Buying a new car, bike, boat or caravan is an incredibly satisfying experience. However, it can also be incredibly daunting, exceptionally costly and filled with not-so-nice surprises. Read this article to learn about a few things you should do even before walking through the doors of a dealership to help save you time and money.
Do your research
I know we harp on about this a lot, but it is so important to do thorough research prior to purchasing any asset. This can help to save you thousands of dollars and years of heartache when you inadvertently buy a lemon. Sometimes a little bit of research is all that is needed to steer you in the right direction for your next big purchase.
Get pre-approved for finance
Getting pre-approved for finance means you can shop around ‘with the money in your back pocket’. You know you’re approved, you know how much you can spend and you’re unlikely to get sucked into the first ‘gimmicky advertising ploy’ you see or spend more than you planned on spending. It also means you maintain your bargaining power when it comes to negotiating a really good deal on your vehicle.
Leave emotions at the door
It is very important to understand when you’re getting emotional about a buying decision and know how to avoid it. Making a list of your needs and wants in a vehicle and even a pros and cons list comparing a few of your top vehicles can help you go in with a clear head.
Be ready to walk away
Remember you can always walk away! If you don’t get the deal you wanted or the vehicle isn’t exactly what you needed, you can walk away. Having finance pre-approved before-hand as mentioned earlier as well as not getting emotionally attached to a specific vehicle can help you to avoid feeling like you can’t walk away.
Don’t trade-in
It can be really tempting to just trade in your old vehicle for your new one, however this can sometimes prove much more costly. It may seem easier to just trade it in and get it all over and done with in a single transaction, however dealerships can sometimes offer you up to 30% less than your current vehicle’s market value as a trade in price, which makes selling your old vehicle privately a very attractive option.
If you’re in a rush to sell your old vehicle or don’t mind taking a little bit of a ‘hit’ on the sale price, then it may be worth trading your old vehicle in. Otherwise, you can use platforms like Carsales to help sell your vehicle privately and may end up saving thousands of dollars more than you would have if you simply traded your old vehicle in.
Whether you are confused about how to start the finance approval process, need assistance navigating the sea of finance jargon or are simply ready to get your finance pre-approval rolling today, speak to the friendly team at Loans For U on 1800 538 287, we’re here to help!
