Automall Network - How To Make Car Buying Part Of Your Financial Plan

Published on Money.ca, , 2010-10-04


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One of my favourite sayings is "It's not what you make but what you keep that counts". A car is the second biggest expenditure people make next to their mortgage. This month's article is devoted to making sound financial planning decisions about this depreciating asset to help you keep more money in your pocket long term.

Several years ago, we had hired a PR agency to help us get the word out about our company and the expertise we brought to the table. Fortunately, one of their writers had just recently leased a new vehicle and could relate. When we started talking about the financial part of his transaction, you could see a blank stare come across his face, his eyes seemed to go blank and he kept nodding in zombie-like agreement to everything I was saying. I could tell he really didn't understand a word. I could also tell from his paperwork that he had been taken to the cleaners.

The problem I discovered then was that this otherwise intelligent man, like many people, was not comfortable with complex matters of finance. More importantly, he hadn't probed deeper when doing the deal, possibly because he didn't know what questions to ask. It reminded me of my past escapades with timeshare salespeople in Mexico where we were overwhelmed with information and numbers and the pressure of doing the deal right there and then.

Ultimately, which car one buys and how they pay for it is a very personal decision - a function of their tastes, lifestyle and affordability. As their agent, my job is to ensure they fully understand the decisions they are about to make, no matter how in-depth the explanation needs to be. This philosophy has helped us grow through long lasting relationships with our customers and those they refer us to.

To that end, here are some tips about vehicle financing and leasing that will help you keep more money in your pocket:


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