Buying a New Car Three Key Aspects to Consider
Posted in: Driving Tips, Motorway Driving, News.
Buying a new car – especially if it’s your first car – is a big life decision. It’s not only the initial purchase to consider, but how you can expect your expenditures to be over the course of owning the vehicle.
Whether you’re in the market for something totally different or are buying a car for the first time, this article will walk you through three fundamental components to help make your experience as straightforward as possible.
Image Credit: Pexels
Setting Your Budget
Your specific budget will be a highly individual number, and it’s essential to remain realistic. A systematic approach to setting a budget is ideal: consider the purchase under the scrutiny of your overall financial situation, which includes your income and expenses as well as any debt you’ve accumulated.
A common figure that’s thrown around is to keep your monthly car payments within 15-20 percent of your monthly take-home wage. This figure strikes a good balance to enable you to comfortably afford insurance, fuel, and repairs and maintenance well into the car’s lifespan.
There are also multiple financing options to consider: it could be that you get a loan from the bank which gives you the advantage of being a ‘cash buyer’ at the dealership, for example, which will usually result in a better deal. There are many options, so be sure to research each carefully.
The Model
Which model you choose is the single most important factor governing the financial element of owning a car.
Make a list of the most important features you need and a sublist of elements that would be nice to have, and then go hunting on that basis. Once you’ve found a model that ticks off all the essentials, you can start to dip into your more luxurious features to see how close you can get to your ideal option.
Classic models such as the Vauxhall Corsa are a great all-round choice whether you’re a new or experienced driver – the latest model is affordable, eco-friendly, feature-rich, and safe.
Thinking Long-Term
It’s also very important to think long-term as you get ready to buy. Vehicles with high resale values and low maintenance costs are the best investment, but these models are also the most expensive. Most people try to land somewhere in the middle, choosing a model that’s both modern enough to resell highly but without the premium of being brand new.
Secondly, always check the warranty details: it’s key to purchase a car where parts are going to be easy to source, and in the same vein, talk to other owners of the model you’re thinking of buying and read plenty of reviews. Other people’s experiences can be an invaluable asset in making the right decision and avoiding costly mistakes.
Wrapping Up
Buying a new car is certainly exciting, but that doesn’t mean it’s easy. Hopefully, this article has offered you something of a springboard to enable you to do some deeper research. So long as you take your time, you’ll find the perfect option for you!
Tags: Buying a New Car Three Key Aspects to Consider
