Let’s face it, there’s a lot of things to get excited and caught up about when buying a new car. For one, you’d be the first owner of the car, so what colour and extras you envision are all in your control. Secondly, (and admittedly for some, the most excitable factor) as a new car owner, you’ll have the luxury of indulging in that new car smell. And, you can bet your bottom dollar it’s going to be abundant!
If we take our ‘this is all fun and exciting’ hat off for a moment though, buying a new car is a major purchase, and with major purchases like this, it pays to do your research and understand the process.
Here’s our top five tips to buying a new car:
1. Consider the type of car you need for your lifestyle
The type of car is going to depend largely on what you’ll be using it for.
Are you an active person who likes to throw a bike or tent in the back for the weekends? Or, are you more a city-slicker looking for a smaller car that you can use to zip around metropolitan areas and make parking a breeze?
Making sure that your new car meets all your needs is an important step to take before pursuing the journey of buying a new car.
2. Do your homework
Once you’ve shortlisted a few different car makes and models that suit your lifestyle it’s important to begin the research. Get an overview of the cars value, safety ratings and reviews from both public and professional commentators.
Visiting free resources like carsguide.com.au, redbook.com.au or car.com, and reaching out to friends and family you know who have purchased either the make or model of the cars that you are interested in, are good places to start.
3. Make sure the price is right
By doing step one and two it’s probably safe to say you have a pretty good idea of what is a fair price.
Following these few simple rules might also help you in your negotiations.
- Compare at least three quotes from different dealerships.
- Ensure all the quotes are all-inclusive with a drive-away price that includes dealer fees, stamp duty, registration and consider your insurance costs. To get an idea of your car insurance costs, get a quote first.
- Ask the car salesperson for a changeover (net) price to the new car after trade-in costs if you’re trading in your existing car.
- Do not be pressured by lines like “this price is only good for today” until you’re completely happy with your purchase.
4. Don’t fall in to the upsell
Generally, before you are about to finish the deal, a car salesman will talk you through all of the extra options you can purchase with your new car. “How does adding window tinting sound? What about fabric protection or custom seat covers?” are usually asked during this stage. If they are things that interest you, do your research first and get some comparison quotes from other suppliers.
5. Arrange the finance for your new car
After doing your research, you may have realised that you could be better off choosing your own finance for your new car rather than going directly through the dealer. You will be able to get pre-approval from some institutions, like us, with our New Car Loan (New or demo cars).
Lastly, make sure that your car finance option is right for your financial circumstances. Do you require a deposit? Are there any fees involved if you repay the car loan early? Will you need a redraw facility in future? These are all questions you should find out from your financier prior to signing on the dotted line.
The good news is, if you are looking for those features in a car loan, our New Car Loan (New or demo cars) is a great option that boasts affordability and flexibility with features like;
- no deposit required
- pre-approval available
- no early repayment fees
- redraw facilities; and
- your choice of weekly, fortnightly or monthly repayments.
Now that you’ve done all your research, test driven your car and chosen the right finance option for you, it’s time to seal the deal.
We hope these top five tips to buying a new car have given you the insight you need to purchase your new car with confidence.
*Information contained in this article is general only and does not take into account your objectives, financial situation or needs. When considering any Queensland Country financial product or service you should obtain the relevant Product Disclosure Statement, Product Information Brochure, Terms and Conditions and Fees & Charges Brochure which are available online or from any or our branches. In deciding if the product is right for you we encourage you to seek your own advice. Fees and charges apply to products. Normal lending criteria applies to loans. Queensland Country Bank Limited ABN 77 087 651 027 AFSL/Australian Credit Licence 244 533.