Having
a private car is very essential for transportation. If you have a private car,
you can go anywhere and anytime. You may not get public transport every time
you need it. But a private car comes to the rescue! Besides, you can save much
of your time as you don’t need to stop your vehicle at various spots like
public transports do!
Now,
there are hundreds of thousands of cars. You need to know which car serves your
purpose. If you are thinking of doing some savings, you surely don’t need to
buy expensive cars like the brand-new Audi e-Tron that just came
out.
Let’s
have a look at some of the steps you should follow to get the perfect car that
serves your purpose:
- Assess your
needs: You
need to understand who you are and what you want to do with that car. I
mean, several people just focus on showing off, or some people just get
satisfaction when the engine roars! But many people need a vehicle for
personal daily usage. Consider the number of passengers that vehicle will
carry. Also, you need to think about whether you will drive the car mostly
on highways or surface streets, or other roads. Also never forget about
the safety measures. It is wise to think about the amount of parking space
you have at your house.
- Decide
whether to buy or lease: In this case, the financial matter
is a big factor. We will talk about that within a few moments. But before
that, you need to understand the pros and cons of both choices. In case
you want to lease, you can drive technologically updated vehicles but at a
low cost. Repairs will be done under a factory warranty. There are also no
trade-in hassles at the end. But when the lease ends, you will not have a
car. On the contrary, if you buy a car of your own, there will be no; limitations or conditions for driving. You can use it however you want. Once you pay off the whole money, there won’t be many expenses compared to leasing. And if something does go wrong with your car, you will be covered by your warranty. Additionally, many dealerships offer good financing rates and affordable extended auto warranties on new cars.
- Set your
budget: The
general rule is, you should never allocate more than 15% of your monthly
income for your monthly new-car payment. In the case of leasing, it should
never cross 10%. Also, you need to allocate another 7% to cover the fuel
and insurance costs. If you are buying a new car, consider the old cars
that you can buy because they cost much lesser than brand new ones. Also,
if you want to lease, it will cost you much lesser.
- Consider the
cost of ownership: Some
cars are cheap, but have a high maintenance cost. On the other hand, some
cars are a bit expensive in the first place but aren’t costly to maintain.
So, you need to assess the long-term ownership cost. This includes some
factors such as depreciation, fuel cost, repairing, insurance, etc.
These
are four basic steps that need to be followed before going to the store to buy
a car. If you have higher budget, you can take a look at some exclusive and Luxury cars according to your
budget. Just complete these steps, and you are good to go.
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