The New Car Buyer Checklist

Sep 04

The New Car Buyer Checklist

Buying a new car is a serious purchase, and it’s not a decision that you should make without plenty of research behind you. Whether you are in the market for a new sports car or a fuel-efficient sedan, there are dozens of factors that you should take into consideration before parting with your hard-earned cash. Use this guide as a type of checklist for each potential car. Only if a vehicle meets all of your requirements should it be a serious contender for your big purchase.

Set Your Budget and Arrange for Financing First

It’s tempting to walk into a car showroom and start drooling over the latest models, but starting your car-buying process is going to be a lot less glamorous. Start by figuring out how much you can afford to spend on your new car. If you are paying cash for the vehicle, the number will be easy to pin down as it is simply what you have saved up. If you are planning to finance the car, however, you will need to meet with your local bank or credit union. Find out what your monthly payments might be for variously-priced vehicles. You should walk out knowing exactly what price you can afford to spend on your new car.

Know the Best Time to Buy

It might surprise you to learn that certain times of the year are better for buying cars. This has to do with the business of the dealership itself and the potential influx of new vehicle inventory. In December, for example, car sales are low because people are celebrating the holidays. Dealerships, however, are often eager to make their final sales of the year and increase their profits. This means that buyers can get personalised attention and better rates when they shop for a new vehicle. Similarly, September and October are great times to buy because new car models are about to come out and sellers want to get rid of their old inventory before the new arrivals.

Pay Attention to Fuel Efficiency

Even if two cars have the same price tag, you might spend a lot more on one vehicle over time if it requires more fuel to go the same distance. Look for cars that are built specifically with fuel consumption in mind. Not only is this better for the planet, it’s also much better for your budget.

Okay, How Does it Look?

Very few buyers go into the car shopping process without the looks of the vehicle influencing their decision, which is completely understandable. You could be driving this car for a decade or more, and you want to make sure that you appreciate the aesthetics of the vehicle before you spend a significant amount of money on it. Your personal preferences will dictate what you pick here, but you might want to be wary of trendy models without a history of resale value.

Find Out Estimated Insurance Costs For the Vehicle

One of the costs that people often forget about is insurance. The minute you drive your new car off of the lot, you are putting your life and the value of your vehicle into the hands of thousands of drivers, and there is always the risk of an unexpected accident. To protect yourself, be sure to buy car insurance at the same time that you buy your new vehicle. Costs of coverage can vary depending on factors relating to the driver and the car, but you can visit Comparethemarket.com.au to find out the best possible rates.

Safety and Security Ratings

You definitely don’t want to spend a lot of money on a vehicle until you have seen the safety ratings for the car. Things to look out for include driver mortality rates in accidents, effectiveness of the brakes, and side or curtain airbags. Compare the ratings of the vehicle to others in a similar price range to get an accurate comparison.

Buying a new car can be a serious adventure, but you don’t want to make a decision you might regret in the future. Costs, aesthetics, safety, financing, fuel efficiency and insurance coverage are all factors to keep in mind before you take the financial plunge.

If you are serious about buying a new car, it is important to cover all of your bases. Working through this checklist can help you pick the perfect car for your budget.