Purchasing a brand new car may prove to be an emotional road trip for any car buyer. Apprehension and excitement combine to wreak havoc on your rationality as soon as you enter the show room. However buying impulsively may cost you dearly, so slow down. Just as walking comes before running, make sure to pace yourself before driving off the lot in your brand new car. Below are seven tried and tested steps to purchasing a new car:
Step 1: Make A Decision If You Really Need A Car
Although a vehicle is a necessity for many, it is not a great investment. Studies have revealed that cars lose almost 20% of their value in the first 12 months after you purchase it, so it’s advisable that you consider whether it is your financial priority.
Step 2: Be Sure To Explore The Vehicle Model You Wish To Purchase
Explore but do not limit yourself to all of the popular models such as Renault, Honda, Volvo, BMW, Mercedes, Ferrari. You can find both new & used cars for sale and you can search for your preferred choice in your preferred location. Gumtree also promises a reliable platform for sellers and buyers.
Step 3: Set A Budget
So you are still interested in buying a new car? At this stage, you need to decide what car model you can afford to buy. Remember to put into consideration factors such as insurance, gas as well as maintenance cost.
Step 4: Pick Three
There are several different makes & models in the market, however ensure you narrow your focus to your preferred top 3 choices. Any less than this may hurt your power to negotiate. Conversely, any more may consume a lot of your time. Also be sure to read vehicle reviews & browse vehicle prices online to have an idea of how much each car should cost.
Step 5: Lease, Loan Or Cash?
Make some significant financial decisions before going to the showroom. If you aren’t paying cash, you will need to decide if it is best for you to get a loan or a lease. If you decide to get a loan, is it going to be a home equity or an auto loan? You will find getting pre-qualified for financing helpful especially when negotiating with your car dealer.
Step 6: Finally, Go For A Drive
Now that you have girded for fight with emotion-proof armor called knowledge, you are ready to go for a test drive. Make sure you carry your notepad for the purpose of recording information on invoice and also any other details you wish to remember about how the vehicle itself drives.
Step 7: Go Home
Make a promise to yourself that you won’t make a purchase on your first car shop. Go home and email or call at least 8 dealerships, requesting them to quote you on the specific car model you have chosen.
Close The Deal
Make sure the deal you are about to sign is the one you have negotiated with the dealer. Do not allow anyone to rush you through paperwork.
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