It’s that time again in my world. Time to think about acquiring a new vehicle. Ick. Sorry, that’s all I can come up with. Ick. There are people who love car shopping–I am not one of them. It seems other people know so much more than I do about cars and financing. It’s not that I can’t learn. I could if I wanted to. I just don’t really want to. Which leaves me at ‘ick.’
Fortunately, Girlfriend Guru MIATA EDOGA is here to save the day. This week she applies her fabulous financial expertise to the subject of cars. Just in time for me to start shopping. Or maybe I’ll start next week. What car shopping advice do you have, girlfriend?
The Detroit Auto Show is this month. People flock to shows such as this one to check out the industry’s hottest new trends. Don’t you love that new car smell? Even if you aren’t a “car person,” it’s easy to fall into some traps with new vehicles:
1) Remember that new cars depreciate as soon as they roll off the dealer lot. When you buy a new automobile, it’s nearly a guarantee you’ll lose money. I understand that some people in sales need a new automobile every few years. Examine your situation closely…do you need a new car, or is a pre-owned ride a better fit? For most, purchasing a pre-owned car is the smarter option. Request a car history report before buying and take it for inspection to a trusted mechanic. You don’t want to purchase someone else’s lemon.
2) Loan rates are low, but don’t get sucked into a discussion about monthly payments. The best car is one that you can pay cash to buy. If you have to take out a loan, check your credit report first. You can secure a free credit report each year from annualcreditreport.com, which is the only free credit report endorsed by the U.S. Federal Trade Commission. Once you know you have a clean credit report, don’t always take out the loan offered through the dealer (though, different from some advice I’ve read, I wouldn’t avoid the dealer offer entirely–often dealers have negotiated rates you won’t be able to beat elsewhere). Check local banks and credit unions (a good friend found her best rate at her credit union a few weeks ago) for competing rates, as well as online sites. Opt for the shortest loan period possible, and try to pay off the loan early. You don’t want to be stuck paying for a car you’re no longer driving. (On that note, start a fund on the side to pay cash for your next automobile, too!)
3) Leasing is rarely the best choice, but if you’re going to lease, begin by negotiating the price of the car. Lease payments are based on the difference between the sales price and a fixed number called the residual value (the amount the lending institution thinks the car will be worth at the end of the lease). If you forget to negotiate the price of the car, you’ll raise your monthly lease payment.
Buying a car doesn’t have to be a horrific experience. By arming yourself with a little knowledge, you can come out ahead and with the ride of your (or at least the ride of your pocketbook’s) dreams!
MIATA EDOGA is the President and Founder of Abundance Bound, a 10-year old company committed to utilizing humor, inspiration & lots of love to give individuals around the world the necessary tools to thrive financially, while keeping focus on the things they treasure most. Visit the Abundance Bound Facebook Page for your free copy of Financial Success for the Creative Soul!
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Debba Haupert | 39 items | 1065 views
Don't you love having SMART girlfriends who give great advice? Well, we've got the go-to gal for financial advice for women. The President and Founder of Abundance Bound shares her insights in these guest blogs as a GIRLFRIEND GURU for Girlfriendology. (Thanks Miata!)
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Supermarket automatic doors open for me; therefore, I am. - Craig Bruce My friend Shari loves grocery shopping. She loves the bright fresh fruits and veggies and finding new varieties to try. She loves discovering new flavors and ingredients and spices-and she is a gifted cook who takes her inspirations and turns out delish dishes.
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I admit it. I'm one of those people who likes to figure things out for myself. Over the last few (or maybe more than a few) years, I've worked hard to figure out where figuring things out for myself leads to positive self-esteem and where it just leads to stubbornness and frustration.
5. Pay Off Your 30 Year Mortgage in 15 Years | Financial Guru Miata Edoga | The New Girlfriendology | Be a Better Friend...
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7. Buying Your Next Car,Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better Friend | Inspirat...
It's that time again in my world. Time to think about acquiring a new vehicle. Ick. Sorry, that's all I can come up with. Ick. There are people who love car shopping-I am not one of them. It seems other people know so much more than I do about cars and financing.
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We all approach decision making differently. Some of us race in, getting past the decision point as quickly as possible, leaving it to the facts to catch up when they are ready. Some of us agonize over every possibility, getting so caught in the "what-ifs" that we become paralyzed with indecision.
10. Going Through a Divorce? Three Money Tips,Financial Advice from Miata Edoga | The New Girlfriendology | Be a Better F...
"I couldn't believe how much I didn't know," a girlfriend recently told me. We were talking about the divorce she'd gone through three years ago. "Partly I just ignored all that financial stuff. I thought it was great that it was his responsibility-like putting out the garbage and fixing the leaky faucets.
11. Just Starting Out? Follow These Basics,Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better...
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12. Navigating a Home Refinance,Finance Advice from Girlfriend Guru Miata Edoga | The New Girlfriendology | Be a Better F...
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Some things seem easy when you listen to someone else or watch a sitcom (where both sides of the dialog are scripted out). Talking about money is one of those things that-for many of us-is much harder in real life than it is in our head.
14. Going Phishing - Protect Your Financial Information, Advice from Girlfriend Guru Miata Edoga | The New Girlfriendolog...
There is a difference between fishing and phishing. Not just the spelling, but the harm it can do to your identity and finances. In one, actual fish are the goal; in the other, it's our money (or us, depending on how you look at these things).
15. More 401k Mail? Don't Throw This One Out! Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Bet...
If you want something, it will elude you. If you do not want something, you will get ten of it in the mail. ~Anna Quindlen Girlfriend guru and financial wiz MIATA EDOGA tells us not to immediately toss all that boring retirement stuff in the recycling bin. At least not right away.
16. Saving Money on Back-To-School, Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better Friend...
I like a teacher who gives you something to take home to think about besides homework. ~Lily Tomlin as Edith Ann It's also a great time to pick up supplies for school, work, or just around your home. We love the one-cent sales. We love them so much, they sometimes lead to overstocking on things.
17. 5 Steps to Buying Big Ticket Items, Financial Advice from Miata Edoga | The New Girlfriendology | Be a Better Friend ...
Some things are so easy to purchase. Other things represent more of a challenge. My favorite way to deal with big purchases is to put someone else in charge. Of course, once they make a final suggestion I usually want to weigh in on the decision, so that doesn't work out to well in the end.
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"If you risk nothing, then you risk everything." Geena Davis What if you don't like me? What if I vote differently? Dress strangely? Talk with an accent, have a diverse background or live a different lifestyle? Will you still be my friend? Friendship comes with risks ...
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The trouble with retirement is that you never get a day off. Abe Lemons For some of us (OK, for most of us), retirement seems far away. Maybe it's that we're young (or young at heart). Maybe it's that we haven't saved enough for retirement.
20. Avoiding The Money Fight, Financial Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better Friend | Ins...
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22. Understanding Your Credit Score | Financial Advice from Girlfriend Guru Miata Edoga | The New Girlfriendology | Be a ...
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25. How Much Should I Save For Retirement? Advice from Finance Guru Miata Edoga | The New Girlfriendology | Be a Better F...
A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life. ~Suze Orman I love how girlfriend take care of each other. We share advice and car rides, health and fitness tips and 'friendly advice.'