Buying your first car is one of the most exciting moments in life! The proud sense of ownership you feel when is something which can’t be put in words! As this major purchase is a huge milestone in your life there are several essential steps you should take to ensure you get a great car for a price you can afford!
Check out the eight key tips to follow when buying your first car.
1. A realistic budget to fix on…
The very first thing to do when you venture to buy a car is to set a realistic budget. Check out how much money you can set apart from your job each month for an EMI – not more than 10 percent of your gross monthly income.
2. Only the right vehicle for you!
Once you’ve zeroed on the price for your new car, then it’s time to start shopping. Looking online for a car that could meet your needs & cost, and research different models to find the perfect fit for your lifestyle. Compare the pros and cons of different vehicles, sizes & fuel prices as well.
3. Consult existing owners
Consult your friends and relatives who own any of the cars that you have finalized so far. They can give impartial and unbiased advice regarding the car, as to how good or bad it really performs, the best dealership to purchase etc.
4. Set aside a down payment
Consider setting aside a sizeable down payment which can help lower your monthly EMI and reduce the amount you need to finance and pay interest on. Put down at least 10 percent on a used car purchase and 20 percent for a new car. Plan ahead of time and start saving up years or months before your car purchase.
5. Research Car loans
Buying a car also means getting a car loan for most people! Plenty of options are available but do some research to get the lowest interest rates and save money. Always read through all terms for a car loan before finalising it. You can also get Tax benefits for your car loan.
6. Visit multiple dealers & get quotes
Once you’ve finalised your car & secured a loan visit the dealer. Ask everything to the sales personnel ranging from the features, engine, gearbox, mileage, audio system, suspension, brakes etc. to be fully assured about the car. It’s a good idea to go to multiple dealers in your area and check out any special discounts or sales.
7. Test drive the car
Test drive each vehicle before making your decision. Your dream car may look great in pictures, but comfortable driving might be another thing! Get a feel for your favorite car taking it for a spin in a variety of driving conditions.
8. Finalise the deal!
Finally, it’s time to seal the deal! Take advantage of the fact that a majority of car dealers are open for price negotiations.
The process of buying a car for the first time can be unnerving, but if you follow these tips, you’ll get the car you’ve always wanted without paying too much.
Happy riding for you!
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