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Consider them with a high degree of seriousness. 4 factors to consider when buying a family car. Will you have a surplus to sustain y… Most cars these days will go 50,000 miles or better without any serious technical issues and many of the initial buyers will get out of them at about that point. Similarly, they’ll have different wants. Cars eventually die and require replacement. Don’t forget the cost of insurance premiums, too. Of course, that’s aside from a new home. You can purchase a fully loaded minivan for those big family vacations, a sleek new sports car, or a stripped-down compact for your new college graduate. Some of us are empty nesters who’ve been saddled with underfunded 401Ks and college bills. Important Factors to Consider When Buying a New Car. Taking these two factors into consideration, choosing a brand that is known to have a good resale value is the smart way to go forward. It’ll depend on your creditworthiness. It’s thus a wise thing to know all rebates which you qualify for. It is no lie that having a family is such a great thing, however, that means you need to consider the needs of your entire family. You’ll require something safe and roomy in case you’re planning to become a parent or are one. If so, you’ll then need to determine whether you’ll sell the vehicle on your own or trade it in at the dealership. Pesabazaar.com is authorised and regulated by the Insurance Regulatory Authority of Kenya. In fact, a new car is the 2nd most costly item most people. But, typically, they’re less likely to go down than up. Discuss the options you’ve with your current credit union or bank. This post may contain affiliate links. Bottom line is, do you research on every step you take to buy that car to make sure you have made the absolute best decision on each step. You’ll thus be likely to win the best deal possible. Next, ensure that you’ve received them. Simple, talk to people! Very few people pay cash. Different individuals will have different needs for a car. First, ensure that you’re aware of what your credit rating is. Take keen notes. Cars do not come cheap so you need to have a clear plan on how you will pay for that car, be it new or used. In fact, that’s a reassuring sign that you will win the bet at hand. Try your best not to roll a balanced upside down loan into a new one only because you’re tired of the old car. You’re more likely to acquire money for the old car if you sell it on your own. Then, you should understand how the amount you’d afford each month translates into a car’s price. Also, it’s the chance to see the cars up close and compare the different color choices available. These are the standard features which must be applied to all cars starts from 2017 imported or local made according to global NCAP till 2020. The driving record is a primary factor that determines how much you’ll pay. With the increasing cost of petrol now at KSh 103/litre, it can quickly bite into your pocket. Then, you’d simply need to go for a car that you can afford. Three Important Factors to Consider When Choosing a Car With nearly 300 different new car models available for sale, choosing one can be quite overwhelming. Taking these two factors into consideration, choosing a brand that is known to have a good resale value is the smart way to go forward. In turn, that makes for a strong buyers’ market. On the other hand, there’s the Manufacturer’s Suggested Retail Price, often known as the ‘sticker’ price. The budget should also including all the other fees that will come with owning a car such as registration, the cost of servicing or changing something about the car and insurance premiums among others. While vehicles may play a part as wealth creators, they can also be wealth destroyers. Some dealers can help you get the right financing for your car and help you with the paper work that is needed. Know why you want a car and research on the best one to fit that purpose. When looking for a new car, the world is your oyster. If you do decide to buy a used car, again, do your research on to know what information you need before buying a used car. At the end of the day there are a few reasons to treat a new car purchase pretty seriously – not impulsively like I personally did in 2014. If you buy a used car, it also important to make sure that you have cross-referenced the ownership details. It is therefore very important to do your research on the brand of that you want. Having a budget will also help you narrow down to the kind (new or used) and brand of car that you want. Don’t walk into any dealership without having done research. The availability of spare parts and servicing greatly influences the costs involved in running the car. This research on the different dealers out there will also help you get information on the different incentives they have. If it's more or less, so be it. Another important factor that you must consider while buying a new or a used car is the fuel you are going for. What if you’re leasing or financing? For instance, consider checking out LendingTree.com and Bankrate.com. Are you in the process of buying a new car? Wait, there’s the bad news. But, people don’t purchase cars like they buy household items. For example some are open to trade-ins just in case you are looking to up-grade from your old car. How much of your earnings will you allocate towards car payment? Yes, cars eventually wear out and prompt for replacement. Total costs of ownership add up quickly. A new car is an investment; it’s something that you will use for many years, meaning that you should carefully choose your car. Still, there are remaining crucial steps to take before making any deal. People, in general, do not compare car insurance policy and base their buying decision based on the low premium cost. You’ll relate your wants with various factors. Good credit will enable you to access low-interest rates. Nairobi, Kenya Rhapta Road That’s why we’re here. In fact, dealers are known for not availing all discounts available to them. They take an average of 4-6 months to make the decision about which make and model they’ll purchase. For example, $400 a month for 48 months will buy you a $25,000 car, assuming a $3,000 trade in, a $4,000 down payment, and a low interest rate. In no particular order, the biggest factors to consider before purchasing a vehicle include: Your debt to income ratio. Other factors considered include age, gender, common location of driving and your marital status. Many car lovers want power but this will come at a cost, the big fancy machines like Land Cruiser V8 will be rated at 4700 cc and at 5.5 km per litre. The dealer will know that you are expecting a good deal. First, cars are known to be depreciating assets and second, they are bound to be upgraded in a few years. The sky is quite seriously the limit. First, cars are known to be depreciating assets and second, they are bound to be upgraded in a few years. From your requirements to your budget, there are plenty of factors to consider before you commit to a purchase. What factors are considered when buying a new car? Other factors considered include age, gender, common location of driving and your marital status. It’d be right to call such people brand loyalists. Similarly, you might receive coupons in your mail which entitle you to such rebates. But, that’s a surefire way to retire broke is foolishly wasting money on a car. For obvious reasons, a good, clean record would be preferable to an insurer. But, the dealership will give you less money than what you’d get from a private buyer. For instance, you’ll want to consider the annual registration fees, insurance premiums, and gasoline. We wouldn’t advise you to walk into that dealership without such information. While it can be a very exciting time, it’s important to not let the excitement get the better of you so that you make a potentially expensive mistake. It nice to want the finer things in life, however, you have to select a car that is budget friendly. Through research you will also learn that it is important to have a car inspected before buying it and especially a used one to avoid buying junk in the name of car. Yes, one thing to consider is to purchase a family vehicle and that calls for a lot of factors to consider. This has however changed over the years with more and more car brands competing for sales hence bringing the cost of cars relatively low depending on the brand you want. However, those are just average values. You can then file an application for a pre-approved loan. For obvious reasons, a good, clean record would be preferable to an insurer. It might feel great to commute in style and impress those around you. Tips on buying a new car – Things to consider when choosing a new car It is only when you understand the purpose behind buying a car, that you will be able to choose the right type to be it an economy, family, luxury, sports, or an off-road vehicle. In your case, it might take less or even more than that. Common brands like Toyota have continued to excel in the Kenyan market because of the availability of cheap spare parts and technical expertise in garages and service centers. This is perhaps the most factor to consider when buying a car especially the second hand cars. It’s thus time to do research to find the right car. This is because the second hand cars may not have their manufacturer presence in the country. The MSRP includes hundreds – and sometimes thousands – of dollars of profit that the dealer will win. Car dealers want to sell cars to stay in business. Choose which loan works for you. Like anything else, have a budget in place to help you get that car. For instance, there are cases where you’ll seek online reviews of a dealer you’re considering only not to find any. Also, consider the costs to insure the vehicle, which may be more than you anticipated. They’ll do so immediately they realize that your sole focus is on payment. You can look up the ‘book value’ of the trade in using different resources. One of the most notable factors in buying a new car may be the safety devices, features, and technology. You don’t always have the same safety nets you would have if you buy a new car. Spending hours, days, and months researching reviews and comparing smartphones or laptops isn’t a cost-effective means to spend time, is it? You are likely to purchase multiple vehicles over a lifetime. Also, they’ll consult ratings and make comparisons. We have so many car dealers in this country and some are conveniently online such as cheki.co.ke so before you set out to buy that car, compare prices. In fact, the preparation should begin even before you set foot in that showroom. There are other amounts to factor in here, as well. In 2018, Statista conducted a survey in which they asked their users in the UK and America the key influencing factors that went into making their decisions when choosing a new vehicle. Never extend a car … Also, keep in mind that car payments fluctuate on a monthly basis. However, make sure not to pay for technology and features that you will not use. In turn, that promises long-term satisfaction with the purchase you’re about to make. inquiries@pesabazaar.com. For example, it is important to know that cars depreciate in value so if you buy a new car, the value of that car immediately goes down in value the minute you drive it from the dealer. 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