Buying your dream car should never be rushed since this is probably one of the most expensive items you will buy in your lifetime. In fact, you need to make sure that you are making the right choice and buying a car that suits your needs.
Basically, there are a lot of things you must look into and it’s important that you take enough time to consider all your options. Sadly, people seldom look at the differences in purchasing a dream car and what it takes to maintain it in a good condition.
So before you get caught up in the idea of cruising around in your dream car, it’s important that you understand some critical things about luxury cars.
Just because you are purchasing a high-end car doesn’t mean that it will be reliabile. The truth is that many cars depreciate so rapidly because they’re not the most reliable cars out there, and come with expensive repairs. Same token, if someone didn’t take care of their car, it could come back to haunt you down the line.
While you should absolutely get the car inspected by a mechanic before signing on the dotted line, the truth is that it will probably have some issues over time. As such, it’s important to make sure that a premium vehicle comes with a good warranty otherwise you will be digging deep into your pocket to cover the cost of repairs.
If you’re buying a foreign car, be prepared to pay more in the long-term. Because even if your vehicle was built here in the US, spare parts may have to shipped from overseas, which can get costly when you factor in shipping and taxes. That’s why it’s not uncommon to hear people talking about how their luxury car is sitting in a garage for several weeks while waiting for an important part to arrive.
If you dig deeper into the automobile industry, you will realize that car companies make more money from selling spare parts than from the actual car sales. This is because most car parts are sold at a premium and vehicle owners have no choice but to buy when a car breaks down.
Do you want a new or a used car?
If you know anything about new cars, you probably understand that driving a new car off the showroom makes it lose a few thousands in resale value. If your ego can allow it, why not let someone else take the depreciation hit and buy it down the line?
The best time to buy a used car is when the economy is doing well since most people rush to buy new vehicles. This makes the prices of used cars to be significantly lower. But when doing this, you should consider getting a car that is still covered by its factory warranty.
At the same time, try to work with a reputable dealer who has been doing business for a long time. It is always important to avoid dealers with no track record, as they will leave you with tons of regret if/when the car breaks down.
What is the best time to make a purchase?
With most used cars, pricing is determined by the seasons. For instance, buying a convertible in the summer will cost you a lot more than it would during other seasons. At the same time, a 4WD truck is likely more expensive when it starts to snow than if you bought it during the summer. For pickups, contractors are grabbing them in the spring, which makes the demand go up. As such, if you buy when the car out of season, you can end up saving a lot of money.
For most new cars, the prices can be greatly influenced by fuel prices. When fuel prices shoot up, most people will rush to purchase hybrids since they don’t want to spend a lot of money on gas. If this happens, you should run in the opposite direction and get yourself an SUV. In addition, try not to show the salespeople at the dealership that you are in love with a specific car, because they can and will use that knowledge against you.
Figure out your budget
This is the most important aspect when getting your dream car. If you really love that Ferrari but you can barely meet the payment requirements, you may be setting yourself up for ugly debts. When considering your budget for a car, take some time to think about the available options to finance the purchase. If you have some significant cash with you at the moment, you can opt to make a down payment and then be left with affordable down payments.
You can talk with your bank and see if they can offer you a good deal with their car loans. At the same time, you can get an online auto repair loan where the collateral will be the car you have purchased. Nevertheless, you need to ensure that you are in good financial standing to afford the loan payments.
Alternatively, you can decide to lease the vehicle for a couple of years and you can end up saving a lot of money.
While you might be obsessed with a specific car, it’s always important to consider everything that make the car great, and not just make an emotional decision in the spur of the moment. Sure, it might look good and be priced right, but look deeper and make sure you’re making an informed decision. Otherwise, you could be in for a rude awakening down the line.