Car Purchasing Tips for Women

I receive articles every day to be considered for publication in SNEWoman Magazine. Unfortunately, we just can't fit them all in the issues. That being said; I've decided to post some of the articles received here on the blog for your review. Hopefully you will get some great information out of them and on a regular basis. This particular article was submitted regarding Women and Car Purchases. Happy Reading!

Car Purchasing Tips for Women

The automobile industry is changing the way people purchase or lease vehicles. This article is to point out how women should adapt their automobile needs and finances to work best for their overall lifestyles. Here are some interesting facts and statistics :

1. Women buy more than 65% of all new vehicles, and even if they're not the ones signing the check, they are a decisive influence in 93% of all vehicle purchases, according to Road And Travel Magazine's market research.

2. J.D. Powers and Associates found that female car buyers pay an average of 0.2% more on their cars.

3. According to a Consumer Reports survey, 69% of women use a variety of sources to research before buying a car, compared to 86% of men. Women also seem to be shy about negotiating the price, with 68% of women talking numbers with the dealer, as opposed to 76% of men.

Now that we can see that women are the primary buyers, lets put some helpful hints together for you to make your buying experience, a smarter and more efficient one.

A. Identify your financial situation before you start. Determine how much you can spend on a vehicle per month if you should have a payment. Find out your credit score before you start.

B. Should you lease or buy? If you like to change vehicles every 2-3 years, you drive 15,000 miles or less per year, and you don't plan on putting a lot of money as a down payment, then leasing may be the way to go. The example I give is that a women buys a $25,000 car. She takes a 72 month car loan of $349 per month. Adding up the cost of tires, brakes, etch, her monthly cost will rise to $400 per month. Wouldn't it make sense to lease a NEW vehicle for 36 months , then get another one after that? Many women say well "I don't own the leased car" When you have a 72 month loan, you don't own that car either. Decide if it makes sense to pay a loan of $350 per month after 3 years with 3 years left? At this halfway point in your loan, you may have already lost 50% of its value.

C. DON'T buy a payment, buy or lease the vehicle that you WANT. So many people buy a car for the payment and end up disliking the car for years as they write their monthly loan check. Even worse, some people trade their car in and lose thousands of dollars, trying to buy a payment, instead of the RIGHT vehicle for themselves.

D. Consider insurance, gas mileage, and property taxes, as part of your monthly vehicle expenses.

E. Should you look at new or preowned? Preowned is a great option if you can purchase a 2-3 year old vehicle with an extended certified warrantee. (extend the original new car warrantee for additional time)

F. Do your research on the internet. Many purchases are done over the internet today. It's a great resource tool!

G. Go to a dealer who, you trust with a great service department. When you go to the showroom after doing your due diligence, make sure the salesperson you are dealing with, feels comfortable to you. If not, ask the Sales Manager to speak to another person. You need to feel that the sales person is working in your best interest and that you can put your trust in them to help you make the right decisions.

Robert Fioravanti is a Corporate Sales Director at Inskip Automall and can be reached at rfioravanti@penskeautomotive.com.