When buying a car, a person can experience a myriad of emotions, ranging from excitement and anticipation to nervousness and worry.
The excitement comes from knowing that soon, you will own a new set of wheels. And the worry? Well, a car is a pretty big expense. Sinking so much money into a shiny new metal horse is sure to make a person nervous. Before you take the plunge, it’s a good idea to do some research. Your research shouldn’t stop with just cars. Since you’re making a big purchase, you would do well to get some financial advice as well, to help you make a better, more well-informed decision.
Make A List of Your Priorities
The very first step is to make a list of your priorities. Sure, you’ve always wanted a fast car. But a sports car really fit your lifestyle? If you have a family, you need to consider which cars will best meet your needs. Differentiate between needs and wants. Your needs should be at the very top of the list. Wants are negotiable, needs are not. Having a comprehensive list of your needs when it comes to a car will help you narrow down your choices considerably.
Know What You Can Afford
It’s surprising that so many adults go into making a big decision, such as buying a car, without carefully considering their finances first. One important piece of advice: just because you have the credit limit to buy a particular model, doesn’t mean you can afford it. It can be tempting to go in for a high-end luxury car. And when you have the credit limit, it can be downright irresistible. But think about the long-term financial repercussions. After all, what’s the point of owning a luxury car if you end up stressing over the monthly payments? Is a car really worth all the financial and emotional stress that it would potentially cause?
Arrange financing before going into the dealership
Sure, the dealership might have a great financing deal for you. But, the smart thing to do would be to shop around for loans. Check your local banks and research online to find the best rates. Once you have that in hand, you can check with the dealer to see if their offer beats the one you’ve got.
Be Wary of Extras
Dealers love selling you add-ons as they make a lot of money on them. Don’t get swept away by jazzy add-ons. Instead, go with a level head and think about it rationally. Do you really need the feature that the dealer is trying to sell you? Does it have functional value or is it just to improve the aesthetics? How much of a difference will not having that particular feature make to your everyday life?
Before Buying A New Car, Consider A Quick Sale of Your Old Car
This one is a no-brainer. You need to sell your old car before you buy a new one. Not only will this give you cash in hand that can then be put forward towards the purchase of your new car but, selling your old car well in advance is also a good way of ensuring you don’t make any hasty deals, getting ripped off by lowball offers or by dodgy buyers. If you’re looking for a quick sale of your old car, one that pays instant cash, then your best bet is to sell to a reliable car removal company that offers cash for vehicles.
When it comes to buying a new car, the Internet is your best friend. Research, research and research. Read reviews and articles on the car models that you’re interested in. Get feedback from other car owners about the car and its pros and cons. There are a lot of websites and online forums that have extensive information on cars. Take your time, do the research and make a rational, financially-sound decision. Happy buying!
