Oracle’s Top 10 Tips For Buying A Car
Next to buying a home, investing in a car is the second most expensive purchase that consumers will make in their life. It’s important to get the right vehicle at the right price so research is essential.
Oracle’s top 10 tips before heading out to buy:
- Set your budget – it’s important to not only set a budget but actually stick to it! It’s also a good idea to set some extra aside for future repairs, maintenance, insurance and tax costs.
- Research – The internet is a great starting place with various advice guides widely available showing the recommended price of cars based on model, age, mileage etc
- Word of Mouth – Talk to other car owners about their experiences, particularly in terms of fuel consumption and reliability, this information can be invaluable.
- Finance – A valuable option to preserve your own capital, allowing you to pay for your car from future cash flow. It is important that you compare the total amount payable for the finance rather than just the monthly payment.
- Dealer incentives – look out for any cash incentives that dealers are offering to try and boost slow sales.
- Test drive – the test drive should last at least 20 minutes to ensure you are comfortable with it, check all the buttons on the dashboard, the electric windows and radio.
- Warranty – always check what the warranty does and doesn’t cover. If the dealer is confident in the car, a 6 month warranty should be the minimum they offer.
- Get everything in writing – This is extremely important as it can act as a checklist for any agreed or promised work.
- Know your credit score – If you know your credit score before you apply for the finance, it will help you determine whether you qualify for special deals such as 0%APR or cash back.
- Be flexible – if you can be flexible, often car manufacturers offer dealer incentives for selling certain models so you may be able to spend less money than you budgeted.