It can be so exciting! Looking around the car dealerships and going for test drives. Perhaps even at the used car lot, daydreaming about how you would modify that old clunker or repaint that spiffy sports car… We know that buying your first car holds big significance in a person’s life and the anticipation can make you all too eager to sign for ownership of a new vehicle without first looking at your finances.
We want to help our customers get the best car finance deal for themselves when they start the hunt for a new or used car, so let The Smarter Finance Company share with you some quick tips!
1) When should you buy it?
When is a best time to buy a car? Some may say that there never is a best time – a car is a luxury and not a necessity since (we hope) your state or country has a good transport network in place. But at times, perhaps for work or for the sake of your family, there comes a time where you need to have a car for the convenience of it. At times like these, it’s good to wait for certain times in the year where prices may drop and you may be able to find a better car finance deal!
Situations such as:
- Dealership Anniversary or Roadshow specials
- Promotional periods such as over the holidays or special occasions
It’s a good idea to think your selections through before these situations come up so that you don’t make a quick decision that you’ll regret just because prices were lower!
2) What Type of Car
Wouldn’t we all want to own a nice sporty coupe or a rugged 4×4? But in actual fact, look at your daily needs and requirements to purchase a car that it more practical on your finances! Continental and Asian cars have different pros and cons – performance, safety, reliability and fuel consumption are some things to look at. Also, whether you have many family members or little children would make a difference in the decision when it comes to car capacity, and if you happen to need extra boot space for carrying around things for work? That is something to consider too.
Check out with the dealership what models they have that can suit your needs and remember to be practical!
We all wish that we had a fountain of never-ending money in our backyards. But alas, such things don’t exist for us mere mortals. And so, it falls to us to be responsible of our finances and set our budgets at a reasonable and realistic level. Not only setting a budget, but to ensure we keep to it as best as we can, no matter how enticing the extra turbo power, or the bigger rims, or the premium leather seats may be! Such things can come later when your financial situation improves enough to do so!
Some things that you might want to consider include:
- How much money you have on hand or in savings to cover the down payment
- Whether your income can sustain a large monthly payment amount
- Whether you really need those extra features!
The Smarter Finance Company knows that buying a new car can be overwhelming, given the multitude of choices that you have to choose from. But when you have a reliable financial advisor (like us!) helping you to figure things out, the applications, financing and other nagging questions will be answered so that you can go ahead with getting the car that you want without too much worrying! Let us help you get one step closer to owning your first car. Call us today!