SuPeRnOvA and SwEeTpAiN: 5 Questions to Ask Yourself before Purchasing a Car on Finance | SuPeRnOvA and SwEeTpAiN
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5 Questions to Ask Yourself before Purchasing a Car on Finance

If you are planning to buy a car on finance there are some issues you need to consider before you arrive at the car sales yard. If you turn up on the showroom floor without having done your homework you may very well be talked into an impulse buy. There is nothing more tempting than a showroom of gleaming cars and a convincing salesperson will seal the deal with you in a matter of seconds unless you are well prepared. You should do the decision-making before you even begin searching for your new car.

photo not mine

How Much Can You Afford?

This is the first and most important question you need to settle before you buy a car. What is the absolute upper limit on your spending? Work out how much you can afford with the help of car finance by calculating your current expenses against your current income. It is a big mistake to go car hunting before you have done this calculation. Many people fall in love with a car and then try and work out a way to get enough money to buy it, thus spending more than they can comfortably pay back.

Once you have worked out how much you can afford to borrow, do not go over that amount. Be sensible. Don’t make an emotional decision based on desire. Fix the amount in your mind, so that when you see that sparkling new USV that is outside your price range, you will be able to say no. People who buy more than they can afford often find themselves in financial difficulty in the future.

What Are the Operating Cost?

Make sure you have a full understanding of the operating costs of any vehicles you are looking at. Find out how much fuel they will use, how much tyres cost to replace and what a service is worth. If the running costs are more than you can afford, choose a different car.

What Do You Want From A Car?

Be clear on what you want from a car before you buy. Are you after a luxury car to impress your friends? Do you need something robust for work? Or are you after a reliable family run about?  Make sure you choice lines up with your needs.

What Models Rate Highly?

Research what type of cars will suit your needs. Look online and do lots of reading. Don’t forget to check out blogs and forums where car owners will generally post their findings. Visit the library as they will stock lots of automotive magazines for you to read. Visit car shows if you can as you will obtain a wealth of information from the enthusiasts that go there. Also visit the websites of roadside service providers.

Where to Buy?

Make sure you check out the reputation of car dealers. Word of mouth is one of the best ways of finding out a good car dealer. Ask friends, family and work colleagues. If someone reports a bad experience, take heed. 

1 comment:

  1. Ask yourself how much the insurance premium will change from your current vehicle and if you will need GAP insurance.


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