Buying a car is the second biggest investment you might make in your life. Owning a car comes with a freedom and independence of movement. Of being able to go where you want and when you want. It lets you travel to places on your own time, to places you probably couldn’t go to, and it lets you avoid terrible weather. You can save on flights, on extra baggage fees; you can plan road trips and have the time of your life.
Here’s everything you need to know when you’re considering buying a new car:
1. If You Really Need It
In some locations, having a car is nowhere near as economical as it is to take other means of transportation. If you are near a major hub of activity and have ample options that will take you wherever you need to go, then obviously, you don’t need a car. If you are in an area where you might need to take a taxi every once in a while, this is when you need to first work out cost effectiveness. Of course, if you want a car, that’s an entirely different story!
2. What’s Your Budget?
Your budget should depend entirely on how much you have saved. Never opt for the longer financing option, as you will end up paying over 20% of what the original loan was in the first place. Sure, the monthly payment will be more, but if you can manage (and budget appropriately) it is worth it. Vehicles don’t increase in value like homes do; instead, they decrease.
3. Buy New or Buy Old
Depending on what you are looking for, you might want to choose a used car instead of a newer one. Used cars don’t have to mean that you are buying something out of date or something that doesn’t pass current safety regulations. Whatever you chose, make sure you do it through a reputable dealer. You have the most protections and guarantees. Visit Lexus Edinburgh for great cars and great service.
4. Research!
Know the ins and outs of the car you are purchasing before you go anywhere. Knowing how much the manufacturer charged, and then how much the dealership paid for it can help you when you make your negotiations. Research is also critical for choosing the brand of car that is right for you and your needs!
5. Negotiate
The last thing to remember is to negotiate! Negotiate the total price of the car over the monthly payments. Do this for the same reason that you should choose the shorter financing rate – you’ll end up paying more than the car is worth by the end of it.
Bonus: Car Insurance
Every car needs insurance. Knowing how to get the best insurance plan for you is key to protecting yourself from unforeseen accidents that range anywhere from cosmetic damage on your car to a total wreckage. Furthermore, you cannot legally drive in the UK without insurance.
Don’t get caught red-handed and with thousands of pounds’ worth of damage. Know all you
need to know, and you’ll get the best deal for yourself.
