Buying a new car in NSW is perhaps one of the most important purchases a person can make in their life. But aside from the big investment that needs to be made financially, it also comes with additional pressure in getting the right car for you.
The car that you choose should reflect what your needs are as a person and should match your lifestyle. Since that’s the case, you should really consider your options carefully before purchasing one.
The problem with that, however, is that there are numerous choices available on the market today. The good news is that we’re here to help you decide which car will be the best fit for you. Ask yourself these 10 questions below to guide you in the process of securing a new ride.
1. How Much Do I Have to Spend?
Although there’s no one-size-fits-all amount that can be put up when buying a car, it’s important to keep the 50/30/20 rule for budgeting as an open guide in your decision. This rule states that it’s not ideal to spend more than half of your income on expenses that involve things like your rent, mortgage, phone bill and especially a car.
Since this is the first thing to ask yourself, it’s important to ensure that whatever vehicle you plan to buy, it shouldn’t eat up more than 50% of your income. You may also find wisdom on tips for new cars from the savings guru Dave Ramsey who suggests that the total value of a person’s vehicles shouldn’t be more than half of their yearly income. For those of you who are single and, for instance, earn $50,000 annually, you shouldn’t buy a vehicle that costs more than $25,000 in one go.
2. What Finance Options Are Available?
The next thing to ask yourself involves the financing aspects in getting a new car. For many people, paying in cash simply isn’t an option they have available and may not be the best choice as well.
So before you go out and talk to a dealer, you will want to perform your own research and find what type of interest rate you can get. It is essential that you do this beforehand since you can’t be sure if the lenders used by the dealerships can provide you with an ideal interest rate.
You can do some comparisons online for the interest rates of your local banks and credit unions. It may even be possible to get financing before you negotiate with a dealer. Doing so not only helps in speeding up the purchasing process, but it also aids in safeguarding a more appropriate interest rate.
3. Is This the Right Time for Me to Buy?
This isn’t about buying into those promos or waiting for those holiday sales events to come up. You should ask yourself if adding this significant payment into your monthly budget is a good choice. Maybe you might be even giving up a good piece of your savings to go with it if you proceed.
Some people do need a car right now and putting it off just isn’t an option. But if it’s still something that can wait, then it might be more helpful if you wait a few more months so you can add up a bit of saving. This can help you make a nice down payment or even buy the car in cash to save up in the long run.
4. What Type of Car Do You Need?
There are a lot of choices when it comes to a new car right now. Having to consider the manufacturers, models makes and whatnot can be overwhelming for any first-timers.
That’s why the next thing you should consider is what your needs are in terms of getting a new car and what do you want in a vehicle? If you’re not yet married and love going fast, maybe buying a sports car may be suitable for you right now. Maybe you plan to go outdoors and tow a trailer or boat behind when heading out? Then maybe a truck would be more appropriate here.
5. Can I Get by Without a Car?
Identify the reasons why you want to get a new car. Do I really need one right now or perhaps commuting to work is still plausible? Maybe your lifestyle has changed and a vehicle is a good way of supporting it.
Keep in mind that owning a vehicle isn’t cheap. Besides the cost of buying a new car in NSW, you also have to pay for its gas, maintenance, insurance and others such as parking fees and tolls.
6. What Do You Like/Dislike About Your Current Car?
This is a good question to be asking yourself. What do you really like or dislike about the current vehicle that you own right now? What made you buy it in the first place or make you think you should trade it in for a new one? You will want to write all these answers down so you have some things to consider when shopping at the dealerships.
7. Will Your Family Grow or Driving Situation Change?
This question is often overlooked by many people. It can be easy to be enticed into buying a two-door sports car that’s been tempting you on that showroom floor. It’s important to think about you and your future when you buy a car so that it can last you some good years with maximum usage.
8. How Many People Will Be Riding in the Vehicle?
Just like the question above, you also need to consider what your driving habits are going to be. Will there be many people riding on your car most of the time? Is it used for quick errands and need a lot of space?
9. Do I Know Enough About the Vehicle I’m Buying?
When heading out to buy a vehicle, don’t just look at whether you want a truck or an SUV, or a car that has this colour or that. It’s crucial to spend time finding out whether a specific make and model fits your bill. Is it reliable? Can it give me what I want?
10. What Do the Experts Have to Say?
Finally, you’ll want to say updated on what the experts in the automotive industry have to report on every new model that comes out. Most of them can provide solid reviews and you should see what their opinion is on a vehicle you’re after.