Buying a new car is a significant financial investment, so it is important to not take the decision lightly. So, before you decide to upgrade to a newer model of vehicle straight away, let us take a look at six things that you absolutely must consider.
1. What is your budget?
It is of critical importance to have a budget in mind before you even begin to research the types of cars you are interested in. By doing so, you will be likelier to avoid going over budget, as you will have realistic expectations from the very beginning.
The size of your budget doesn’t necessarily need to determine how good your car is – there are many attractive cars under £5000 that are both practical and aesthetically pleasing, meeting your functional requirements while also offering impressive technology and comfort.
2. Are you going for used or brand new?
Getting a new car doesn’t mean that your car has to be brand new and never used. Don’t be afraid to look into used cars for sale in Southend-on-Sea, or elsewhere in the UK, to see what options you have open to you.
You may find that you are able to afford a better model of car within your budget simply because it is a few months or a couple of months old.
3. What are your ‘must-haves’ and ‘nice-to-haves’?
Make a list of everything you absolutely need from your new car, and of course, some technically in essential things that you really want! This way, you can ensure your car does everything that you require it to do, while also including a few features you find exciting if you can manage this within your budget.
4. Will you be buying outright or opting for finance?
Do you have some cash saved up to buy the car outright? If not, research into the types of car finance that might suit you, ensuring that the exact cost of the monthly repayments on any given deal is included in your budget.
5. Check your credit score
If you are taking out car finance or a loan to cover the cost of a car, or even paying on your credit card, it is important to check your credit score first. This essentially shows lenders how good you are at paying back money you have borrowed. There are a few ways that you can check your credit score quickly, for free, online.
A bad credit score does not necessarily mean that you cannot consider financing options, however. There are tailored bad credit car finance options that make it easier for people with bad credit to borrow the money they need, in time helping them to build their credit score back up again.
6. Remember to take additional costs into consideration
Buying a car isn’t just a one-time transaction – there are many other costs to take into consideration, such as insurance, tax, MOT, and servicing. Newer models typically have lower additional associated costs, but you should still make sure to do your research.
Before settling on a particular model of vehicle, use price comparison sites to see how much the insurance would be for a number of different cars. This will give you a rough idea as to how much the overall cost of your new car might be, which will be more accurate than the upfront cost alone.
Article Submitted By Community Writer
