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Car Buying Guide: Tips and Tricks to Save Big on Your Ride

Are you planning to buy a car? Well, as a beginner, you may have so many confusions in your mind. Instead of picking any random car from the competitive market, it is better to follow expert tips to choose the best one.

There is no doubt to say that buying a car is the biggest expense after investing on property. Hence, it is important to take thoughtful decision regarding your purchase. Here we are going to discuss few smart moves that you should follow while buying a new car.

How much you can afford?

The first most thing that demands your attention is the price of the vehicle you are planning to purchase. Before buying any random car, you should create a budget by considering how much you can spend without putting additional burden on your finances. As a rule of thumb, the sticker price of the car must be almost 20% less than the annual pre-tax income of the buyer. At the same time, you should also consider the cost of running vehicle; the focus goes towards licensing, taxes, registration fees, depreciation, fuel, routine maintenance, parking, surprise maintenance and many more.

Many people also consider buying a preowned or used car. It can help them to save a lot on overall price. Make sure you lock a healthy deal with some reliable seller and it can help you to ensure complete peace of mind. Also, pre-purchase inspections of used car are important. Prefer to check all parts and take a test drive as well. Make sure the owner is not hiding any major damage that may cost you huge amount later for repair.

Which brands to consider?

There are lots of car manufacturers around the world. You can pick Toyota, Mazda, Genesis, Hyundai and Lexus etc. You may have to be more careful while picking up the best car for your needs. Different brands may offer variety of features with their vehicles. While picking up best car for your routines, you may have to compare available options. As you are going to make a huge investment, your car must ensure complete comfort with affordability.

You can get feedbacks from some near and dear ones to pick up the best brand. It is even better to check some reviews online to know which models are trending in the market these days. Pick the ones that fall within your budget and soon you will be able to make a reliable investment.

Check payment options:

Making decision about how you should pay for the new car is completely your personal decision. Many people consider making payment in cash; but this option is suitable only if your savings permits. The biggest benefit of paying in cash is that people avoid overspending while making purchase. The second-best option is to get a loan so that you can make payment in instalments. It is a great choice to balance your personal finances.

There are several financial institutions that can help you to secure a good vehicle loan option and that too at reasonable interest rates. If you have good credit score, there is no need to worry about huge interests on loan. You can close the deal at fair rate with ease. It is better to consider offers from multiple financial institutions and then pick the one with most legitimate deal.

Pick best car insurance policy:

Finding car insurance company is another big challenge for beginners. You may have to look for a package with favourable rates. It is better to get quotes from different companies and then compare them to pick the best deal. Make sure the insurance policy you choose fit to your needs and can help you save money for repair and maintenance.

Some companies also offer pay per mile insurance offer so that you can save more. Also, make sure you get reliable rates, excellent customer service, and smooth process for claims.

The care buying process may be little daunting for the first-time buyers. Experts advise them to take strategic and methodical approach for closing a profitable deal. Make sure you consider multiple options and then list out pros and cons of each. It will help you to make a fruitful decision with ease.

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