In the market for a new car but not exactly sure where to start? Then this guide is for you. Many persons who are in the market for cars make the mistake of depending on the dealer or salesman to help them choose the right car. However, while those persons are there to assist, the onus falls on you. It is important to arm yourself with all the necessary knowledge that is essential for a purchase of this magnitude. Even if you do not know much about cars, this simple, basic guide can help you chose and purchase your sleek new ride.
- Determine your budget
It is advisable that no more than 15 to 20% of your monthly budget be allotted to car related expenses. Shop within your limitations and do not overspend.
- Secure finances
Decide how you will be financing the car. Will you get a loan? Are you paying cash upfront? Whatever you decide, the finances must be secured promptly, especially when obtaining a loan. Many persons have been told they have been approved the loan, only then to be rejected.
- Research!
Read everything you can about the model you are interested in, including reviews. Find out about market values, potential issues, gas consumption and basically all the pros and cons about the car. This way you can determine well ahead of time what you want; even if you do not decide on a specific model, by researching you will know the type of features you are looking for and this make you less susceptible to the charms of the salesperson.
- Take into consideration your lifestyle
Do you have a family or plan to start one soon? Is it going to be a small family or a huge one? Do you expect to transport a lot of goods regularly? These are just a few of the lifestyle questions you should always ask yourself so you can ascertain what type of car is best for you.
- Take as many test drives as you can
You need to know how the car feels, how it drives and most of all you need to make sure you are comfortable in it. New cars may not have the same issues as used cars, but it is still very important to make sure nothing is faulty. Make sure to take it on the road where you can test the speed, acceleration and brakes of the car.
- Check for a spare tire
You do not know how to change a tire you say? That does not matter as it is still important to know if you have a spare or if you have run flat tires (tires that allow you to drive with a flat or punctured tire).
- Inspect
This does not only apply to used cars. It is important that u inspect the car front to back, top to bottom, inside and out for anything that seems out of place or faulty.
- Never buy on impulse…or desperation
Believe it or not car dealers and salespersons can smell desperation and they often use it to their advantage to get what they want regardless of what you want. You should always shop for a car when you know you will soon be in the market for one, not just when you absolutely need it. This will also give you the time to shop around and see which dealer has the best price, as opposed to buying at the first dealership you go to.
- Look up the Invoice Price
This is what the dealer would have paid the manufacturer for the car. It will definitely be lower than the price it is being sold for, but knowing what the dealership paid will help you in any negotiations over the final selling/buying price.
- Check for rebates
Sometimes the car manufacturers offer discounts. This is where research comes in handy again because you should know what discounts are being offered. See what is applicable to Barbados before you go into a dealership. Some rebates are not public knowledge hence why it is important to make sure you know what you are eligible for. Some dealerships do not give all the rebates that manufacturers provide (as a means of making additional profit) but still know what is being offered.
Remember…knowledge is power when making such a huge purchase!
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