5 LIFESTYLE TIPS FOR BUYING A NEW CAR
There's nothing quite like buying a new car, especially if it's your first one. But you need to be aware of some things, or else you may become burdened.
Stay Within a Set Budget
It's always tempting to buy things you can't really afford. The latest tech, home renovation and cars. Cars come in all shapes and sizes, and there's something for everyone. But you are restricted by what you can afford. For example, a high-end German sports car is desirable, but it is possibly way out of your budget. Fortunately, you can easily use a car finance calculator to determine how much you can afford to borrow, repay, and over what term. So, you won't be stuck with an expensive vehicle that eats into your household budget and essential costs.
Know What You Want
When you know what you can afford, you need to carefully consider what car you want. Taking too long to decide means you could miss out on a good deal. Additionally, you don't want to be saddled with a new vehicle that you chose for its prestige and looks over valuable features. For example, your car should be safe, reliable, and comfortable before anything else. But you also need to make sure your chosen vehicle is the one you really want. This is important because you have an obligation to pay according to your agreed-upon terms once the deal is final.
Think About Your Needs
It's very easy to get swept up in a car offering all the latest gadgets and technologies without really thinking about whether you will use them or not. Of course, it's important you like your car in terms of looks and style, and it should complement your lifestyle. But your vehicle almost always becomes something for simply driving to work. For example, you eat, don't you? So, your car needs to be capable of making shopping trips and storing food. And if you have children, space and safety should always come before everything else.
Weigh-Up the Running Costs
Further to considering the needs of your lifestyle, running costs and maintenance should factor into your budget. Many vehicles look great on paper, and you might even get a good deal. But when it comes down to it, you must run the car as well. Therefore, if you have a specific budget for monthly outgoings, a gas-guzzling SUV isn't the best choice. Perhaps a more economical hatchback or saloon is the better option. Additionally, maybe you could compare the costs between a fuel-based car and an electric vehicle as you might be able to save some money in the long term.
Consider the Resale Value
Cars are notorious for losing their value, even though some are a work of art. But even the best looking, and well-made cars can lose over 50% value in the first four years, and then more after that. When you consider that cars don't last forever, you will eventually need to move on to another new vehicle. So, cashing in as much as possible on your old one becomes relevant. Of course, you will never get great money back on a used car, but some are worth more than others. And electric vehicles like the Tesla Model X retain most of their value beyond four years.
It's always a great feeling to get new stuff, but a new car is more than a frivolous item. It's an investment. However, not in money, but in time, safety, and personal value. So, choose wisely.
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