A car is usually one of the biggest purchases you’ll ever make in life, so you need to be sure that the vehicle you choose is right for you. Although you may be set on a certain car due to its attractive appearance, there are also many practical elements to be aware of that will allow you to make a much more well-informed decision.
Visiting a dealership can be overwhelming, as there is often so much to look at and think about that it can be easy to make a mistake as you get swept up in the moment.
Here are some useful tips that are worth making a note of before purchasing a new car:
Consider the future value
Before you give in to the temptation of buying a brand-new car, consider whether a used car would be a more viable option for your financial situation. Cars that have come straight out of the showroom lose value almost instantly, with one study suggesting that in just one year, the value drops by 36%. On the other hand, cars that are only a few years old are much cheaper to buy and aren’t at risk of losing thousands in value every year.
Consider the best way to pay
If you have money sitting in the bank, buying the car on a cash basis would be the best way to pay, as you won’t have an interest fee on a monthly basis. However, not everyone has thousands of dollars to part with to fund a new car, so you could simply choose to refinance a car loan that pays off your current car loan and allows you to invest in a new vehicle of your choice.
Take it for a test drive
Bad cars simply don’t exist, but it’s important to take each of your preferred cars for a test drive to see whether they are suited to your needs. This will give you the chance to try out the car’s features before committing, which is especially important if you plan on keeping the vehicle for the years to come. Make sure you check whether you can get into a suitable driving position, the weight of the steering, and clutch control at minimum. Once you have test-driven all of the cars you had in mind, it would be worth making a comparison to determine which one is best for you.
Buy at the right time
You may not realize it, but the time of year has a major impact on how much you pay for cars. In most cases, prices are typically based on the targets of the dealer and how many cars they need to be sold. The winter months are usually when prices are lower as the high demand slips, which is when you may be able to get a good price. It would also be advisable to visit the dealer on a weekday rather than at busy weekends, as daily targets still need to be met and, therefore, they may knock down the price to secure a deal.
