The start of the school year is fast approaching. For some students, it will be time to buy their first car or simply a new one. Before you go through the classified ad sites or tour the dealerships, check out these few tips.
Set a budget for yourself
Before you start, establish your budget. This is essential, because when you shop, you will see a ton of vehicles that will make you salivate, but that you will not be able to afford.
Remember that in addition to the cost of the vehicle itself, you must add up the purchase tax, registration, insurance, fuel and maintenance.
Make a list of your priorities
What do you absolutely need? Make a list of them. If fuel economy is important to you, put it at the top of your list. Do the same if you are afraid of getting caught in a snow bank and the full gear is absolutely necessary. If you don’t want a manual transmission, it must also be registered. If you are in favour of driving mainly in the city, maybe you should give priority to a small-format car.
Before you go to a dealership or to a private individual who sells his own car, find out which model is in demand. Reads road tests as well as testimonials from owners; this way, you will know the points as well as the weaknesses of the vehicle.
Don’t hesitate to ask a friend or relative who knows the car well to accompany you. A second pair of eyes is fine.
New or used
Do you want a new or used vehicle? If you don’t have a large amount of money in your bank account to spend on a car, but are willing to spend part of your monthly income in the next few years on car payments, you can consider buying a new vehicle.
If you have a few thousand dollars at your disposal, buying a used vehicle can be a good idea. This way, you avoid monthly payments. However, you will need to budget for maintenance and repairs.
Don’t forget that there is also vehicle rental.
There are many traps. See them coming and avoid them. If you’re looking for a new car, be careful of the countless options. Yes, the heated steering wheel, leather seats, 20-inch wheels and sunroof are beautiful. But it increases the bill considerably.
On the other hand, you will have peace of mind for a while thanks to the guarantee. However, by choosing a new car, you may benefit from a much more attractive interest rate than in the case of a used car.
If you choose to enter the second-hand market, contact your financial institution. It is not uncommon for its interest rate to be lower than that offered by merchants.
It may also be attractive to acquire a used luxury vehicle rather than an “ordinary” and new car. However, it is essential to know that the maintenance costs of so-called luxury vehicles are much higher.
That’s not all. Don’t let yourself be charmed by a crush. This purchase will be in the most important of your life so far. Don’t make a decision on a whim.