Buying a new or pre-owned car is exciting, but there are factors you need to take into consideration when making such a big decision. Whether it is a second family car, a first vehicle, or a replacement of an older model, the financial outlay can be extensive. But this need not diminish your enjoyment in undertaking this purchase. Armed with a few tips, you can make the process fun and easy. Carry on reading to find out the essentials of shopping for a car.
Working Out Your Affordability
Affordability is the number one aspect to take into account. This will set the limit on the type and model car you are able to purchase. Most banks will allow you to complete an affordability test and check what size loan you qualify for.
A neat trick for determining affordability is to divide the net income, of both you and your partner, by four. The amount you get should fix the monthly ceiling on your household costs related to vehicles. This includes paying back loans, insurance, running costs, and maintenance. Even though you may be offered a larger loan, experts advise that you do not exceed 25% of your income on vehicles. This allows you some wiggle room in your budget for unexpected expenses that may arise, for example, unforeseen medical expenses or repairs to your home. You should also check your credit score to get a clearer idea of what your monthly expenses could be.
Check the Service History
If you are opting for a used vehicle, it is essential to obtain records of its service history. This will tell you if the car has been serviced regularly using an approved maintenance provider. A warning sign is when the vehicle’s history is written in one person’s handwriting as it is seldom the same person who completed the details every time the car goes in for its required services.
You also need to check the VIN number. This information can be obtained from the licence disc. Some of the things it will tell you is the make, model, and year of the vehicle, its country of manufacture, and whether there are any police cases linked to it.
Choosing Your New Car
You are finally ready to compare options and select a vehicle. While you may have your heart set on a metallic blue car with tinted windows, it may be more practical to buy a white vehicle. These tend to be lower in price and are also cheaper to repaint in the event of cosmetic damage or having to replace a bumper for example. An easy online option for selecting a vehicle is Riverside Car Sales, a Ford Burton on Trent dealer.
Preferably a car has had relatively few, or only one, the previous owner. Low mileage with frequent services is also good signs.
When buying a brand new vehicle, you may have more options with more peace of mind. It all depends on whether you are trading in for an upgrade or need a second car. Either way, the right car is waiting for you.
