Buying a new car is an exciting time for everyone, we all know what it’s like when you look at all those new cars sitting at the car dealership. There are so many car brands to choose from, but you really need to make sure what you choose is right for you and your lifestyle.
As exciting as buying a new car is, there are a few things that you need to consider beforehand. Purchasing a new car is a big deal after all, so, to help you out we have 6 things to think about before buying a new car.
It is important to set yourself a realistic budget before you decide to buy a car. Why not use our car finance calculator to help you see what you could afford?
To start with we recommend you start with an amount you can afford and allow for a little extra on top, just in case you see something slightly over budget. Setting aside enough money for other costs such as insurance on top of your budget is also important.
Before you begin to look at cars it is important to know how you are going to finance it. Will you be getting the car on lease, paying with cash or maybe taking out a loan? Knowing how you are going to pay for your car in advance might save you some time as some loan and finance applications can take a few days to be approved. Take a look at our car finance explained guide to see what is right for you.
Rather than going through the hassle of selling your old car privately it might be worth asking the dealer of your new car if they will do a part exchange. This might even help you negotiate a lower price on the new car you are looking into buying. Make sure you do a little bit of research to get a rough valuation of your current car before doing this.
Although a lot of choice is great, sometimes it can be overwhelming when you get to the car dealers and see hundreds of cars on offer. Have a look online before you leave, that way you will find a smaller selection of cars that are suitable for you. This is also a great way to get a rough idea of price and know what to look for when you buy your car.
We understand that time isn’t always on your side, your old car might have failed on you and you need your new one as soon as possible. Take your time when shopping for a car, and always remember, the salesperson is on commission – even if you think they are doing you a favour getting the car ready to go right away, don’t feel pressured into agreeing to something straight away.
As mentioned earlier, accounting for tax and insurance in your budget is important. Take a brief look into the cost of tax and insurance for the cars you are interested in before buying. In some cases both costs could be considerably lower for your second choice, and this could affect your budget a lot. It’s also important to know the different types of car insurance available, as well as how you could get yourself cheaper car insurance.