Thinking of buying a car?
1. Do your research
Before you even go to see a dealer do your homework on different vehicles and different makes; find out which cars are more durable than others, which cars are more fuel efficient than others, find out features of different vehicles, research even the cost of different vehicles to find out which makes are in your affordability range and which cars are more expensive, research even the costs of maintaining different vehicles, the costs of servicing and servicing intervals, where are the dealers to service your vehicle. It is of no use to buy a car with no service center near you. You do not have to drive a long distance just to take your car in for servicing, this may lead to you skipping service on your vehicle.
2. Set up your budget
The most important step to take is deciding on your budget because if you visit a dealership without any budget, you will most likely be tempted to let a dealer decide for you, do not forget that a dealer has 1 job that is to sell you the car and not to think about your cashflow, they will say whatever they have to in order to get you to sign on that dotted line.
It is always better to go there with a set budget on mind. Even if you are looking for a vehicle finance from a bank it will still be helpful to set your budget, know what you will be able to pay monthly and stick to that, try to pay nothing more than what you could afford, that may lead to your car being repossessed.
3. Think about your needs
Ask yourself why do you need a car? This is to help you purchase a car you need not a car you want. Think about where and how you will be using the vehicle, for instance if you will be driving long distances you will need a vehicle with good fuel economy and long range, if you will be driving off-road or on a gravel road you will need a vehicle with more power and ground clearance, if you will be ferrying your kids or family you might need an SUV or a 10 seater etc.
4. Think about pre-owned vs brand new
Buying a pre-owned vehicle can be cost friendly if you are on a tight budget however you still need to ensure you are getting a good deal for your money. It is wise to seek an approved dealer than buying directly from a vehicle owner because a dealer has to make sure the car is in a good condition before selling it to you and you have an option to return it for your money in 7 days if you are not satisfied. Unlike buying from an owner where you can buy a car and if it suddenly breaks you cannot return it or complain it will be your problem as soon as the deal is done.
It is always wise to buy from an approved pre-owned dealer.
Buying a brand-new vehicle can be a pleasure and a peace of mind as the car is less likely to have any issues however that peace of mind comes at a big cost. You may pay more for a new car than somebody who bought that same car as a returned vehicle whose owner bought and returned in less than 7 days, that car is no longer counted as brand new and its price will drop.
5. Decide on how to finance your vehicle
Financing your vehicle can either be a cash deal if you have the cash or you can finance your vehicle through a bank and pay in monthly installments that may have a 54-month term or 72.
Financing your car through the bank can incur more charges as the bank will add interests based on your financial risk profile, the bank may also force you to take a comprehensive insurance to protect their interests.
6. Check the following before making a purchase.
Do a thorough body inspection, look for dents and chips and paint scratches, you can even try to look underneath to check for rust before you buy a vehicle. Try to make sure that all the body dents and scratches are minor and you are okay with them if it is not a brand-new vehicle.
Test drive the vehicle, if it’s your first car try to have someone more experienced to test it out with you, listen to the sound of the engine try to foretell any issues the car may have before you purchase.
Make sure the car has a full-service history, a car that constantly get serviced is less likely to give you any issues.
Check for the mileage, always try to get a vehicle under 100 000KM as this is still a new car that hasn’t yet undergone any major service, most likely such a car will have a balance of factory warranty.
If buying from a private owner, consult the traffic department to see if what you are purchasing isn’t a stolen car.
