Car Buying Guide for First Time Buyers
Buying your first car is a thrilling yet equally confusing experience. From car features & efficiency to the buying process, you want everything to be perfect. Of course, unending lists of cars, each claiming to be better than the next, doesn’t make the process easier.
So it all falls on you to make the right decision and pick a car that perfectly caters to your needs. To facilitate your buying process, we’ve listed a few aspects you should consider before buying a car. 5 tips for first time car buyers.
1. Purpose of Buying
The purpose of buying a car is the most important factor to look over. If you’re buying to commute daily to work, fuel efficiency and low maintenance might be your priority. Hatchbacks are the ideal choice in this case. However, if you wish to comprise a bit on mileage and increase the comfort, sedans can be perfect for you.
Whereas, if you are buying it for long road travels, your priority shifts towards a smooth drive, comfort and space, which can be offered by SUVs.
2. Number of Regular Passengers
Practically and economically speaking, if you are the only one who will use the car, a hatchback is good enough. However, a family of 6 requires a spacious SUV. Therefore, you should keep in mind how often your family will be travelling in the car and buy accordingly.
Before buying, you need to research the market and available options thoroughly. Depending on how long you intend to use your car, you should make yourself familiar with different car models and their resale value. The best way to move forward in your buying process is to:
- Set your budget – It should be the first step in your purchasing journey as it prevents you from overspending.
- List 3 things you prioritise in a car – It can be good mileage or aesthetic exterior/interior or comfortable features. Depending on your needs, select a car that falls under your priority list as well as your budget.
- Go through options – Test drives the cars that fall under your list and compares the different models as per your preference.
4. Arrange Your Finances
Another important aspect is financing. If you plan on taking a car loan, you must examine loaning options and compare interest rates provided by different banks. It is crucial to take your time through this process as a slight difference in interest rate can cost you a lot.
Also, as banks follow the KYC (know your customer) norms before giving a loan, you need to prepare the documentation required, including your credit record.
Car dealers often have multiple discounts that can make a big difference to your budget. So it is always wise to negotiate to get some big discounts. Additionally, banks also have various offers and schemes, which can lower your interest rates.
Lastly, to make a wise decision and be happy with your purchase, you need to be patient. Purchasing a car requires an investment of both time and money. Therefore, you need to analyze your needs, research the market well and then, buy a car which is perfect for you.
To know more details about tips for first time car buyer, Contact T-Serv.