Purchasing a car is often one the biggest single expenditures that a person will ever make in their life. However, the purchase of the car is not the only expenditure that one will have to face. Cars require significant running costs that need to be considered when purchasing. Here we list some things to consider when purchasing your car so that it fits your budget.
Work out your budget
Your budget should be accurate and underestimated not overestimated. You can also find hidden costs if your car suffers a breakdown or a crash. Therefore, it is better to underestimate and have contingency money for this occasion. Your budget needs to include money for the upfront cost of the car as well as the running costs.
Work out your car’s running costs
There are lots of associated running costs with any vehicle, including tax, insurance, warranty, breakdown cover, and so on. It pays to be thorough and make sure you have factored in every detail. Missing out key running costs and over-extending your budget can cause serious issues if you find yourself with a loss of income later down the line. Make sure to shop around and get different quotes for every running cost. Therefore, you won’t be sucked into having costly add-ons to policies that would be cheaper bought elsewhere.
New or used?
Newer cars come with higher upfront costs but typically have lower MOT and repair costs. However, depreciation must be factored into this equation and the depreciation level for newer cars is far higher. It also should be noted that used car parts can be bought for cheap and any car that has used spare parts available for it can be significantly cheaper to repair. For example, check out these BMW spares.
Where to look and where to purchase?
You can look for car ideas virtually anywhere. Magazines, online, on the road and at local dealerships are all great ways of finding an idea of what you want. Look for free test drives to get a true feel of what you may be buying. Be sure to shop around for the best deals to make your money go the furthest. Also, ensure to check reviews to make sure the place of purchase is reliable and offers a good service. This is of particular importance if buying used. When buying online, always try to see and inspect the vehicle before buying. Many issues come from cars that were bought ‘blind’.
Hopefully, these tips will help you to choose the right car for your budget. The takeaway message is to be extremely thorough and honest in your assessment and then make an educated decision based on the information you have gathered.
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