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Buying a new car is anything but easy. Actually buying any car is anything but simple! Even so, there are ways to make the process simpler and hopefully less stressful. Check out these ideas to consider…
Do you Really Need a New Car?
A good question to ask yourself is if you actually need a new car. Almost every single new cars will lose half their value in the first three years and it is estimated to lose 20-30% of its value after only 1 year. Some will lose their value faster than this, being worth a quarter of their original price when being sold second-hand. This is a huge amount to lose when you are making such an expensive purchase. In basic math, that means a car that cost $32.000 originally will only be worth about $24,000. I would bet that you won’t have made $8,000 in car payments in one year. If you need to sell the car at the end of the first year, you will have to pay money to sell it! So consider getting a used car still under warranty. Even a car that is an ex-demo or one that has had a few years of use will hold its value better when compared to a brand-new one.
Shop around for financing
Before you ever step foot onto a car lot, shop around for financing. Don’t just assume that a car lot will have the best interest rate. Speak with your insurance carrier for suggestions and rates as well as banks. Lower interest rates mean lower payments and over all interest costs. This is also an important time to determine what car payment you can afford within your budget. Also shop around for your insurance carrier. And don’t just consider the monthly bill but also how well the insurance is known for actually paying out claims or will they try to short you or take months to pay for repairs if an accident does occur.
Buy a Model that Holds its Value
If you can, you need to make sure that you buy a car that holds its value. The biggest issue with buying a new car is that their value will go down very quickly. Considering this, you need to make sure that you make a wise choice. It is very easy for you to buy a car that is not going to lose its value if you look online. There you will find a price depreciation table for nearly every make and model of car out there. If you want to make it easier on yourself then you may want to focus on car models such as Minis, Audis, Lexus, Volkswagen, Ford and Vauxhall. It may be possible for you to trade in the car that you have now for a good price at the dealer if it is in good condition. If you have been injured in a car accident and your car is a write-off, you may still be able to get compensation.
What Car do you Need?
Before you start browsing for the car that you want, you have to think about what you truly need from your car. There is no point in you trying to buy a convertible if you think that you may be starting a family soon. You have to ask yourself what is realistic, and you also need to think about what your essential requirements are. Is fuel efficiency a priority? What about having enough room for everyone? If you play as part of a sports team then you may need a lot of trunk space too.
Search for Cheap Cars Economical to Use
If you want to save yourself time and money, research about the most economical cars to own. There are plenty of lists of the cheapest cars to maintain on the internet. Be sure to consider how your vehicle is going to be used each day. Will you need to drive a long distance each day? Do you need to be able to navigate icy conditions?
Small engines tend to be cheaper and when you look at a 1.0-litre engine when compared to a 2.0-litre engine, you should know that the difference isn’t all about horsepower. A big engine is going to burn more fuel. For this reason, a small engine may be what you need if you are concerned about fuel economy. A small engine is in fact cheaper when it is used as it should be, but if you use it as a higher speed, then you will need to push it more. This will burn more fuel overall when compared to a 2.0-litre engine.
Gasoline VS Diesel
Petrol cars tend to be way cheaper to run when compared to diesel. Diesel engines are often way more economical when compared to their petrol counterpart. That being said, you should not be fooled into thinking that this is a better option. These cars are expensive and they also cost more when you need to fill up. Manual cars are also way cheaper when compared to automatic but if you aren’t good at driving a stick shift then you might end up using more gas in the long run. That being said, automatics do take a lot of the hassle and stress out of driving, even though the price tag can be much higher.
The right car for you will depend on your requirements and your budget. Be sure to read and study about how to negotiate when purchasing a vehicle and also research financing if needed.
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