Top Tips when Buying a Vehicle
As money is tighter than ever, we all want to save a little more and spend a little less. If you are in the market to buy a new or a pre-owned vehicle then take a look at our top tips.
What’s the Budget
The first thing and probably the most important is to set the budget. Take a look at your finances and determine what you can afford to spend on the monthly instalment and if you can put down a deposit.
If you are trading in, be realistic about what the dealership will offer for your vehicle. You can get a vehicle valuation online, which will give you the most accurate book value. You will also find dealerships that offer online trade-in forms that you can also use to see what they will offer for your vehicle.
Keep in mind that certain vehicles may cost more to maintain and insure. You will need to factor these costs in when you are calculating your finance.
What Vehicle Will You Choose?
You may feel overwhelmed by the number of choices you have. If you are going pre-owned, you will have even more options as your budget will go a lot further than if you are buying new.
Narrow down your choices based on your lifestyle, what you will use the car for and by brand. Remember, not all cars are built the same, so if its reliability you are after then look for brands that have a proven track record.
If you find a car that you are interested in, then speak to others and do some research and see what people are saying about the vehicle.
Always Do the Research
Before any big purchase, you need to do your research. The internet is a wealth of information. You can find out more about the car you are interested in, the market price and more.
Doing your research will help you to make the best choice on the car you want and to negotiate the price.
It is always a good idea to compare prices. You should get quotes from several dealers as you may just be able to save thousands off the price of a vehicle.
Compare the Interest Rates
You will also need to shop around for interest rates. Speak to your bank and the dealership about vehicle finance options and choose the offer that gives you the lowest interest rate with the best terms.
Vehicle finance can stretch for years, which means you will be paying a lot in interest, so getting the best deal will save you money.
Take It for a Test Drive
You need to give the vehicle you are interested in a proper test drive, especially if you are going down the pre-owned route. Listen for any strange noises, shaking, vibrating or rattling.
Negotiate in Person
Always negotiate in person and get everything agreed upon down in writing. Also, don’t feel pressured to accept the deal right there and then. Get the negotiated quote and take some time to think it over and make sure it is affordable and what you want.
If you choose to buy a new car then a warranty will be included. If you are buying a pre-owned car then you can opt for a certified pre-owned car or you will have the option to buy a warranty from the dealership, which will cover repairs to the vehicle.
The warranty you choose needs to be weighed against the cost of potential repairs, so you can choose the warranty that gives you the cover you need but at an affordable cost.
Buying a car is an investment and you will want to get the best deal. Shop around, compare and find the vehicle whether it’s new or pre-owned that suits your budget and your lifestyle.