Buying a new car is second only to a home as the most expensive purchase that every individual usually makes in his or her life. In fact, it won’t be wrong to state that buying a car is surely a big investment. Today where the new car market has become more competitive and crowded with various new models, nothing can be more exciting and rewarding then having a right car at a fair price. Today many new cars are being introduced in the market and offered for sale with striking incentives. So it is very important for you as an individual to take care of some of the most vital points that may help you purchase a new car and get the true value for your money. Here are a few important tips and guidelines that you must follow before you buy a new car-
1. The first and the most important element is deciding your budget. You must decide the maximum limit that you can manage to pay for buying a car. And, in case you are purchasing a car by availing a car loan then it is better to decide the maximum EMI that you can pay on your present income. Generally, buying a car also includes various hidden costs such as registration, insurance and maintenance. So you need to consider all these factors, as these expenditures may have an effect on the amount of EMI.
2. Every car has plus points, so it is always very essential to decide your priorities as well. In simple terms you must be very clear about your priorities like whether you want car with high mileage or a car that has great pick up. In fact, the other major consideration that you need to make is whether you want a petrol or diesel car. Both petrol and diesel cars have their own benefits, so give a considered thought and try to be very clear in your priorities.
3. Now, once you have decided your budget and priority, you need to head towards car dealers. However, before heading out to any local or online car dealerships, take some time to do some research and perform some comparison. Pick up a copy of consumer reports or automobile magazines that compare the models of some of the best new cars available in the market. In fact, you may even checkout the new publications at a library or a local bookstore or on the Internet that highlights about new car features. This small step may provide you the vital information on specific car models and determine the car that best meet your needs.
4. Shop around or visit different online auto dealer stores to get the best possible price by comparing models and prices in ads. Perhaps, you may also contact broker-buying services to make such comparisons.
5. After you are done with your homework in relation to knowing the market value of the car you want to purchase, it is time to negotiate the price. You need to understand that dealers may be willing to bargain on their profit margin, but it is a buyers market therefore you must bargain with dealers for a better deal. Never settle on the first car you inspect. Shop towards the end of the month when dealers are looking to get their quotas up.