5 Things To Consider When Buying a New Car

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For most people, buying a car is going to be the second largest purchase they ever make after purchasing a house. So it’s important that you take your time and understand exactly what you are in for and exactly what it is that you are buying.

 

1 – Understand what you need in a car

The first thing you need to do when buying a new car, is to understand what you need in a car. Is it just to get you from place A to place B? Or is it also going to be used to carry kids, work equipment etc. There are lots of different types of cars, with many targeting different types of situations. Before you even start looking at cars, be sure that you know what the main types of things you are going to use your car for.

 

2 – Set a budget

As I said earlier – cars are a big purchase, so you need to consult with your budget before going out and hitting the car yards. Often the more expensive the car is, the nicer the features – just make sure that the features that are on offer are what you need, rather than just ones you want. If you buy a car based only on needs and do away with all the wants, you will find the whole experience of buying a car to be a lot less expensive.

 

3 – Shop around

I love shopping around and playing sales people off against each other – it’s almost like a little game to me where I see how much money I can save. The main thing you need to remember is that you can buy your car anywhere, so the sales person needs to know that you are doing them a favor by buying the car through them and if they don’t offer you the best deal, then you will be forced to head elsewhere.

 

4 – Read the contracts

Contracts can hide all sorts of nasty surprises, so make sure you read and understand every single word. If you aren’t sure what something means – go ask someone who does. You need to make sure you aren’t signing something that might lock you into a bad deal.

 

5 – Look for hidden extras

The last thing I personally look for when buying a car is all the little hidden extras. Things like the expected servicing schedule and how much each service will cost. Sometimes if you buy a brand new car, the sales people will try to pressure you into things like pain or rust protection – most of the time anything they try and sell you will be considerably more than if you pay someone to do it after market.

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Hi, I'm the founder of The Money Spot - I hope you have found the information on the site to be useful. I love talking about all things related to finance, business, marketing, blogging and the most important things - family and lifestyle. You can learn more about me here, or visit me on my other website Monster Piggy Bank.

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2 Comments

  1. These points sound so simple, but if followed can really save you a lot of money. Shopping around is always a plus and staying in the price range you can afford is also a good rule to follow. Also while figuring out how much you’re paying each month for the car, people should also factor in the monthly insurance expense, which can be a deal breaker.

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