If you are thinking of buying a new car, there are likely lots of considerations that are going through your mind right now. From the more simple and obvious choices, to the ones that take a little more thought, it can feel like every time you work something out, another thought takes its place. But, that is why we have written this post, to help you out by listing all of the considerations that you need to think about when it is time to buy a new car. If you are interested in finding out more about this, then keep reading this post!
Selling Your Old One
The first thing that we are going to look at is selling your old car. You need to think about what kind of condition it is in first. If it is in good condition, then you are likely going to make a decent amount of money back on it, but if it is battered up and old, then this is not going to be the case. Do a thorough inspection of your vehicle and see what damage there is, if there are any issues that need addressing before you can sell it on and so on. This could take you a while, but it will help you determine the value of the car overall.
You then need to look at how much you want to get from it. Keep your expectations realistic here, don’t aim for something too high that you are never going to get. Always keep your estimates on the lower side to avoid disappointment when it comes to the sale.
You also need to decide if you are going to sell it to an autotrader or a private individual. There are benefits to both of these options, and it is going to be a case of weighing up the pros and cons of each to decide what sale is going to be best for you.
When we say a new car, we mean new to you. It could be the case that you are looking to buy a second-hand car, and if this is true for you then you need to look into the most reputable places to buy these. Sometimes buying from a private seller can be risky, so you need to watch out here. You will find that most established second-hand traders offer you some sort of guarantee that is not offered by private sellers but this gives you an extra layer of protection if something should go wrong.
Or, you might decide that a second-hand car is not for you and opt for a brand new car. If this is true, then the section above doesn’t really apply to you that much, but still be sure to get a warranty from the dealer you choose just in case.
If you know what you are looking for, buying your car at auction could end up saving you a lot of money. You should make sure that you are not bidding your first time around, because you will be up against some professional car dealers. As such, it is going to be best if you just watch the first one, so go to one before you have any intention of purchasing a vehicle. This way, you will learn the ropes of bidding on certain vehicles, what others are likely to do, some of the prices that cars sell for and so on.
When you are ready to begin bidding on the cars, you do want to arrive early to the auction. You need to allow yourself time to check the mileage and the service history before you begin the bidding process. You should also be aware that most of the auctions take place on work days, so you might have to take the day off in order to get the best deal on your new vehicle. Decide yourself whether it is worth taking time off your job to potentially get some awesome deals.
You should then be looking into different finance options. When it comes to buying a new car, most people won’t be able to afford to purchase one outright which means that they need to choose a car financing option that works for them. There is a variety for you to choose from, one of which is a hire purchase. This way, the payments are flexible meaning that you can fit it around your budget, but you don’t own this car until you have made the final payment. For this reason, many people don’t opt for a hire purchase option as they want to own the vehicle.
Some people prefer to get a personal loan so that they can buy the car and pay the loan back to the lender. One of the good things about this is that if you have a good credit history, it could be possible for you to get a lower interest rate on your vehicle. However, the interest that you will pay on the loan can change at the drop of a hat so do be careful if you choose this option.
One of the other options that you can choose is 0% finance. Though this is an option, it is not going to be available to everyone and only those who have a good credit rating will even be considered. The biggest benefit though is that you are going to get to purchase the car at the purchase price without having to pay a huge amount of interest on it.
Keep in mind the place that you live, or if you are going to moving in the next couple of years. This is going to be more relevant to those of you who have more than one vehicle, because if you are going to move, you need to get your cars with you. This is where you are going to need interstate car transport services to get your car from A to B. You might not think that this is an important consideration, but if you don’t take it into account, you could be paying a massive sum of money to move your big car across states when you could have waited and purchased it when you moved.
Car insurance is one of the most important considerations that you need to think about. It is no good buying a car if you cannot afford to pay the insurance on it because it has a large engine or anything like this. Once you have the registration of a car, it is possible to check the amount of car insurance that is going to be due on it. By doing this, you can compare rates and see if you can afford to pay the premium that comes with driving a specific car. If you find a car and you are going to be unable to pay the insurance, then you are going to need to find another, more affordable car.
Or, if you don’t have the registration number, then you can still get a rough estimate. While you will likely not be able to receive a direct quote, this won’t stop you from getting a ballpark figure. The same rule applies here, you need to use this figure to work out whether the car is affordable in terms of insurance, and not just in terms of purchase price.
But, on top of the car insurance and the purchase price, there is still a lot more costs that you need to consider. Have you thought about vehicle tax? You need to pay this every six months, or every year depending on what plan you choose. Further than this you need to add on breakdown cover to your insurance policy which is going to cost you extra. All these costs add up, and these are not even the full extent of it.
You will then have to take into account the amount of fuel that you are going to need. This is going to depend on how often you drive, the distances that you drive and many other factors. Fuel is one of the most expensive car bills that you are going to pay because it needs to be refilled so often for those who are on the road a lot. You must not forget to take this into account when you are looking at all the costs associated with a new car. It is all well and good to be able to afford the purchase price and insurance, but if you can’t put fuel in, you aren’t going anywhere.
And never forget that if something goes wrong, you need to pay for all the repairs. Something wrong with the engine? That’s gonna cost you. Need a new tire? Again, at least a hundred for a new one. All those smaller costs add up and come to bite you when you least expect it. So, you need to plan for every eventual cost that you could need to pay before you purchase a new vehicle.
We hope that you have found this article helpful, and now know what considerations you need to think about when you are buying a new car. Good luck!