Do Your Homework: A Checklist for Your New Vehicle Purchase

Posted by admin on January 14, 2011

Growing up, the phrase “do your homework” always came with a feeling of dread…and the response “Do I have to?”

Fast-forward to adulthood, “do your homework” applies to making significant decisions, including venturing into making financial commitments.  When it comes to buying a new vehicle, automotive industry estimates suggest that 70 percent of buyers finance their new vehicle purchases.

With that in mind, Johnny Londoff Chevrolet presents a brief rundown on points you need to know when wading into landing that new Chevy Cruze!

Break Down the Numbers. By and large, this is the most crucial step in making your new car purchase.  Why? A financial commitment such as a high car payment can put the brakes on a monthly budget, especially if you’re a first-time buyer.  A rule of thumb to consider is simply this: up to 20 percent of your month’s net income should be budgeted towards a new vehicle.  Also take into account any additional “hidden fees” like auto insurance, taxes and title costs in that budget.

Fit.  Once you determine how the monthly payments fit into a budget, you’ll need to figure out what vehicle fits your needs.  A decision on what new vehicle to buy comes down to personal preference, so consider the following in the process as you make your evaluations…

• Environmental friendly? City or highway driving? A subcompact vehicle may suit your needs
• Have a family or expecting a little one soon? If so, one of these vehicle types would suit your needs: a station wagon, a mini-van or an SUV?
• Image conscious or entering a mid-life crisis? Perhaps a sleek convertible or a sports car should be the choice.

Do Your Homework. Remember what we said earlier?  By doing extensive research in your new vehicle process, you should be well prepared before stepping foot onto the dealership floor.  Websites like ConsumerReports.com and Edmunds.com provide in-depth reviews and ratings from staff writers and vehicle owners—past and present—that can prove indispensible in making your selection.  Couple website research with knowing what the current interest rates are and you’re well on your way to getting a deal that’s workable.

So if you’re in the market for the all-new Malibu or the red-hot Equinox please use our Black Book® evaluator to get the right trade-in value for your vehicle.

To experience the Johnny Londoff Chevrolet difference for yourself, stop by our dealership at the Washington & Elizabeth exit in St. Louis or visit us online 24/7 at Londoff.com!