Sunday, May 22, 2016

Five Tips for First Time Car Buyers

As we all know, buying that first car can be daunting. There are so many decisions to be made. You're not in this alone though. Much wisdom can be found on the internet for those willing to look.

1. The Right Car

Since this will be your first purchase, you might overspend on the car of your dreams. You must not yield to temptation. Stick with a car specifically made for the masses. You can always trade it in for a new one once that new car smell is gone, several years from now. You know, like many do.

May 20, 2016
Los Angeles Times: McLaren builds a car for the masses, with a $200,000 price tag

The 570S, the exclusive British builder's first sports car, is being advertised as an affordable, daily driver — an attainable McLaren, available to any auto enthusiast with around $200,000 to spare.

It's the perfect affordable daily driver for the masses. It will get you to work and back. Enough said.

2. Zero Percent Financing

It is absolutely vital that you obtain zero percent financing for your affordable commuter car. Each one percent increase will cost you roughly $2,000 per year in extra interest. Fortunately, we live in the age of ZIRP. If you threaten to leave the dealer's lot without making a purchase, they will be very eager to work with you.

3. Extended Loan Terms

A common theme in recent years is the extension of auto loan terms. What once required just four to five years to pay off a car has been extended to six, seven, and sometimes eight years. You can use this trend to your advantage by demanding a century loan. Somebody needs to be the first to get one. It might just as well be you.

By combining zero percent financing with a one hundred year loan, the monthly payments on your $200,000 commuter car, for the masses, will be just $166.67 per month. Totally affordable!

You can thank me one hundred years from now when you resell it for a large profit at an antique car auction. It's not just a car, it's a smart investment.

4. Safety Buffer

No investment is risk free. Cars depreciate rapidly once driven off the lot. A McLaren is no exception. You'll want to be especially careful during those first 24 hours. Try to keep your speed under 100 mph in the turns, and under 150 mph in the straights, at least until you've mastered the intricacies of driving a car specifically designed for the masses.

December 2, 2014
27-year-old crashes $1.2M McLaren P1 on 1st day of ownership

The crash occurred shortly before 8am on Tuesday November 25th near Dallas, and from the looks of the pictures, that's not going to buff out too easily.

5. Advanced Buffing Kit

Be sure to ask the salesman about throwing in an advanced buffing kit for free. It's always good to be prepared for whatever a wet spot in the road combined with excessive speed and reckless driving might throw at you.

Happy car buying!

1 comment:

Stagflationary Mark said...

As a side note, we know...

1. He crashed his car on the first day of ownership.
2. He crashed his car at 8:00am.

What we might assume:

1. The dealer probably wasn't open before 6:00am.
2. It probably took at least an hour to negotiate and make the purchase.
3. The person probably didn't average more than 100 mph once leaving the lot.

What we might conclude:

The accident probably happened within one hour and within 100 miles of the car lot.

What we might really want to know:

Within 6 minutes and 10 miles of the car lot?

Now placing bets. I'll take the under! ;)