Purchasing a new car is one of the most important decisions that we make in our life. Right from searching for the right model, to the appropriate design and choosing the right accessories, there are many decisions to make. Considering the different models and brands of cars available in the industry today, one can be spoilt for choice. However, the decision should never be rushed. There are some things you need to look for before buying the car.
1. Type of car - There are numerous options available in the market today and it can get confusing to pick one. Take your time and research. The biggest mistake you can make is to engage in impulse buying and not take a test drive in the car. Look for all the options available and take a test drive in the cars you like. Never rush this decision because the car you purchase will remain with you for many years to come. Identify your needs and shortlist the options available in the market. The car should best fit your preferences.
2. Cost - It is tempting to buy a car that is out of your reach in terms of finance but you need to stick to the budget. It can be disappointing to realize that you cannot afford the car you shortlisted. You need to consider the cost of all the cars you are keen on taking a test drive in and always stick to the budget. You also need to factor in the insurance cost. Hence, stretching the budget slightly may not be a good idea. The overall cost of purchase will increase due to financing and insurance costs and you should not neglect them. Do not buy the extended warranty or add-ons as it can be expensive at this stage. You can purchase it after you have paid off the car. Set aside a budget and stick to it. It is best to only look for cars that fit within the budget. Ask about special discounts, if any.
3. Safety features - Irrespective of the engine capacity and other fancy features, if the car does not have enough safety features, it can be a disaster waiting to happen. You need to focus on the safety features of the car you intend to purchase. The car should have curtain airbags with the normal frontal airbags to give your head support when there is a sudden impact. Choose a car that has a high rating in terms of safety features. You need to check the electronic stability control to prevent the car from spinning out of control and sliding sideways. Additionally, you need to ensure that the car has an anti-lock brake in case you need to stop the car suddenly. It will prevent the tires from locking up and the car from skidding. Cars also have different types of safety alerts available like motion detectors that warn you when another vehicle is too close. It helps to invest in a car that has all the necessary safety features.
4. Maintenance cost - Your car is a one-time investment and you are blocking a significant amount of money for the purchase. You need to choose a car that has a low or minimal maintenance cost. It will save you thousands of dollars in the long run. You do not want a car that requires maintenance every few months. Consider the cost of service, replacement of wheels, and other expenditures that you may have to incur over the years. Certain costs are unavoidable due to wear and tear in the car but you need to ensure that the maintenance cost is minimum.
5. Financing - Know your rights and understand whether financing is available for the purchase. Most of us do not pay upfront for the car and if you are keen on applying for an auto loan, you need to get in-depth information about the same. Look into pre-financing options. You can obtain financing from the car dealership but it can lead to a high-interest rate as compared to loan rates from banks. Compare the quotes from different lenders and check your credit score to get an insight into the interest rate you qualify for. Identify the amount of loan you are eligible for and then proceed with the purchase.
Buying a car is a big deal and it is important to research all the aspects of the process. You need to educate yourself so that you can get into negotiations with the dealer and get the best deal possible. Keep these five things in mind before you purchase the car and get the best car possible. Never purchase the car without a test drive and ensure that the car is smooth to drive and fits your preferences.