“Buying a car is, after a home, the second most important investment for many U.S. families,” says Consumer Reports. And for the Hispanic community, this step represents much more than mobility: it’s independence, progress and stability. But stop! Before you rush to the dealership, there are key factors t1qcdhat could save you thousands of dollars.
According to Edmunds, common mistakes when buying a vehicle can cost up to $5,000 extra over the course of financing. At QueOnnda.com we give you the tips you need to make a smart decision that fits your pocketbook.
1. Realistic budget
Don’t just think about the price of the car.
Kelley Blue Book recommends calculating the total cost, including insurance, taxes, maintenance and gas.
Use tools like Bankrate’s loan calculator to understand how much you can afford without compromising your finances.
2. Know your score
Your credit score is key to obtaining low interest rates.
According to Experian, a rating of 700 or higher assures you of better terms.
If your credit is low, work on improving it before you buy a car. A good score can save you up to $3,000 in interest.
New or used
New cars lose up to 20% of their value in the first year (Carfax).
Certified pre-owned (CPO) cars are an excellent option for those looking for a warranty without paying full price.
It’s like getting the best of both worlds!
4. Research resale value
Models such as the Toyota Corolla and Honda Civic hold their value better than others (J.D. Power).
Think long term: a car with high depreciation may be cheaper today, but it will cost you more when you decide to sell it.
There are key factors that could save you thousands of dollars
QueOnnda.com
5. Test drive
Never buy a car without a test drive.
Check visibility, comfort and maneuverability.
Consumer Reports emphasizes that this step reveals problems that do not appear on a spec sheet.
6. Do not fall into traps
Compare rates at banks and credit unions.
Interest rates can vary significantly.
According to The Federal Reserve, a 1% difference in the rate can represent hundreds of dollars saved.
7. Research special incentives
Some brands offer special programs.
Nissan and Toyota have launched initiatives to facilitate access to credit in Latino communities.
Find out more and take advantage of these benefits!
8. Hidden charges
Review the contract.
Preparation costs, unnecessary insurance or extended warranties can inflate the final price.
Autotrader suggests negotiating each lot or looking for transparent dealers.
9. Read reliable reviews
Portals such as Edmunds and Cars.com offer objective evaluations.
Learn about the experiences of other Hispanic buyers to avoid unpleasant surprises.
10. Ecological options
Hybrid and electric cars offer tax incentives.
According to the EPA, a hybrid car can save up to $700 annually on gasoline.
In addition, some states offer additional credits.
Buying a car in the U.S. doesn’t have to be a blind race. With information from Consumer Reports, Edmunds and J.D. Power, you can make smart choices.
