Looking to purchase a brand new car? This is an incredibly exciting time as there is no feeling quite like getting behind the wheel of a car as the first owner and you are sure to drive off the lot very satisfied with your purchase. As such a large expenditure, it is important that you are careful and know what you are doing. Here are a few tips for buying a brand new vehicle that will help the process to be a success and a smart move.
It is a smart move to get pre-qualified for a car loan so that you know exactly how much money you can borrow and how much you will be paying each month. This will then allow you to establish a budget and find a suitable car. Always remember that you may be able to negotiate a lower price at the dealership so keep this in mind when you have found the perfect car.
It is easy to forget with all the excitement, but you need to remember that you will need insurance to drive away from the dealership. Insurance is another cost that you will need to factor into your budget and the amount that you pay will depend on various factors. You may want to spend some time looking for the best policy which can take time, in which case you can arrange driveaway insurance which is a short-term level of cover that will protect you until you find a policy.
GAP Insurance & Warranty
Another type of insurance to consider is GAP insurance which is an optional but worthwhile policy. This will cover any shortfall between the amount outstanding or price that you paid and the insurance payout if you were to write the vehicle off. Depreciation can be as much as 35% after just one year so this could save you a small fortune. You should also consider a warranty for your car, such as a Toyota warranty, which will cover the cost of any mechanical or electrical faults – these can occur at any time during the car’s lifetime.
These are a few key factors that every motorist needs to consider when in the market for a brand new automobile. It is an exciting time, but there are also important areas to consider that will make sure that it is a smart move and offers you adequate protection in case something were to happen.
*This is a collaborative post*