Buying a car is a big decision and financial commitment so we hope this article helps you find the best way to navigate the market for your next car.
While the market and cost of living are certainly changing many people may be looking to change cars for several reasons, but how do you know what is the perfect car for you during the car buying process? What are the important factors when you make one of your biggest purchases.
What Do I Need In A New Car?
What are your reasons for looking for a new car? Has your family grown or is your current car no longer reliable and you need the peace of mind of a new car or maybe you just fancy stepping up to a more powerful engine and your dream sports cars? What are the key points for you? Make sure you have a shortlist before you start to search so you stay on track for your needs and help you make better choices with all the excellent options on the market.
What Can I Afford
As a good rule of thumb, you should only spend As a rule of thumb, you should only spend 10-15% of your net income on your car monthly payments. Don’t forget you will also need to add insurance and insurance premiums and running costs on top of any monthly car payments and these ideally should not exceed more than 20% of your take-home salary. Using an online car payment calculator can be a great idea especially if you need to factor in any loans and repayment costs and trade-ins for your current car.
Lease Or Buy
There again are pros and cons when it comes to buying or leasing, some feel the speed at which a car devalues means buying is not a great deal in the long run. But again it depends on your personal and financial situation and sometimes lower monthly payments are a better solution for you than a large upfront payment. Ensuring you have well researched these options will ensure you choose the right option for you.
Which Brand Or Model
Researching the different models and brands out there can give you a good overview of what people are saying. So always check out what is being said on the models you are looking at. Also looking at the fuel economy of the car is worthwhile and the safety features help you choose the right brand and model for you.
Brand-New Car Or Used Car?
Once you know what you can afford you will know the price range you need to be looking at. Of course, looking at used cars can give you more for your money than a brand new car but there are pros and cons to both and with new finance deals brand new car deals can be pretty competitive. If your buying a used car you want to ensure you know the background of the car and you have done a through check of the car and even called an expert in so you don’t get hit with any hidden major repairs which can have a huge impact on your finances. Buying used can take a little more time to navigate but it can also land you a great car at a the best price that new you may not have been able to budget for,
Electric Vehicles Or Petrol / Diesel
With the world-changing electric power, cars are certainly looking like the future but are they right for you and your budget now? Fuel certainly isn’t cheap but then neither is electricity. Looking at the journeys you take, are there chargers nearby you, the cost of adding a home charge, etc are all to be considered. 10 questions you should ask yourself before buying an electric car is a useful article.
Car Dealership Or Private Purchase
If you are buying off a private dealer you need to make sure you have done your homework as it can be an expensive mistake. You want to ensure that the car is in good condition and at a fair price. Make sure you get the car inspected and you can also use tools like CarFax to ensure you see the history of the car before you purchase. Also, an often overlooked rule be prepared to walk if you have doubts.
Book A Test Drive
Without a doubt make sure you book a test drive. You may love a car but as soon as you get behind that wheel you could soon fall out of love. Make sure it feels right for you and you feel happy safe and comfortable when driving. All cars are different and some can take a while to get used to. But we have all been in that car that you just hated driving so make sure you don’t end up buying it!
What To Look For In A Test Drive
It’s always a good idea when buying a used vehicle or new vehicle to follow a quick checklist and following questions, it could save you a lot of time and expense in the long run.
- Checking for scratches, rust missing pieces
- Damage to the bodywork or interior
- Opening and closing every door
- Checking the tires and windows
- Car history and paperwork
- Test the AC and mechanical features
- Checking the brakes
- Vary the speed you drive to get a real range (Within the limit of course!)
- How do you feel in the driving seat you will be spending a long time there.
Insurance
Making sure you get the best insurance for your car is key and with lots of insurance calculators in the market this should take no time. Dont forget to shop around at renewal time as well.
# 10 Steps To Find The Right Car For You