Whether you are tired of relying on cab services or are looking to travel the landscape without limitations with your pet, there are many reasons someone would want to get their own car. Whatever the reason is, buying your first car is an exhilarating feeling.
However, it is equally important to consider the options that come with the process of buying a car- whether it’s about how you can refinance an auto loan or getting the accessories right. These factors ensure you are able to bring home a car that meets your expectations without you having to reason for the lack of features. Here are some ways you can smartly buy your first car.
4 Important Things To Consider When Buying A New Car
- Decide on the type of car you are looking for:
Narrowing down the type of car you want will help you identify if the model and make of the car are suitable for where you live and the purpose you are aiming to draw from the car. Here are a few factors that you can consider:
- Which part of the city are you living in – the city, suburbs, or a somewhat rural area
- The weather conditions of the area you live in and if you will be in need for opting for all-wheel drive
- Will the car be involved in carrying passengers? If yes, then how frequently
- How much cargo space will you need exactly? Are you planning for frequent trips, or will the car storage be used for a longer time?
- How frequently will the car be used? Everyday or for weekend trips
- What would be the average spent on the car?
- How much parking space do you have at home? Will you need to invest in making modifications to accommodate the new car?
- What are your reasons for buying a specific type of car?
- The overall price of the car:
Getting a pre-approved car loan before you step into a showroom is highly advised, as it makes the process of bringing home a car faster and a lot easier. Many first-time car buyers prefer saving a large amount for a down payment and then taking on the remaining loan amount as a loan.
Whichever way you choose to progress, it is essential to take your ability to pay back the loan into account. Consider creating an emergency fund that also includes a portion of monthly installments to be paid and use this fund in emergency situations.
Furthermore, it is also advised to use any extra cash to pay back the loan on the car. This shortens the loan tenure and reduces the number of installments you will be required to pay.
- Are you getting a new car or opting for a secondhand car?:
A new car is one that hasn’t been on the road, has been in an accident, or hasn’t been touched by a driver’s hands. You will be the first owner, and everything you do with the car will be the first time it will be done. In the case of a secondhand car, things are different, and you need to be more attentive.
These cars are usually being sold for reasons including (but not limited to) previous accidents, out-of-date models, or parts that are no longer efficiently working. If you opt for a secondhand car, consider getting it inspected by professionals to identify if the car has been in any accident previously, if the original engine parts are intact, and if there are other technical details you might have missed.
Additionally, consider buying your car from a reputed place that has a track record of providing exceptional after-sales service.
- Whether you are opting for a petrol or diesel car or an EV:
Thanks to technological advances, cars have more options today than ever. If you want to make an environmentally conscious choice, opting for an EV can be the way to go.
However, it is important to consider whether ample charging points are available around you (or where you are going). This is not a hassle in the case of a petrol or diesel car as you will find them easily at any station you are going to.
Pro-tip: Keep in mind if you are looking forward to using your car for adventure purposes in remote locations. Ensuring your vehicle has an extended range or planning your routes around charging stations will be essential for a seamless and stress-free road trip, especially in areas with limited charging infrastructure.
Buying your first car should be an exciting and thoughtful decision & not something that you should stress excessively over. It is always best to define the purpose of getting the car and related queries that you can face. Solving these factors ahead of time ensures that you have a joyous transition.
Furthermore, your car must come from a dealer known for its quality, customer service, and after-sales services. Conduct your own research to double-check the choice you are making.