AIB’s Top Tips For Car Buyers
16 Feb 2015
Posted in: Insure my Car
There are numerous reasons why people decide to change their car. Sometimes the need is functional, such as the increasing size of a family or because the current car’s best days are behind it, while other times the need is for fashion. Either way, the entire process can be somewhat cringe worthy and to help you from making a poor choice on your next automobile, we’ve put together a few top tips for buying your next motor.
What You Need
To start with, considering what you need from your car at the moment and in the not so distant future. Unless you have buckets of money lying around, you’ll need to ensure that your car at least meets your medium term needs similar to how you might require your children’s shoes to allow space for them to grow into. An example of this could be if you’re planning on starting or growing your family in the near future. In this instance, unfortunately the two seat sports car isn’t going to cut it I’m afraid.
You don’t want to become a slave to your monthly car repayments, so really consider how much you can afford to spend each month on your car loan and consider if this will wipe your savings account clean. Find the budget option which best meets your requirements and doesn’t leave you overdrawn and under financial pressure.
Further to the initial cost of the vehicle, take a look at how much the vehicle will cost you to run each week, month or year. These could include fuel costs, car insurance, tax and any other maintenance and upkeep costs. Ideally, aim for a vehicle that will cost less to run than your current one.
Over the long run, you should also look into how dependable and reliable your vehicle will be. Many vehicles levels decrease as time goes on while after the first year, others improve. Taking this into consideration at the purchasing stage will help you select the best car for years to come and not just for today.
Trade In Valuation
The value for which you will be able to trade in your car for is certainly an important factor to consider. This is because it will likely impact your ability to buy a new car in the future depending on how high or how low it is. Taking the time and doing your homework here will definitely work to your favour before your embark on your journey to change your car.
The Right Time
By doing the correct research, you may find that while initially changing your car seemed like a great idea, now may not be the best time to do so. If it seems like waiting awhile and holding off on this decision may be what’s best for your finances at that moment, then take note of this and hold off.
These helpful tips and advice were brought to you by AIB Car Insurance. Visit our website today to get a quote or to find out more about the great features and benefits offered with AIB Car Insurance.
Some of the links above bring you to external websites. Allied Irish Banks, p.l.c. is an agent of AIB Insurance Services Limited in relation to provision of general insurance products. AIB Car Insurance is exclusively underwritten by AXA Insurance Ltd. AIB Insurance Services Limited and Allied Irish Banks, p.l.c. are regulated by the Central Bank of Ireland.