Buying a new vehicle is a major decision and not one that should be taken lightly. It’s also a very personal experience. Everyone has different needs and different tastes.
Some people may take their time to get the right car and need lots of buying advice, while others may see the car they want straight away. Whether you’re buying new or used, you still need to do your due diligence on the car you’re buying. When purchasing a new car, there are many things to consider. One of these is the vehicle’s history and inspection. An inspection can help you save money on your purchase and often inspects for hidden damages that might make the price of the car go up. A vehicle history report is a way to find out if there are any major problems with the car and give you an idea of how old the car is.
So, what do you need to consider when getting a new car?
In this guide, we’ll talk you through all of the considerations you need to make when buying a new vehicle.
Buying a New Vehicle vs Buying a Used Vehicle
The first thing you’ll need to consider is whether you should buy a brand new vehicle or buy a used car.
There are definite pros and cons to both options. Let’s start with new cars.
The Pros and Cons of New Cars
The main benefit of buying a brand new car is that you’ll be the car’s first owner. This means that you can enjoy the look, feel, and smell of a brand new vehicle. You can take enjoyment from driving it off the dealer’s forecourt for the first time.
With a new car, you’ll get a warranty, and all of the parts are brand new, so there shouldn’t be any issues with the vehicle. If it does break down while it’s still within its warranty, you can take it back to the dealer.
New cars do depreciate quite quickly, though. In fact, Investopedia claims as the car is driven from the dealer’s lot, it will depreciate a large amount.
The Pros and Cons of Buying Used
When it comes to buying used, you’ll get a car for a much better price. Generally, a car’s depreciation slows down the older it gets.
Along with being more affordable to buy, used vehicles are more affordable to insure, too, meaning your overall running costs may be lower.
You do need to consider that the car is not likely to have a warranty unless you buy a certified pre-owned vehicle from a dealer. As a result, if anything goes wrong with the car, you’ll need to worry about paying for repairs.
Where to Buy a New Vehicle
Depending on whether you’re buying a new or used car, you have two options of where you can buy a car. You can either buy from a dealer for a new car or buy from a private seller or a dealer when buying used.
With a private seller, you may get a better price. However, you’ll not get a warranty on the vehicle, and you’ll also need to pay using cash.
Set Your Buying Budget
Once you’ve decided whether to buy new or used, you should determine how much you’re willing to pay for a car. Don’t forget, buying a car is only part of the expense. You’ll need to factor in running costs such as fuel, insurance, and maintenance costs.
How to Pay For Your Vehicle
You have two options for paying for your vehicle; you can either pay for it with cash or look into car loans.
Remember, when it comes to taking out a car loan, always ensure you can meet the monthly payment terms.
It is also worth noting that you should look at the total loan value rather than just the monthly payments. By paying slightly more each month, you could save yourself a lot of money in the long run.
One piece of useful financial advice for if you plan on taking out a loan is to get pre-approved for finance.
By getting pre-approved, you will not only save yourself time at the dealership but you’ll also be treated as a serious buyer with money to spend.
What Considerations Do You Need to Make?
Now comes the enjoyable part, shopping for a car. You can either do this online or at a dealership. Before you start looking, though, you’ll need to make a shopping list based on what you need out of your car.
If you have a family, you’ll no doubt need a more spacious car. If you have a young baby, you’ll need room to store a buggy in the back.
Think about the type of journeys that you’ll be making. Will there be long commutes on the interstate, or will you mostly drive around a town or city?
Safety should always be an important consideration. Look for vehicles that are loaded with safety features.
Once you have a list of all of the important factors you need from your car, you can narrow down the various makes and models. You can either do some research online or take your shopping list of features to a dealer and have a sales rep recommend a few cars to you.
Carrying Out Research Into the Make and Model
Once you have an idea of the make and model you’ll be buying, read some online reviews. There are plenty of great auto publications that test all makes and models of cars.
You should also get some insurance quotes to determine how much you’re likely to need to pay.
While you’re researching the practicalities of ownership, try and find out how expensive parts are for the vehicle you’re considering.
Inspecting the Car
When you’ve settled on a make and model and found one to buy, you should inspect the vehicle. If you’re buying a new car, you can expect the car to be in immaculate condition.
If you’re buying a used car, you’ll need to inspect the car more thoroughly. Look at the tires to make sure they have enough tread. Check for signs of rust across the whole vehicle.
Startup the vehicle and listen to the engine. Does it idle at a steady speed? Does the engine make a lot of noise? How about the amount of fumes coming from the exhaust?
Some dealerships run a certified pre-owned scheme. This can be useful as it often means their garage has inspected the car.
Check the History of the Car
If you’re buying a used car, it is important that you run a history report on the vehicle to make sure that it hasn’t been in any crashes, that the mileage is true, and that it has never been reported stolen.
You can run a report such as this through CarFax.
Test Driving the Vehicle
Up until now, you won’t have been driving in the car. Check that you can easily get in and out of the vehicle without banging your head on the roof. You shouldn’t need to stoop your head to get in either. Make sure the car has enough legroom and feels comfortable to drive.
Have a look at where all of the controls are. Are they in a position that seems logical and accessible to you?
Check the car for blind spots. Is your visibility clear all the way around? Alter your mirrors to the best position.
Test the car with the radio turned off. You can check that this works at a later point.
Pick a route that’ll test the car in a range of different driving conditions. You’ll want to take the vehicle on straight roads and around plenty of bends to see how it handles. Pick a route with some hills on it, too, so you can check to see how much power the car has.
Check the acceleration of the car. You should also check to see how responsive the brakes are. Does the car pull to one side while driving? Or is the steering true?
Getting the Best Deal
Once you’re happy that you want to buy the vehicle, you should make the seller an offer. They will have the vehicle advertised for their preferred price, but as long as you make a reasonable offer in the same ballpark, there is no harm in trying to haggle.
Start at the ideal price you’d like to take the car for and then work from there. You’ll start low, they’ll start higher, and you’ll meet in the middle somewhere. Remember to be polite when negotiating a price.
Buying a New Vehicle
When buying a new vehicle, remember to do plenty of research into the make and model. Consider the overall running costs of the car including insurance, and maintenance.
Do inspect the vehicle and take it for a test drive. If the car isn’t right for you, there will always be plenty of other cars on sale that might suit you better.
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