Millennials are currently the fast growing population of vehicle buyers, and by 2020, are set to account for about 40% of new vehicle sales in the United States. In 2011, that rate was at relatively low 20 percent.
So what does this increase in vehicle ownership mean for millennials? Well, automotive companies have noticed this rising trend, so it’s safe to assume they are going to start targeting that 25 to 34-year-old age group. This means you’re going to start seeing a lot of advertisements and deals that sound amazing. But be aware – all that glitters is not gold.
No need to fret though. We here at RGV.com have some killer tips and links to apps for any of you millennials out there who are on their way to buying their first car. With a little bit of preparation and awareness, you’ll feel confident walking into any car dealership and handling negotiations like a bawse.
- Use the Internet for more than social media!
Millennials! We have an amazing tool (or two) right at our fingertips. Mobile devices and the Internet. Shopping online is a great way to research options, locate vehicles that are for sale, and read reviews about the type of car you’re interested in purchasing.Do some #car #research using the #Internet #RGV millennials Click To Tweet
You can also do rebate research. There are rebates for college graduates and first-time buyers, so do some investigation to find out which you might qualify for.
While you might be undecided at first, spending some time online doing effective research can definitely help you to slim down your options and prepare you for the road ahead.
- Don’t forget to budget.
Yes, unfortunately, part of becoming adult-ish, is learning to budget. This rings especially true when you’re in the market for a new or used vehicle.
Beyond the car payment itself, also take into account all your other monthly expenses as well. Call some insurance companies to get some estimates and consider all the additional fees that come with purchasing a vehicle (plus don’t forget to budget for gas).
It can be quite easy to underestimate the cost of purchasing a vehicle, so really do your homework to have a good idea of how much you are able to spend. There are a ton of car affordability calculators online that can help you to budget more effectively.
- Fun time with financing.
I knew you were going to be excited about this part…
Seriously though, financing is a major part of the car-buying process, and it is in your best interest to do some research beforehand so that you know your options. A seemingly good deal with high-interest rates can send the vehicle’s price through the roof (metaphorically of course).
Most dealerships offer financing opportunities, but you might get lower interest rates with your own bank – if you can secure a loan. Vehicles are a long-term investment and you don’t want to put yourself up against the wall because of a bad deal. Do your research!
- Ask around.
Purchasing a vehicle really can be a big deal and it behooves you to get as much insight and advice as possible. Ask friends and family members who have bought cars about their experiences and see if they can give you any recommendations for a good dealership.
Again, don’t forget to go online and read reviews about potential car choices. If you want to go in person to the dealership to ask questions, just make sure to be prepared in advance – and don’t allow yourself to be talked into buying if you aren’t ready. Ideally, the right sales consultant will provide you with information and product features you hadn’t considered before.
- Test drive that bad boy.
Once you’ve narrowed down your choices, the next step is to get behind the wheel. Yup. Nothing beats a test drive to help you figure out if the car’s overall feel is what you’re actually looking for.Don’t forget to #test #drive that potential purchase 1st #millennials Click To Tweet
During this process, don’t forget to check the car’s miles per gallon (MPG) efficiency. Will you be driving around a lot for work? Are you planning some major trips in that new vehicle? How much are you willing to spend on gas (and how much can you really afford)? All this should be taking into consideration to help you make that all-important decision.
- The perfect timing.
There are a couple of things to realize when it comes timing your vehicle purchase. For starters, the end of the month is a better time for deals than the beginning of the month. Because of sales targets set by both dealers and automakers, the end of the month usually means a willingness to work with a potential buyer (i.e. better deals for you).
The second thing to remember is that August tends to see the biggest push for sales. As newer models arrive at dealerships in late June and July, most lots have lower transaction prices during this month. Just some food for thought.
Use tech to your advantage by haggling down the price. The sticker price is essentially the car dealer’s ideal price, and with Car-Buying Apps like TrueCar.com and Edmunds, you can get a real-time approximation of what people are paying for a specific type of car in your area.
Even if you don’t know much about a car that you see, these apps and other online resources can provide you with a wealth of information.
Don’t be afraid to let the sales consultant know exactly what you want and what you expect. They may try and steer you in another direction, but as long as you’re determined, things should go your way. If not, you can always go to another dealership.
- Only when you’re ready.
One of the biggest mistakes you can do is to make an impulse buy. That’s why deciding on the car you want beforehand is so important. Narrow down your must haves and features that you want.
Are you looking for a car with a solid sound system? Are you looking for an environmentally friendly car? Is fuel efficiency your number one priority? How about Wi-Fi capabilities? Is a specific color a necessity?
Don’t forget to think long term and include features that will make your life easier (pun intended) down the road. Remember that cars require regular maintenance too, so if you’re not financially able at the time, reconsider that purchase.
Only after you’ve studied the market for a couple of weeks (or months) should you make the decision. You’re going to have that car with you for quite some time, so there is no need to make a hasty decision.#No #impulse #purchases. Research 1st #RGV #millennials Click To Tweet
There you have it ladies and gentlemen. Some killer tips to help get you behind a pair of sweet wheels. Roll the windows down. Turn up the tunes. And let the wind blow through your hair as you travel up and down the streets of the RGV.