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.
ING Car Insurance is issued by Auto & General Insurance Company Ltd ABN 42 111 586 353 AFSL 285571 as insurer. It is distributed by Auto & General Services Pty Ltd ABN 61 003 617 909 AFSL 241411 (AGS) and by ING Bank (Australia) Ltd ABN 24 000 893 292 as Authorised Representative 1247634 of AGS. ING is a business name of ING Bank (Australia) Ltd (ING).
The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. Living Super, a sub-plan of OneSuper ABN 43 905 581 638 is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.