Car Buying Guide: What You Should Know Before Committing?
Are you out to get that car of your dreams? Yes? Finally, you’d drive around and away to have fun! Congrats!
However, before you go to the car dealer, there are a few things you should know. Check them out below:
3 Things To Consider Before Buying Your Choice Car
How Deep Is Your Pocket
This purchase could be your first time or not. Nevertheless, anytime the idea of acquiring a car pops into your mind, always think about your financial reach first. How much do you earn? Should you go for a new or used one? Won’t this car and its maintenance deliver the last blow to your already strained budget?
From a financial-based perspective, you shouldn’t let a car’s sticker price task you much. Why?
Besides car sticker price, you have yet to pay for fueling, licensing, maintenance (emergencies and routine), registration, even taxes. Despite all that, you’d still have to suffer depreciation!
Automole recommends keeping your sticker price to a max of 15-20% of your pre-tax revenue. Be wary of salesmen and their tantrums! Still, on your pocket depth, another thing to ponder is if you should get new, used, or certified pre-owned (CPO).
Cars generally depreciate. According to Carfax, the most expensive cars at year beginning can be 20% lesser at year-end.
So, used cars are mouthwatering deals. However, go for historically reliable cars with reviews of durability.
For CPO cars, don’t break a sweat! They are way pricey compared to their used counterparts and offer only face-level assurances.
Use that Pre-Purchase Inspection (PPI); Don’t Let Go!
Most car owners don’t use PPI; perhaps they don’t know of it. Or they were in the spur of time and couldn’t wait to sit on their beloved wheels!
Don’t be like most car users and owners; use your PPI – especially if you’re considering used cars! What’s PPI?
In simple terms, you engage the service of an independent engineer or mechanic to inspect and give a report on everything about your car. How it runs, the mileage, the engine – in short, everything.
Does that mean you won’t do your inspection persona?
You will! You should even do at least 10 test drives before buying!
However, the chances are that you’re not a mechanical engineer. There would be little to nothing you’d know about the terms and the full functionality of your about-to-purchase wheels.
Even if you were a mechanic, it’s best to let an outsider (expert) with no emotional attachment whatsoever to your desires expert help you. If you worry about the price, PPI is cheap; it would only cost you a max of $150.
Don’t Forget Insurance!
By now, you must be prepping to either pay in cash, lease, or installments, whatever way, get your car insurance. In addition to the car manufacturer’s warranty, this is another safe box that reduces accrued car maintenance costs for you. Furthermore, consider the type of you’d get. What services do your choice insurance cover? How steep is their premium?
Your answer would then help you make a just-fit insurance decision. Nonetheless, we’d advise that you subscribe to pay-per-mile service if you drive less than 10,000miles a month.
That would be all; happy driving!