Buying a brand new shiny car straight off the forecourt is a dream for many of us. However, before making such a large financial commitment, there are some vital factors to consider. Keep reading to find out what they are.
First of all, when buying a new car, it is crucial to remember that they can lose their value very quickly. Of course, this is a vital consideration to cover if you are planning on making a long term investment in a vehicle as it’s highly likely you won’t get out what you put in.
Of course, there are some situations where this depreciation can be minimized. One, for example, is especially selecting a car because it is known to hold its value. Alternatively, sometimes buying a car on finance and then handing it back after the duration is up can help to absorb any losses, and the provider will offer you more value towards another new car.
Another important consideration to make when buying a new car is the price. Brand new vehicles are always more expensive than their used counterparts when you choose to pay outright. Indeed, this is why many people choose to buy good quality used cars instead. The reason being that they can make and model what they want at a much more reasonable cost.
However, there are some methods you can use to decrease the cost of a new car. The first is to wait until the make you want is hosting a special offer. Some of these can be very valuable and provide discounts off of deposits, or things like cashback in the form of fuel cards.
Additionally, you may wish to consider PCP where you essentially rent the car for three, four, or five years and then trade it in for a new one once the time is up. Also if you choose the finance option, you will want to get the lowest interest rate possible, as this will ensure you pay the least over time.
It’s not only the initial cost of a new car that you must consider but also how much it will set you back to run as well. For example, a car will require tax and insurance, as well as fuel, maintenance, MOTs, and any repairs if it breaks down or is involved in an accident.
Investing in a vehicle that offers a long warranty period can be a smart move when it comes to new cars. The reason being that if anything does happen to go wrong the repairs and labor will be covered and you will not have to pay for them out of your pocket.
Last of all, one of the most important things to consider when buying a new car is the tech it comes with. Indeed, as car tech is seemingly evolving at a rapid rate, it’s also good to have an idea of the features and functions you can expect when making a purchase.
In particular, be sure to consider a vehicle’s infotainment system and whether it will offer all the functions you require such as GPS, hands-free, and smartphone access.