This could be your first vehicle of your own. It is a dream come true. However, if you don’t manage your finances and other aspects, you will not be able to get that dream car you’ve always wanted. So here are a few things you need to consider when buying a new vehicle.
1. Determine your budgetYou must have had enough driving around in cheap car rentals in Singapore but, how much of ‘car’ could you afford? First and foremost, ask yourselves that question. Getting you finances straight is the most important point. Financial experts have advised not to spend more that 15 to 20 percent of your total monthly income on vehicle expenses. Don’t forget that you have other commitments too. Also keep in mind that even the insurance will add on to the price and hence set a budget that you could deal with.
2. Find out the dealer’s priceYou could simply search on the internet for the prices or even directly ask the sales person. Most dealers have their own price rather than the selling price sent by the manufacturer. If there is a huge gap between them, go for a negotiation so that you could arrive at a price that both agree upon.
3. Be ready with the money in advanceBefore deciding on the vehicle, think about how you’d get the necessary money you budgeted in the first step. You could choose between leasing and a loan. Compare rates offered by many banks and finance companies and take up the most favorable option.
4. Don’t rushThe thing about cars is that even if you buy your dream car and you see the latest version being driven by someone else, you’d immediately feel like you should’ve bought it rather than the older version. Hence, never rush your decision. It’s ok to take a few days and think about since this is a big investment, not some budget car rentals. You also should be comfortable with your dealer so that you can be sure of any services provided after the sale.
5. Inspect the vehicleNow that you are ready with your decision, go on a few more test drives and verify your decision. Also, inspect your vehicle in and out to check for any damages, wear and tear. Talk to your salesperson about any doubts you have regarding the vehicle. Check if it has a spare tire, all features you were promised of so that you will have no complaints later on. Also, be mindful about the warranty period, any maintenance done by the dealer and also the availability of spare parts.