It is exciting to buy a new car. You are going to be treated like royalty by the dealers by letting you choose the equipment levels and colours and you also get the new car smell. You can easily get caught up in the moment to a point where you make decisions you might start regretting a couple of weeks or months after buying it.
1. Look at the long-term value
Before you decide to get a new car, you should see whether getting a used car is a better idea. New cars tend to lose their value quickly.
One year after driving off the forecourt, a new car loses an average of 40% of its value., and this is according to AA.
Different cars have different depreciation values. This is why it is a good idea to look at the fastest and slowest depreciating cars if depreciation is one of your concerns.
2. Checking whether the car fits your life
Sleek black, racing red, or maybe vibrant yellow? Wait a minute. Before you choose the colour you want for your car, take time to figure out whether the car you are about to gets fits your lifestyle.
Is the car big enough? Is it going to fit your garage? Do you have kids? If you have kids, is the boot big enough to fit a pushchair and everything else? If it can fit, is there enough space to fit other luggage or things you might need when going out for a family trip? This is the same case if you have pets. Is the car going to be used for short errands around the town or will it be used for long journeys?
You should make a list when buying a car. When you do this, you will have the chance of prioritizing what you need against the budget you have set. Have a column listing the thing you need, then have a second where it has the extra that will be good to have, but they have to be within budget.
3. If there is an extra feature you need to have, then it is AEB
Autonomous emergency braking (AEB) is a feature that monitors the traffic ahead of you and will brake automatically if you fail to respond to an emergency.
Thatcham Research had a report showing that cars that had this feature reduced real-world rear-end crashes by 38%. They want every car to have this feature, just like seatbelts.
This does not come as a standard, but adding this extra will be worth it.
4. Consider the payment options
There is a wide range of payment options when it comes to cars. Before speaking to the salesperson on the forecourt, take your time and learn more about the different payment options so you can know which is the best one for you and which one to avoid.
5. Sticking to your guns on pricing
When you have made your choice on the car you want, do as much research as possible.
This will include looking for the lowest prices online, which is going to come in handy when negotiating a lower price.. You should also check whether there are local dealers offering deals on the car you have in mind.
When negotiating with the dealer, you have to haggle with them on the pricing if you want to get the best deal. You should know your maximum price, and be prepared to pay that and nothing more.
6. Buying at the right time
What many people don’t know is that the time of the year they buy a car has a big impact on what they are going to pay.
A lot is going to depend on how many cars the dealers have in stock and their targets. In September and March, dealers have a lot of stock, which is just after the introduction of new number plate formats. In February and August, the months that precede the change in plates, dealers usually have some old stock then need to clear out.
It is a good idea to visit the showroom during the week instead of weekends where they tend to be bust. If you can get some time Friday, then you might be able to get a good deal from a dealer looking to reach their weekly target.
7. Getting the best price for your old car
You should ensure you are getting the best possible price on your old motor.
If you are looking to part-exchange, go to sites such as AutoTrader or Parkers so you can find out what it is worth.
You might be able to get more for your car if you sell it privately. A good finance deal will also help you save – check out these PCP car finance options to see if they fit your personal finances.
8. Trying before buying
Test driving is not just important for used cars; new models have to be test driven too. This is a big purchase you are making; ensure you have your driving license when going to buy a car.
If you are torn between a lower or higher specification version of a car, then try both of them by taking a test drive. Things such as sports seats, bigger wheels, and firmer suspensions can have a big impact on car handling.
The best option is trying the car you are interested in, in both open road and urban streets. If possible, drive on roads that have speed bumps. You can tag someone along because they can give you a second opinion.
9. Getting car insurance and tax costs calculated
Car insurance costs can greatly vary between two cars that seem similar. Before you can sign the dotted line, make sure you get a quote for insurance.
One thing to keep in mind is third-party car insurance will be needed if you want to drive your new ride home. You will need to get it taxed.
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