Don’t buy a new car in a hurry

Faced with tightening budgets, many Americans consumers put off making large purchases until they truly need to. While this financial habit can be very helpful in avoiding unnecessary impulse purchases that drain a family’s disposable income, it can actually be very damaging when applied to an automobile purchase, according to AOL News.

Drivers who wait until their vehicle is beyond repair to buy a new one are often setting themselves up for a sub-optimal, unnecessarily expensive purchase. A level-headed decision is difficult to make when a consumer needs a new vehicle soon to be able to perform his daily activities, and desperation will rarely generate a good deal for the buyer.

Anticipating the need for a new car may be a wiser strategy. Obtaining an auto loan before heading to the dealership and budgeting time to shop around between dealerships may grant a consumer more favorable purchase terms and take the stress out of the negotiation process, the news provider reports. Budgeting time also allows a consumer to decide which kind of vehicle is best suited to his needs, a crucial step in navigating today’s highly varied auto market.