Some Things to Look for in Your Next Automobile Purchase

1. Do you need a new car? This question sounds redundant, but with many Americans under mounds of debt, a new car (with it's associated loan) is something that many can't and don't need to take on.

2. Is the purchase justified? If you drive 100 miles a week, you probably aren't going to save enough money from trading that Hummer for a Toyota Prius.

3. If you decide that a new car is needed (or just wanted) be sure to shop around. Too many people go to a car lot and think that they must purchase a vehicle that day. Even if it's a special "today only" price walk away. The best way to negotiate a price is to have dealerships competing for your business. Many times local dealerships will remain in contact so that they can swap inventory. In other words, a dealer 50 miles away can get the car you are looking at in your hometown. The only difference is that when you pick up the car 50 miles away the car that had 25 miles on it will now have 75 miles on it and believe it or not, will be priced accordingly.

4. Interest Rates are important. Make sure to compare interest rates from the dealer and through your credit union. Most of the time the dealer will have a better rate, but you might be able to negotiate a better price using the money from your credit union.

5. Check lots at the end of the month or year. These times are a great time to get a deal on a car. Car lots are given an allotment of cars based on the number of units they sell the previous month. In other words, if the lot you are at has sold 199 cars and it's 6 pm on the last day of the month you could probably negotiate a very, very good price.

All in all, if you will think through your decision rationally and don't jump into a decision you will come out with a great deal. After all, you dated your significant other before staying with them.