Car shopping can be just as overwhelming as it is exciting. From saving up for your new ride, to keeping your pride and joy in peak condition, there’s a lot to consider. We’ve put together a few tips to help you navigate the buying process.
Saving up for your new wheels
Make a clear savings plan and set up a separate account for your car savings. You can even name your account after your goal to keep yourself on track. Look for ways to cut back on your spending where possible. (Do you really need that third cup of barista coffee every day?)
It’s a good idea to set a clear time frame for reaching your goals. To help you stay accountable, let friends and family know about your goals. You can make the most of your savings with a high interest, no fee savings account.
So you’re ready to buy
Before you get distracted by the sleekest, shiniest car at the dealership, make sure you’re also making the smartest choice. Read unbiased reviews, check ANCAP safety ratings and make sure the car’s fuel consumption will suit your needs. It’s a good idea to compare the price through at least three different dealerships and do your research before agreeing to extras you may not need – like window tinting or alloy wheels.
Maintaining the value of your new car
New cars start to depreciate the second you drive them off the car yard. Cars that are two to three years old are said to hold their value a little better. There are a few other ways you can reduce your car’s depreciation. Cars that are higher in demand devalue less over time. As do fuel efficient cars, and cars with low mileage on the clock. Maintain a full history of regular servicing and consider taking out appropriate car insurance so you’re covered in case something goes wrong.
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