Before you make the decision to purchase a car, there are many elements you need to think through just as you do when you invest in a business. From insurance premiums, regular repair, and maintenance, to pay for parking, everything needs finances. In order to make the right decision, you might want to consider the following 4 things:
- Paying for Insurance
You may have a stable job paying you well enough to own a car but consider paying the high insurance premiums every month. Find the right insurance plan which is affordable and gives you the most coverage at the same time. Make sure the company has not kept any charges hidden and they’re all up front and transparent in their deals.
- Maintenance and Service Fees
If you plan on buying a used car, make sure you know what you are investing in by getting it checked by a trusted mechanic. You don’t want to drive out of the car lot only to get into an accident and receive fatal car crash injuries nor do you want to buy a vehicle that needs a lot of work done. It would also be a wise financial decision if you purchase a car under warranty and or apply for extended warranty.
- Conduct Your Own Research
Study the market well and evaluate all your options. Do not set your heart on a specific car, nor depend on the dealer to advise you what car is best for you. Make that decision for yourself! Find out reliability for different car makes, how much spare parts cost, are they environmentally friendly, etc. Use the internet and people you know to make a well-calculated decision for yourself. Learn about the 10 most reliable cars of 2018 and hopefully, you will find the one that suits your lifestyle best.
- Discuss Financing Options
Discuss the ways you could finance your car with your bank. Ask about car lease policies, a bank loan to purchase a car. If you believe that leasing a car is cheaper than paying the full amount up front, then ask your financial adviser to know the better option. If you decide to pay in cash, have the money ready beforehand to avoid any unnecessary delays.
- Think About Parking Fees
Depending on where you live, some residential areas or apartment complex’s charge extra money just for using parking space. This may not sound like a major aspect to consider but the cost may add up and you may find yourself running out of funds to survive the month with what you have left. Parking fees can be quite high, so it would be a good idea to check rates of different parking areas in your vicinity.