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Tips to help you buy your next car
Buying a car should be fun, but it often isn’t. Learn what you need to know in order to feel confident and you’ll find the experience a lot more rewarding.
Here you’ll find a good resource to help you make sure you make the best decision - from the basics of choosing a make and model, through to negotiation and financing.
Your budget
Having a monthly budget is the first step, take into account all of your expenses for the entire month - from groceries to phone bills. Then work out how much down payment and the amount of monthly instalments you can afford for the car loan. This should give you a good idea of your budget.
Before you set out
Always put in plenty of preparation before you splash out on a new set of wheels. Decide on what you really want and need. By narrowing down your choices with the exact make and model, it makes it far easier.
Bring a trade-in
One of the simplest ways to save money is by bringing the car dealer something in return. Although trade-ins tend to vary widely in value, simply having something to bring to the table can offer a significant advantage as you negotiate price. Be sure to determine the trade-in value of your old car before you accept the dealer's offer. You may be better off selling your car privately or even donating it to get a tax break.
Depreciation and maintenance
A common new car-buying tip that people tend to overlook is what the new car's trade-in value will be in a couple of years. Is this a make and model that holds its value, or is depreciation going to hurt you?
It is also important to know if the car you have your heart set on is known for its expensive maintenance costs. These are considerations that can put you in a bad position of owing more than your car is worth.
New or used
Cars depreciate faster in the first two or three years of their life and the new car buyer has to bear that for the pleasure of being the first owner. By buying used it is possible to avoid the heaviest depreciation. Cars will still depreciate in the years that follow, but at a slower rate.
Warranty
If you buy a new car you have the reassurance of a warranty. If anything goes wrong you won’t be lumbered with a big bill. Buying a second-hand car from a dealer can also come with a warranty, you may find you can pay a little extra and get it extended.
Go for a test drive
There’s no substitute for getting behind the wheel. A dealership might resist, but push for it, as it’s very much worth your while. You’ll find out what the car is really like, how it drives and how it sounds, which is just as important, especially if it’s a used car.
Negotiate
Do some homework on car values before you go shopping and you'll be in a better position to negotiate. You can negotiate just about everything including the price of the car you are buying, the value of your trade-in and interest rates - especially if you have good credit history.
Financing your car
Look closely at the best methods of car finance for the vehicle of your choice. Remember to compare like for like – if you are taking out a car loan, compare the annual percentage rate (APR); ask how much you will repay each month and how long the repayment period will be. Also, ask for the total amount you will repay after interest and all costs are included.
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