If you are looking for a new car as an improvement over your previous one, or you have not yet purchased any up until now, then buying a new car can become a daunting test. Do not worry! This step-by-step breakdown of how to buy a car that suits your unique requirements will aid you in making your purchase.
1. List down your needs
While most people think they know which car is the “right car” when they see it, the actual truth is way farther than this. Before making your purchase, consider the following:
Make a list of the exact reason or reasons you want to purchase a car; Whether it is for a daily commute or simply for weekend getaways, choose a unique car for your reasons.
- What kind of surface would you be usually driving on (e.g: highway roads, rough terrain, etc.)?
- Do you need a vehicle that has a minimal carbon footprint?
- Do you need to install a children’s seat?
- Do you have easy access to spacious parking areas?
- Are you going to do any towing?
2. Set your budget
Unless you purchase your vehicle in cash, which is highly unlikely, you might want to lease your purchase. In that case, make sure that your monthly installments do not exceed 15% of your monthly income. Plus an additional 7% for fuel and insurance costs.
3. Consider other cars
While most buyers fixate themselves on a single brand or model, you must be sure to check out other models of the same class. This would ensure that you do not deprive yourself of a better choice -with the same parameters- for an even lower price.
4. Decide if you want to buy or lease
Depending on your requirements, you can lease or buy an automobile. While leasing would allow small monthly down payments, which are relatively easier to pay, you would not have a car to drive at the end of the term. On the other hand, buying a car directly may be initially expensive, but once your down payment term is over, the vehicle becomes yours for the rest of your life.
5. Calculate the ownership cost
For two cars of relatively same prices, maintaining one might be more expensive than the other owing to other parameters, such as fuel efficiency and regular maintenance. If you wish to purchase a car for daily needs, you should factor in maintenance costs beforehand.
6. Expand your car purchase experience
Earlier, you had to personally go to each car dealership to assess every option before purchasing one. But today, thanks to the internet, you can compare the features of thousands of cars in the comfort of your home before picking your favorite.
7. Set up a test drive
Once you have zeroed in on your choices, make sure that you give them all a test drive. The real ability of the car is displayed only when driven.