Category: Insurance

Essential Things To Consider Before Buying A New Vehicle (So You Don’t Get Into Debt)

Buying a new car is a huge financial strain on an individual. As well as paying the cost of the vehicle, there is the charge for tax, insurance, and fuel. Therefore, you need to ensure you think it through carefully before making the purchase. Here are some essential things to consider before buying a new vehicle, so that you don’t end up in debt!

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How much does it cost to run?

It’s so important that you are clued up on the vehicle and how much it costs to run before making a purchase. Otherwise, you will end up with some surprising costs down the line. You should ask the dealership for information on how many mpg (miles per gallon) the vehicle does. That way, you can make sure you don’t pick a vehicle that will cost a fortune to run for the daily drive to work. Also, remember to check how much the tax will be on the vehicle. You don’t want something which is going to cost you a hundred dollars every year! It would be worth reading some reviews on how good the vehicle is to run before making a purchase!

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How much is the insurance?

You might not realize but the insurance on the vehicle might end up costing you the same amount as the car! Therefore, you should always check what insurance band the vehicle is under before making the purchase. Otherwise, if the car isn’t deemed as safe on the roads, you may have to pay around the $1000 mark. Once you have a vehicle in mind, you should contact a good insurance provider and ask them for the cost of the insurance. It may be cheaper depending on how long you have been driving, and if you have any points on your license. Once you know how much you will have to pay yearly (or monthly if you prefer), you can then make a decision on whether you can afford the car!

Can I afford to pay it out in one go?

When you have found a car you like, you need to sit down with your statements and work out if you can afford to pay out the amount in one go. If the amount is going to cause you to get into debt, it’s worth reconsidering the vehicle. Or a lot of people consider taking out a loan for the car that they can pay back monthly. If you only need to borrow a small amount, you might want to go for a short term loan that you can pay back quickly. Otherwise, you will have to look for a long term loan you can pay out over several years. Just make sure you can afford this extra monthly expense!

Is the car in the best condition?

You need to make sure you choose a car which is in good condition so that you won’t end up with problems down the line. Before making a purchase, you need to look around the vehicle and check for any issues. If you do see anything wrong, you need to ask them to sort it before leaving the garage. You should also ask to see the service book before making a purchase. That way, you can check if there are going to be any issues which are going to cost you a lot of money!

Am I getting the best price for the model?

It’s so important to make sure you are getting the best price for the model of the vehicle. You don’t want to end up getting overcharged for a vehicle that’s worth a lot less. As you can read about here, you should look online for consumer reports which will tell you exactly what the dealer paid for the vehicle. That way, you can figure out if you are getting ripped off on the price of the car!

How many miles does the car have?

You need to make sure that you have checked exactly how many miles the vehicle has before making a purchase. If there are a lot of miles, it’s not likely going to last very long before issues start occurring. Also, after a certain amount of miles, more checks will need to take place on the vehicle. As we discussed before, every 30,000 miles will see the oil needing to be changed completely.

Remember to be wary about the dealership before making a purchase. You want a company who you can trust to make sure the car is in good shape even after signing the check!

 

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