Making a large purchase can be stressful and overwhelming. Your heart beats faster, you develop sweaty palms, and your breathing quickens. The thought of being swindled terrifies you. While you know what you want in a vehicle, you have to convey that to the sales representative in the dealership.
Buying a car doesn’t have to be frightening; it can actually be quite fun and a learning experience. Before you can purchase your dream car though, you have to know the right way to research to get the best deal you can. Whether you look into how to budget or talk to a mechanic, these little endeavours will assist you in the end.
Keep reading for six of the best tips on how to get the best deal on your dream car.
1. Select a Competitive Loan
One of the best decisions you can make when looking at purchasing a new or used vehicle is to investigate all your financing options. You want to ensure you are getting a competitive loan that meets your needs, rather than a high-interest loan that you will loathe.
There are multiple loan companies, and car loans in Australia, from Latitude Finance, are a fantastic example of loans done right. They specifically deal with car loans on a daily basis and are well aware of the terms of the loans they service. They can get you the best fixed-rate secured loan out there!
2. Test Drives are Necessary
Whether you are looking to purchase a new vehicle or a used car, you always need to test-drive the vehicle you will be buying. You need to know how the car handles, if it is quiet, if it idles well and does not die at red lights or stop signs. You also need to verify you don’t set too low, that you can see out of all the mirrors, and that the gauges work. Check all the controls in the car such as the AC, turn signals, and windshield wipers. Lastly, make sure the brakes are responsive.
3. Take the Vehicle to a Mechanic
This tip is especially critical if you are buying a used car. When you are looking to purchase a car, you want to make sure what you purchase is a good value that will last you for many years to come. You want to know if there are any potential problems with the car that will cause you additional expenses.
The mechanic will inspect the vehicle and look for wear and tear, as well as signs that maintenance has been performed on the car on a regular basis. The report you receive from the mechanic can be your deciding factor on whether you purchase the vehicle.
4. Have a Budget
How much money do you bring in monthly from your job? How many bills do you currently pay? These are important questions to know the answers to when looking at purchasing a new vehicle. Your monthly car payment will need to be budgeted into your monthly expenses, and the last thing you want to do is cut it too close and default on your loan. This can be severe as it will ruin your credit and your car will be repossessed. Make sure to set up a budget and follow it before purchasing a new car.
5. Research, Research, Research
There are many things you need to research when looking at buying a car.
Not only do you need to research the vehicle itself (has it ever been in an accident, has it ever been in a flood), but you also need to examine the cost of car insurance. Car insurance can be expensive based on the make and model of the vehicle you are purchasing.
You need to be able to afford the vehicle insurance in addition to the monthly car payment. Ensure that you have already discussed the cost with your local car insurance sales representative to get an idea of how much to budget.
6. Don’t Buy all the Extras
The last tip you need to be aware of when getting a great deal on a car is not to buy all the extras. Your local car dealership will try to sell you an extended warranty as well as add-ons such as heated seats, GPS, and a dealership maintenance plan. These are called add-ons because they add-on to the price you will end up paying. Buying a car is a major purchase, and you will be paying on the loan for many years, make sure to keep the loan as small as possible.
Why Planning to Purchase Your Dream Car is Essential
You should not make any type of decision lightly, and purchasing a new or used car is no different. With a little planning on your part, you can be well prepared to speak with a sales representative to make the deal of a century.
Make sure you test drive the vehicle and have a mechanic look at it before you purchase. If you avoid the extras, have an idea of how much you can afford, and know your financing options, your conversation with the sales representative will not give you sweaty palms, faster breathing, or a quickening heartbeat. You will be cool and in control!