If you're in the market for a new car, you probably have many questions and thoughts going through your mind.
Whether you're figuring out which car to buy or which car you can afford to buy, the factors can be... overwhelming.
So to help you get the ball rolling, we've listed 5 important tips on what to consider before buying your next car.
1. Review Your Budget
Before you start researching the latest models and test driving vehicles, you first need to determine your budget and how you’ll pay for your new ride. What’s the best interest rate you can find? Do you have any funds saved up for a down payment?
Look at your recent bank statements and monthly bills to determine how much you can afford. Be sure to account for ongoing costs of vehicle ownership, like maintenance and gas. Some vehicles require premium fuel, which will cost you more every time you fill up.
If you choose a vehicle that has expensive parts, it may cost more to repair in the future. Make sure you can afford the car you choose throughout its lifetime.
2. Determine Your Needs and Wants
Once you’ve figured out how much you can spend on your vehicle, it’s time to assess what you need and want at this stage of your life. A single person in their 20s may have a different checklist than that of a family of five.
Make a list of non-negotiables pertaining to vehicle size, safety features, fuel economy, and other options. This list will help you determine what kind of vehicle will best satisfy your needs. Then list everything you want but don’t necessarily need, like technology, conveniences, and add-ons. Keep this list in mind when researching specific models.
3. Research the Best Brands and Models
Now that you know what you need, you can choose the exact brand and model that best meets your specifications. Compare listings online to find vehicles with good reviews, a long average lifespan, and high safety ratings.
While you may want to do your initial research online, it’s also important to speak with an expert and see your options in person. Go to a local dealership and take your top two or three choices for a test drive. Pay attention to the car’s acceleration, comfort, and handling. This is also a great time to ask any questions you may have about the engineering or functionality of the vehicle.
4. Keep Ongoing Costs in Mind
If you have a vehicle that you can trade-in, make sure you know the value of it before going to a dealership. If you’re not sure how to determine what it’s worth, look up the Kelley Blue Book value and bring the information you find with you to the dealership.
If you don’t feel that you’re being offered a fair amount, don’t be afraid to walk away and go to a different dealer. You can also determine if you’d prefer to sell the car independently and use the money as a down payment rather than trading the car in.
5. Get Insurance Quotes
Insurance companies consider the make and model of your vehicle when setting their premiums, so your new car could be significantly more or less expensive to insure than your old one.
In any case, getting a solid car insurance policy should be left to the experts. Us.
We can analyse the market for quotes and advise you which cover at which price is most suitable for you! Get A Quote Here
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