5 Questions you need to ask yourself before buying a new car
After buying a home, buying a car is the most expensive financial decision most people would ever undertake. When it comes to making the decision to replace your car there are always important questions you need to ask yourself. This is to helps reassure yourself that you are making an informed decision that you will not regret later.
Do you really need a new car?
This make strike you as a silly question, but when you start to think of it economically it is not a silly as it sounds. When asking this question be honest with yourself, what is wrong with your current car? Has your current car lost all practicality, and will a new car be more cost effective?
It is easy to get caught up in the excitement of buying a new car, but if you ever catch yourself trying to justify your purchase or having to rearrange your finances then you may want to think again.
Can you afford a new car?
You’ve come to the decision that it’s time for you to buy a new car, so your next steps here would be to set yourself a realistic budget. This is the part where you calculate all the factors against each other then see what you are able to afford. This will raise the question whether you can afford a cheap car with a higher spec, or something more expensive with a lower spec?
After this, you will need to decide on the finances, and if a loan is what you want then you may want to look at your budget to see the monthly payment you can afford and examine the interest rates. Furthermore, you may want to look into the operating costs of the vehicle you’re going to want to purchase, as well as insurance and maintenance.
The Make & Model of the car?
This leads us to the next question – what make and model should you buy? Nowadays the available choices in brands and models of cars are overwhelming. When asking yourself this, narrow down your driving needs and what sort of car you like. You may want a sports car if you are single or a family car if you are settled down. You will need to take into consideration the distance and terrain you will travel with your new car so you can pick the appropriate model.
Should you buy brand new or used?
Buying yourself a new car will bring you a peace of mind as the car is fresh from the factory with a warranty and that you are the first owner of the vehicle. However, the issue with new cars is that they are usually more expensive and their value depreciates a lot quicker especially during the first few years of ownership.
Your other option would be to buy a used car, by doing this you can save yourself money in the long term. As the car is already used the depreciation of the value would have slowed down. There are times where you may find a used car that has more features than your current car at a cheaper price. The main thing you want to do if buying a used car is to ensure that is has a full-service history.
What car retailer should you trust?
As mentioned before, buying a new car is a big decision so you’d want to go the right place to buy it. Picking the right place to buy your next car can be the difference in having a carefree experience or a nightmare that only creates more problems. When picking your next retailer, you need see if they give you good advice, competitive prices and great after sales service, and if this is what you received from your previous car retailer then this should be your first call. However, that may not be the case, or if you are after a certain make and model then you may want to go somewhere else. Here at Hatfields we have a wide selection of cars, so contact us for more information.