• 06-AUG-2013

  • SOURCE: General Motors - Global

Car Buying 101 - Experts Offer Tips On When to Buy, How to Finance and Other Options to Consider

In the market for a new car? If so, there are several questions you need to ask yourself before making a purchase that go beyond make, model, color and the number of cup holders. Before heading out to the dealership you need to consider the following:

• When is the best time to buy a car?
• Lease or buy - What are the best financing options?
• New or used – Is a used car automatically a better idea?

This is the time of year that auto makers start discounting this year's cars and trucks to make room for the new models years. And the good news for consumers is that there are a lot of sales going on right now.

In the past ten years leasing has become much more popular when it comes to financing your new vehicle. Once almost exclusively a luxury car option, the types of vehicles that are available for leasing has expanded in the past ten years and leasing has become an important option on cars that were generally considered to be for purchase only.

And, make sure you consider all your options before deciding between a new car or a used one. It's become somewhat of a gray area, because there are a lot of incentives and rebates along with very attractive financing on new cars. There are also many features which may not be available in a five year old car. New Safety equipment, connections for your iPhone or Smartphone and backup camera … all things that are hard to find in a used car.

Finally, does the savvy shopper wait until the last minute to get the best deal? Only if you are willing to take the leftovers, say the experts. They say keep an eye on the sales and jump in when the right car and the right price match up.