Looking to buy a new car? Well, if you have decided to buy a new car for yourself, then you should know that there are certain things that you need to keep in mind. In this article, we will discuss the things that you should keep in mind before buying a car.
Many people now prefer the convenience and ease of car buying online rather than visiting traditional dealerships. It’s important to consider a few key factors before making your purchase.
To afford a car, you need to be financially stable and nowadays, you can be able to apply for a car loan too. To be eligible for a car loan, there are some measures that you have to pass so that the bank would be able to give you the loan in confidence.
Things to keep in mind before deciding to buy a car
As a car buyer, there are some things that you need to keep in mind before deciding to buy. This pre-planning would help you in deciding the car of your choice.
- The first thing you need to do is decide how much you want to spend on a car. Make a budget so that you can narrow down your choice to save time and effort.
- Decide the purpose of the car. Whether you want it for family or leisure or office going.
- If you live in the city then there’s no need to buy an off-road and big clumsy car.
- Decide whether you want a petrol car or a diesel car.
- You want to buy a new car or buy a second-hand car on car finance.
These things play an important role in decision-making as these points will make your work and buying experience as easy as possible.
Buying a new car VS buying an old car
There are benefits of buying a new car and buying a used car that a car buyer can enjoy. Let’s discuss these points to make things clear.
Depreciation. Buying a new car is good as you get all the things new in the first place and no one touches that car. However, it comes with a price which is called depreciation. Depreciation means reducing the value of the item annually.
A new car depreciates faster in the initial period like 2-3 years and the owner is the one who bears this cost.
Buying a used car would help you in this scenario as the value of the car still depreciates but at a slower rate. That’s one of the most top reasons why people prefer to buy a used car.
Warranty. If you buy a new car, then you can enjoy the insurance and the warranty given by the company. Nowadays, many companies offer the buyer to extend their warranty period for a small amount.
On used cars, there will be no warranty given. However, if you buy a used car from a trustable site, then they offer ‘certified’ cars but the certification on those cars is doubtful. Also, there are some issues that you wouldn’t be able to identify in a short test run.
Price and product. If you decided to buy a used car, then you can buy a big car at the same price as you can get a small new car. For example, you can buy a second-hand BMW car at a price less than the market price.
However, the maintenance cost of the used car may lead you to decide on a first-hand car to be on the safer side.
Yes, you can get the bigger product at the same price but if we include the maintenance cost and the risk, then it would be better to buy a new and first-hand car.
Safety and Accessories. On the new car, you will get all the accessories fitted by the company and all the safety measures will be at their places like the airbags, ABS, and other safety systems.
The used car’s accessories are old and we are not sure whether the safety systems are functional or not. So instead of driving at risk, it’s better to opt for a new car or you can buy the used car from a trusted source or any of the known people.
What are the things required for a car loan?
Sometimes people like to lend money from the bank to buy a car. Bank provides them with car loans but you need some documents to apply for the car loan in the bank like:
- Photo ID with age proof- for that, you can show your PAN card, passport, or driving license
- Application with your signature along with 3 passport-size photos.
- Residence proof which includes voter ID, and driving license notarized registered rent agreement.
- Bank statement for the last six months
- Salary slips and income tax returns
The documents may vary from bank to bank, so it’s better to know prior about the policy of the bank for the car loan. You also have to pay the interest rate on the loan which also depends on the bank too.
Best car buying sites In Australia
If you can’t get enough information regarding the desired vehicle and want to know the best price available for used cars, then you can visit these car-buying sites.
- Carsales
- Gumtree
- Autotraders
- eBay
- Carsguide
And there are many cars selling and buying sites that are active on the internet.
The benefits of using these websites are that you can get all the information regarding the used vehicle like the mileage, and condition of the car; you can filter the vehicle according to the price ranges, and many more.
These sites ensure that you will get the best price for your vehicle with the necessary functions and security.
Conclusion
With all the information mentioned above, you will be able to decide on a suitable car for you at a reasonable price with proper performance and facilities. You can check the information on Car Finance websites to see which vehicle comes in your price range.
Login with any of the sites and check the product accordingly.
This information would be best for all car buyers who are buying their first car.