If the current car sales in Auckland are anything to go by, Kiwis love their car. As of mid-2018, there are about 3.34 million registered passenger cars in the country. If you are looking to join this class of proud car owners, you need to tread carefully. Buying a car is a costly affair and one that you don’t want to botch. Getting it right the first time around is the key to a happy motoring experience. Getting it wrong can have your finances taking a beating for the foreseeable future.
Do your research
There’s more to buying a car than just the buying price, and as such, you need to pay attention to these other costs. Typically, you want a car that won’t saddle you with a steep running cost tab. Thanks to the internet, you can unearth such details from reliable sites.
Consider the fuel consumption, repair and maintenance, and insurance costs when deciding. Remember, these costs are in addition to your car repayments. While unearthing these details might seem laborious, you are likely to save a small fortune over the car’s lifespan if you get it right.
Do the math
Failing to reconcile your finances when buying a car can turn out to be a grave mistake. Especially when you plan on financing the purchase. See, cars are tempting purchases, and the availability of credit can have you buying the priciest one on the lot. When working with a budget, you don’t swim with the tide.
Rather, you settle on the car that suits your needs and most importantly fits your budget. It means that you’ll have worked out the total budget and the monthly payments. Better yet, you’ll have been pre-approved for a car loan at the most affordable interest rates.
Buying a new car is a delicate process that requires a bit of finesse to navigate successfully. You need to do your due diligence to ensure that you get a one that doesn’t leave a gaping hole in your finances.