Robert A. Bonavito, CPA PC

RABCPA PC Blog

Buying A Car, Part 3 of 4; What Is the Monthly Cost, After You Buy the Car

This video is going to focus on buying a new car, determining how much you can afford to pay and financing alternatives. Remember when you buy a car you have to include the cost to maintain and insure it. When you use financing that means you have to pay for collision and possibly comprehensive insurance. This can add thousands of dollars to your annual cost. Understanding loans, 3-year v 6 year etc. bankrate.com Annual cost is usually listed by the auto’s manufacturer You may want to call your insurance company to get an idea of how much the insurance will cost on the new car

Posted March 17, 2020 by Robert A Bonavito in Educational Videos

Buying A Car, Part 2 of 4; Researching Your Car and Your Financing

After you decide what type of vehicle you want, you need to determine if you want to buy it used, new or leased. My general feeling is that leasing a vehicle is only appropriate if you wish to get a new car every year and are rich. Buying a used car makes good sense if you’re looking for a car that cost a few thousand dollars. Remember, buying a used car has many risks, there are reasons the use car is for sale, somebody had issues with it and now wants to sell it. But the real fact is used car prices are high, many sells for over $18,000, you can buy a brand-new car for that price. For example. A New Nissan Versa Sedan cost under $13,500 (2019). So why would you buy a used car, without thewarrantees, current safety features and lower finance alternatives? Only cars that are lemons aretreaded “ Gresham’s Law”, and they are traded for the same value as good cars “Asymmetrical Information.” In order to research financing used bankrate.com or other reputable sites Once you know what type of car you want you can now solicit bids online (use your dummy email account) through truecar.com  

Posted February 28, 2020 by Robert A Bonavito in Educational Videos

Buying A Car, Part 1 of 4, Plans are Useless, but Planning is Critical; Pres. Eisenhower

We are going to talk about something that bothers me often. That’s when somebody comes to me and discusses the issue’s they are having with a car purchase. It usually revolves around paying too much for the car or financing it improperly. Today what I’m going to do is address this and discuss the best way to buy a car. First, for every hour you spend in the dealership you should spend at least three hours researching the car cost and financing alternatives. You also need to set up, if you don’t already have what I call, junk email account, this is an email you’ll use when you research and discuss your car purchase with the dealer or financing firms. This way once you’re done with the transaction you can ignore the emails. Steps involved in buying a car that I’m going to go through are as follows Determining what vehicle type you want, sedan,SUV, hybrid, truck etc. Consumer Reports com com Ask your friends and relatives Car websites We are going to talk about something that bothers me often. That’s when somebody comes to me and discusses the issue’s they are having with a car purchase. It usually revolves around paying too much for the car or financing it improperly. Today what I’m going to do is address this and discuss the best way to buy a car. First, for every hour you spend in the dealership you should spend at least three hours researching the car cost and financing alternatives. You also need to set up, if you don’t already have what I call, junk email account, this is an email you’ll use when you research and discuss your car purchase with the dealer or financing firms. This way once you’re done with the transaction you can ignore the emails. Steps involved in buying a car that I’m going to go through are as follows Determining what vehicle type you want, sedan,SUV, hybrid, truck etc. Consumer Reports com com Ask your friends and relatives Car websites

Posted February 15, 2020 by Robert A Bonavito in Educational Videos