Tips and Tricks

How to Buy Your First Car and Save Money

By November 13, 2018 No Comments

financial adviser

Buying your first car can be frustrating as there are many car companies that offer vehicles with similar qualities. You spend many hours looking at different models, brands, dealers, and at the end of the day, you will get confused by choice.

These tips will also help you in choosing the perfect car for you.

Determine Your Budget

Whether you will purchase a car through a loan or cash, you should consider determining how much you can afford. You should estimate how much you can spend on buying a new car. In most cases, how much you can afford will determine what type of car you can purchase. Don’t stretch your budget too much, and be realistic about what you can afford.

If you have to get a loan – make sure you get a good deal

It’s simple – don’t get fixated on RATE. Look at repayment amount x how many repayments (plus any fees) = total cost of the loan.

Most people get carried away saying that the dealer is offering 1% finance rates – but is that 1% per day? Per year? What’s the real cost… that’s all that matters.

Look for your Car

Once you have established your budget and secured funding, it is now time for you to look for your ideal car. You can start shopping at dealerships, but don’t forget to look at online resources like carsales.com.au or gumtree.

If you are planning to own a car from a private seller, be sure to have it checked by a trusted mechanic before purchasing it. A good mechanic will help you identify any car issues.

Check Background

It is essential to make a thorough research on your prospective car companies or private sellers. You can check their current product performance by checking their website. You can also look through their current and past customer feedback concerning their products on their website’s review section.

With these tips, your chances of getting your ideal car will be higher. Be sure to contact your financial adviser before purchasing a new car. And don’t forget to prepare all the necessary documents to make the process easier.

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Email us directly advice@new-wave.com.au or call us at 0422 165 332.

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