There can be a lot of thrill and excitement when you are planning to buy a new vehicle, and if you have made that decision, you are probably not taking it lightly. Your vehicle should, after all, be worth your money, and it should give you more than a few years of practical use and enjoyment. But while it is easy enough to get swayed and distracted by various features, from the latest sat-nav technology to a new car’s sleek look and interior, you shouldn’t discount other factors as well. So what should you really consider when buying a new vehicle? Here’s your definitive guide.
First and foremost: your budget
The first and foremost consideration when you are purchasing a new vehicle is your budget. It’s obvious, but before you even begin checking out new cars for sale and new car deals, you should first establish how much you can afford to spend. By establishing your budget from the beginning, you can save time as you can rule out those vehicles that don’t fit your budgetary requirements. Here’s another thing to think about: if you can pay for your car in cash, then you may as well do so, provided you still have enough money left over for unexpected expenses. But you should also factor in the ongoing costs you will have with your new vehicle, such as road tax, insurance, maintenance, and fuel.
If you are going for credit, whether it’s a PCP or HP deal, a personal loan, or a credit card charge, you need to figure out how much money you can really afford in terms of repayment each month. To establish your most feasible budget, calculate how much you spend on unavoidable expenses, such as utilities, mortgage, food, and other essentials, and then compare all of this with your average income. Then you will know exactly how much money you have left for your purchase.
Consider the resale value
It would also be wise to think carefully about the car’s resale value. How long do you plan to use your vehicle? If you are planning to use it for just a few years and sell it afterwards, you would do well to choose a vehicle that has a high resale value. Some vehicles are better when it comes to preserving their value than most, and there are also different variables which can affect the residual value. Premium cars often have a higher resale value than non-premium vehicles, but there are also non-premium vehicles which have a high resale value because they are popular and appealing or they are fashionable.
Think about the extras
The vehicle’s specifications will have a bearing on its value after a few years, but you should also think about the extras. Even if you are adding expenses to your new car, this may not increase the car’s value in the end. There are various options that car owners may expect from a particular vehicle, such as sat-nav. Generally speaking, the more popular the optional extra is with most buyers, the better value it will give your car. A great metallic colour can also add value, and certain packages may boost its value as well, so these are well worth considering.
Image attributed to Pixabay.com
