How to turbocharge your car-buying experience
Graduating, passing a driver’s license test, and buying your first car are all significant milestones in life. They signify the end of one chapter and the start of a new one.
Suppose you’re looking to start a new chapter in life by purchasing a car ideal for memorable road trips or getting you to and from the dream job you’ve just landed. How can you guarantee that you’re getting the best deal on your desired vehicle? Before browsing, it’s essential you educate yourself on different makes and models. Remember, knowledge is power when it comes to buying a car.
With so many new cars being launched, it’s easy to feel lost in this never-ending sea of options… Besides settling on which brand speaks to you, there are also considerations like performance, fuel economy, resale value, looks, space, features the list goes on. So, yes, it can be overwhelming to even start looking for your dream wheels.
Head vs Heart
Even before settling on any of the above aspects, the car-buying boffins at Wesbank suggest you search for the ideal set of wheels with a level head. We’d all like a 0-100 km/h time of sub-seven secs and a red convertible with perforated leather seats. However, for now, be practical and consider what you need in a car. Head over heart…
Start by researching different makes and models that fit into the practical category. Assess each one carefully, considering the overall cost of owning the vehicle. This includes monthly instalments, servicing, maintenance, insurance, and fuel expenses.
Negotiate within your budget
Take your time buying a car. Research and visit trusted websites, showrooms, and used car dealerships to assess your options within your set price bracket. If you’re considering a used car, prioritise the cars with a full service history and the lowest mileage that fits within your budget. You can request written quotes on the cars you look at to use as a bargaining chip for when the price negotiations start.
Know your limits, be prepared to negotiate and remember, if you don’t ask, you won’t receive. Ultimately, you can walk away from a deal if it doesn’t suit you. The salesperson is as eager to close the deal as you are to drive off in your new car.
Most importantly, don’t compromise until you are completely satisfied that you’re getting the best deal possible.
Now you have to pay
Cash is king, but many people will need financial assistance when purchasing a car. Before you put your signature on the line, you can calculate the amount you can comfortably pay each month using a helpful tool like the WesBank Calculator. Again, with the proper knowledge, you can negotiate the optimum finance deal for your situation. Putting down a deposit (as much as you can afford) will pay off in the long run, saving you mega bucks on interest charges over the payment period.
Also, try to negotiate the finance deal over the shortest period with the lowest interest rate. If your budget permits, putting down cash for any upgrades, options, or extra warranties is another way to turbocharge savings.
Don’t skimp on insurance
While insurance is often seen as a monthly ‘grudge payment’, it’s when you don’t have it and an accident happens that you realise its actual value. If your car is financed, you will need to take out comprehensive insurance but, again, you can shop around for the best deal on your vehicle. If you are buying a second-hand car and it’s not financed, you might opt for insurance that covers third-party (when someone submits an insurance claim against you), fire and theft.
Research your car’s retail, market and replacement values to ensure you are not underinsured. Vehicle insurance should be a non-negotiable budget item when you drive a car on South African roads.
Once you have chosen your make and model, test drive the car at different dealerships or through private sales, and compare prices and the financing terms on offer. Don’t feel obligated to sign on the dotted lines just yet and don’t be afraid to negotiate. Remember, you have the power to choose the car that checks all your boxes.
