Travelling by car has become a necessity for most, especially for those of us who live in areas far from the city centre. Investing in a car can be very costly but is a wise decision if done right. Thus, getting a great deal is definitely a big deal! Before buying a car, consider the following tips that will help you make the right choice.
Limit your options
There are a lot of cars in the market, so it is best that you narrow down your choices according to your preference and needs. First, decide whether you want a new or used car. Getting a slightly used car can actually save you a lot of money. You can use our guide to buying used cars to help you out.
Consider factors like your lifestyle and the number of expected passengers to help you decide on the size of the car you would like to purchase. The vehicle’s transmission system is also an important factor. If you haven’t driven a manual car before, it might be best to get an automatic car, even if cost a little more. You may also want to do some research into your brand preferences because each brand may have its own strengths and weaknesses you will need to consider.
Set your budget
Each car can come in several price ranges. Figure out what the maximum amount you are willing to spend is first, because this will determine which type of car you choose that won’t burden your wallet. Then you can decide whether you can actually afford a new car or whether you need to buy a used one.
When working out your budget and packback capabilities, don’t forget to include other expenses such as car insurance and fuel allowance when calculating your monthly costs. Paying for a car can be a struggle so educate yourself on how to manage your car dues. Avoid purchasing a vehicle which you think you may not be able to pay in the long run.
Evaluate Financing Options
If you are lucky enough, you might be able to purchase a vehicle and pay in full with cash. However, this is not always be the case. If this is you, you can consider Credit One’s online car loans or get financing from banks and companies that offer loans and finance packages.
Consider the contract terms, interest rates, and deposits because these usually vary depending on the company. It takes a few years to pay off a car loan so it’s important to look for flexibility in your agreement. Some companies offer loan terms from 12 months up to 120 months (such as these car loans by stratton), which can help to lower your monthly expenses in the long run. However, it can cost you more at times because of the interest rates accumulating over time, which can be fixed or variable depending on your agreement.
You need to take into consideration the initial deposit as well. Some companies only accept cash while others also accept trade-ins. Choose one that will suit your budget and make sure to discuss all details with your financier before making a deal.
Research and Test
Before finally purchasing, you can create a shortlist of your car options based on your preferences, budget, and financing options. Research very well and consult car experts to make sure that you are indeed making the best choice. You can use online resources such as RACQ’s buying a car guide to give you an idea on what to look for when buying a new car. Also, never hesitate to test drive the car you are planning to buy to make sure you feel comfortable driving it.
Take your time and never rush purchasing your car. After all, this is a very valuable investment and a high-priced possession. Be prepared so that you can get the best deal out there!
