Last year it was reported that the sale of new cars had slipped to a new low. This was the lowest number of sales for new cars in the UK for seven years. However, despite the numbers slipping, cars continue to sell and new ones are constantly hitting the market.
2020 is no exception. Therefore, if you chose to avoid purchasing a new vehicle over the last few years, you could be looking to start the new decade with a new set of wheels. However, before you dive in, we’ve highlighted a few things to keep in mind before buying a new car.
Establish a budget
The first thing you need to do is establish how much you’re looking to spend. This means taking a look at your finances and seeing how much you can afford to pay out right for a car, or pay off monthly, if that’s what you’re opting to do.
Make sure you keep tax and insurance, alongside how much the vehicle will cost to run in mind, as this will impact on your daily spends and not just the initial cost of the car.
Carry out thorough checks
Whether the car is second-hand or brand new, you’ll need to check it thoroughly, both inside and out.
From making sure there are no faults inside and whether the paint job is perfect, it pays to be thorough, otherwise you could end up with a hefty bill in a few months. Also, make sure you take it out for a test-drive to make sure the car feels right before buying.
Consider car depreciation
The one thing we all know about cars is that they decrease in value pretty quickly. Therefore, you should take a look at the cars that you’re considering buying and then checking out a used car page to find out how much older versions of that vehicle are now worth.
This should give you an idea of the depreciation value and whether the car you want is worth the money it costs.
Before driving car home, make sure you have valid third-party insurance. Also, depending on how much the car costs, take a look at any additional insurance extras such as gap insurance, which can come in handy should your car get written off in an accident.
Tax your car
Finally, make sure the new car is taxed. A second-hand one may already be taxed, while a dealer can help you set this up if there isn’t any. This will often require the MOT certificate, unless it’s under three years old.
So, if you want a new car for the new year, these helpful tips should steer you in the right direction when buying.