As the end of year car sales rev into full gear, now may be a great time to start shopping for your dream car.
Of course, if you are thinking of purchasing a car soon, there are a few tips you should implement before making a final decision, including:
- Identify your vehicle needs
Writing down a list of features you would like in a vehicle can be a great first step in identifying your vehicle needs. Once you know exactly what you are looking for, you can narrow down the list of cars you would like to test drive. When identifying these needs, it is important to think practically and consider whether your desired vehicle will still be practical should your personal and financial circumstances change in the future.
- Shop around
Before purchasing a car, it is important to visit a variety of dealerships. This will not only give you a range of vehicle options, but it will also give you a chance to take advantage of the specials each car dealership may be offering. If you test drive more than a couple of cars, it may help to take photos of the different vehicles you are interested in, and write down the pros and cons of each vehicle, as this may help you to make a more informed decision later.
- Define your monetary limits
Identifying your budget is essential before purchasing a car. It helps to speak to a broker or bank to get an idea of the maximum amount you can borrow to spend on a vehicle. Of course, once you establish your budget, it's important to stick to it. While it can be easy to get caught up in the excitement of buying a car and ultimately spend beyond your means, it is critical that you avoid this issue lest you endure financial pressures for the term of your car loan.
- Speak to a professional
While many people will opt to get their car loan through their chosen car dealership, this isn't always the best option. Your local mortgage broker can help you source the best possible car loan for your needs from their panel of lenders. In addition, they can negotiate a sharp interest rate on your behalf.
- Don't be afraid to haggle
Once you have found your dream vehicle, don't be afraid to ask the car dealership for a better deal. If they don't want to reduce the price, ask for extras – like car mats, car alarms etc. At the end of the day, you don't ask you don't get. So make sure you ask!