Local

November 15, 2013

Know car-buying basics before hitting lot

A variety of used cars are for sale at the Luke Air Force Base lemon lot, located behind the bowling alley. The lemon lot has used cars, trucks, SUVs, RVs and boats that are for sale by owner. For more information, call 623-856-6267.

There sits the car of your dreams. You feel the desire to buy it and maybe you can, but the question is, “Is this purchase going to be a financially smart decision?”

“Next to buying a home, purchasing a vehicle can be the largest acquisition a consumer will make,” said Victoria Muniz, 56th Force Support Squadron Airman and Family Readiness Center community readiness specialist. “Therefore, it’s important to apply due diligence to your research.”

Before taking steps toward purchasing a car, one should check the reliability rating of the vehicle they want as well as the crash rating on websites such as www.consumerreports.org, www.iihs.org, www.nhtsa.gov, www.kbb.com and more, Muniz said.

Once the research is completed, it is best to plan out a monthly payment or a vehicle price one can afford.

“Go through your budget and decide what your monthly payment should be,” said Edwin Robinson, 56th FSS A&FRC community readiness specialist. “For example, if you can barely afford $450 per month then adjust your target payment to $400 and so forth. You should be able to easily afford your monthly payment.”

Other aspects to consider when calculating affordability is the cost of insurance, gas and maintenance, said Cory Carmichael, 56th FSS A&FRC community readiness specialist.

There are also many financial avenues one can take when thinking about how the vehicle will be financed.

Similar to shopping around for a car, buyers should also shop around for a bank loan prior to purchasing a car, Carmichael said.

“It is usually wise to be preapproved for a loan before car shopping,” he said. “It can put you in the driver’s seat during the negotiations and most banks will compete for your business depending on your credit score. A good loan would have an interest rate between zero to two percent. However, interest rates in the double digits should be avoided.”

After calculating what one can afford and depending on one’s budget, one may need to consider buying a used car.

“While the financial savings can be substantial, it is wise to have a professional inspect a used car before purchase,” Carmichael said. “This can help you avoid surprises and any unplanned expensive repairs.”

For most, buying a new car may be intriguing, but there are a few cons to doing so.

“Almost anything new will cost more than something used,” Carmichael said. “Plan on paying for some immediate depreciation once you drive off the lot.”

Once the decision of what type of new or used car one wants to buy is made, the negotiation process begins.

“Research your options before committing to the purchase,” Carmichael said. “Once a dealer knows that you ‘love’ that car, you have lost your leverage in the negotiations. Only buy once you are comfortable with the deal. It may be difficult but be willing to walk away. Ask questions.”

For any additional car buying questions or financial concerns the financial counselors at the A&FRC are here to help.

“In addition to having trained financial counselors, the A&FRC has publications, guides, classes and other resources to answer all your financial questions,” Carmichael said. “The A&FRC also provides one-on-one appointments. Take steps now to improve your financial fitness.”




All of this week's top headlines to your email every Friday.


 
 

 
Rain

Lakefront property …

A staff sergeant watches as water continues to flood a parking lot Monday in front the 61st Aircraft Maintenance Unit on Luke Air Force Base. The base experienced a two-inch rainfall causing flooding and delays around Luke.
 
 
courtesy-photo

Program ALIS initiated

No, it isn’t the Program Alice from the “Resident Evil” movies. It is the Autonomic Logistics Information Systems, also known as ALIS, which enables F-35 Lightning II operators to plan ahead to maintain and sustain its sy...
 
 

‘The butterfly effect’

Shortly after taking command, the Wild Duck Aircraft Maintenance Unit officer in charge requested I explain to his Airmen exactly what the pilots would be doing on training missions during an upcoming temporary duty. I was embarrassed that he had to ask. In this specific case, I had thoughtlessly kept these details from our closest...
 

 

Advise Airmen of rights before asking questions

Every day supervisors are faced with challenging scenarios and situations that require them to engage in efforts to help their Airmen. When this engagement is due to a negative act such as theft, damage to property or other possible legal violations, we must resist the instinct to question them directly. One scenario I am presented...
 
 
Senior Airman 
GRACE LEE

Thunderbolts save volts

Senior AirmanGRACE LEE A solar array panel stands on a dormitory roof Sept. 3 at Luke Air Force Base. There are currently four active solar arrays on base. The solar array shown will produce hot water to the dormitory. With res...
 
 

News Briefs September 12, 2014

GOV service station closure The Base Service Station (government-owned vehicle gas station) will close at midnight Sept. 28 and reopen at midnight Oct. 1. For more information, email Staff Sgt. Bradley Ahlemeyer at bradley.ahlemeyer@us.af.mil or call 623-856-7391. Quit tobacco for 31 days The Stoptober Challenge is to be smoke free for the month of October....
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin