4) Tires information is not included in the vehicle history report.

A) True
B) False

5) In the state of Missouri, it is illegal for a dealership to sell automobiles with ________.

A) More than two previous owners.
B) More than 30,000 miles
C) Salvaged parts.
D) All of the above.

6) Prior to shopping for a new or used car, one should calculate:

A) Fuel costs.
B) Insurance cost.
C) Maintenance.
D) All of the above.

7) Buyback car guarantees are

A) Great policies for protecting a used car buy
B) A waste of money
C) Available on new car buys only.
D) Unethical policies.

8) According to Banks, and lending institutions, a borrowers monthly car note should not exceed ________.

A) Half of your monthly income.
B) A quarter of your monthly income.
C) A third of your monthly income and
D) A tenth of the take home pay.

9) When shopping for a preowned vehicle, it’s good to take several months to shop for the best deal on the car and financing.

A) True
B) False

10) Auto buyers with a poor credit score can never qualify for a car loan

A) True
B) False

Car Buying Answers

1. (D) When shopping for new and used cars, the IIHS, NHTSA and SaferCar.gov are vital resources for car buying research.
2.  (B) as all recalls hinge on the faulty parts. For instance, a recall for an irregular sized cup holder does not carry the same safety issues as a faulty air bag.
3. (C) Thirty minutes is the minimum recommended time to road test a car.
4. (A) True when test driving a car, be sure to evaluate the condition of each tire.
5. (C) It is illegal for Missouri auto dealers to sell vehicles, comprised of salvage vehicle parts.
6. (D) Car buyers should calculate insurance, maintenance and fuel costs before finalizing any transaction.
7. (A) A buyback guarantee provides used car buyers with a form of protection on their buy. Read more about buyback guarantees.
8. ( C) Your monthly car note should not account for more than a one-third of your monthly income and other financial responsibilities.
9. It’s never a good idea to apply for credit for several months at a time, as it lowers the credit score. Instead, from choosing the best car to securing a an auto loan, allow a month’s time to complete the car buying transaction,
10. (B). It depends on the auto dealer’s reputation and relationship with lending institutions. For instance, GMT Auto Sales St Louis provides guaranteed auto loans for the consumer with bad credit or a low credit score. We set our used car prices below the National Automobile Dealers’ Association.

Scoring:
10-9 correct: Champion car buyer.
8- 7 correct: Savvy auto shopper
6-4 Marginally informed car buyer
3 and lower Need to do more auto buying research.

Put your car buying skills through this virtual tour at GMT Auto Sales St Louis.