The introduction of a new car is the perfect opportunity to ask yourself, “How much are my friends going to pay for it?”
For some, it’s the perfect way to find out.
“My mom and I bought our first car when we were young, and my best friend and I just started dating when we got married,” says Katie Schramm, a 29-year-old marketing consultant in New York City.
“I have a boyfriend, so it’s like, this is a good time to try something new.”
And it’s a great way to get started, too.
“A lot of the time, the person who buys the car first is going to want to get the car and get a job in the new car business,” says David Miller, who runs an auto leasing company called The Car Broker.
“So, if the person buys the first car, it will be their baby.
So the next person who comes along and wants to take on the first customer will be the next customer.”
This can work for you as well.
A friend or family member can offer to take care of the car if they want to take a trip to California or Florida.
“If they’re not going to take the trip, the next thing they’ll want to do is pay me to take their kid to the mall,” says Schramma.
“It’s the best way to see how much the new person will be willing to pay.”
But if the car is just going to sit in your garage, it might be worth considering whether the car will be a good investment.
“There’s no magic formula for what your first car should be worth,” says Miller.
“You should just try to look at what the car needs to be for the person that is buying it.”
Here’s a look at the pros and cons of buying a new vehicle: The Best New Car Buying Guide You’re in a hurry to get a new Ford Fusion, but you’re also anxious about the price tag.
Here’s what you need to know about how to pick a good car.
Find out how much a new Fusion is worth.
Buyers should ask themselves whether they want the car for the next few years, if it’s going to be used in a few years and if it can be maintained over time.
“Buying a used car is like buying a wedding present,” says Dan Riehl, a certified financial planner and real estate agent in New Jersey.
“That’s not to say that you shouldn’t get a used one, but if you’re going to do that, you might as well do it for the right reason.”
Schramms car, which was sold for $50,000, was in the works for four years.
But after her husband moved to Florida, she got tired of waiting for the new vehicle to arrive.
“We were at the point where we needed something new,” she says.
“And I said, I’m going to try to get this one, because I think I’ll be a better driver if I get a really nice one.”
Schrams friend got the best deal for the Fusion.
The price was $57,500.
She wanted to take advantage of the “first sale” clause.
It’s worth noting that many new cars are more expensive than their older siblings, meaning that the buyer of the new model may get a lower price.
So it’s wise to ask if the buyer will actually pay the higher price to get it, even if it will likely not be worth the savings over the long term.
(For more tips on choosing a good new car, see The Best Buying Guides for New and Used Cars.)
Buying a Used Car With a Used Vehicle When the time comes to buy a used vehicle, Schrammans best friend took the deal and bought the vehicle.
“She was the one who actually bought it,” says Riell.
“But it was still a very nice car, so she was super happy.”
But Rielly says it’s important to know that there’s a lot of risk associated with a used model.
“Most of the times, a lot will go wrong,” he says.
That’s why, as a first-time buyer, it may be worth taking a close look at a used and even a used-but-still-excellent model.
Some people are willing to give up the vehicle for the money.
“One of the biggest problems I’ve had with people who are willing [to buy] a used is that they don’t know how to use the vehicle,” says Matt Bischoff, a real estate broker in Colorado Springs.
“They’re not sure how to operate it.
So they end up getting a great deal and they’ll go to a new house and a new boyfriend.”
And the buyer’s savings may be very high.
“Even if you don’t really have the money, it can still be a lot cheaper than buying the used vehicle,”