Before you feel an impulse to splurge on a car, you must understand the financial viability of buying and selling a car. Amandeep who now offers online assignment help says that while he was in college, he worked part-time and wanted a car to commute but his lack of understanding on the financial viability of a car restricted him from making that decision. So, if you too are confused, here we have come up with 5 easy tips that will help you buy your first car.
Cost of ownership
Aniket who offers online assignment help australia says that a lot of young earners who get easy credit yearn to buy the hottest set of wheels for themselves. However, what these youngsters ignore is that they not only have to bear the EMI of the car loan but also have to bear other expenses related to the car. These expenses include the fuel charges, maintenance expenses and insurance premium of the car.
So, before you get swayed by the idea of getting your hands on the costliest car, you need to calculate the total cost you'll have to bear for the ownership. You just cannot put in the whole of your surplus income into the purchase of the car. Hence, to enjoy your ride in your vehicle, without having to worry about your next EMI or the rise in fuel cost, you must always set a realistic budget when buying a vehicle.
Low on maintenance
Shiva, who works with a platform wherein you can ask someone do my essay for me online says that even when you are getting a great discount or a good deal for your first car, you need to take into account the maintenance cost that is associated with this vehicle. Moreover, since you are just starting as a driver, you are prone to pick up a few dents along the way. So, before you splurge, there are a few questions for which you need to find your answers.
Will you have to wait for a week or a few days to get all the maintenance work done on the car? Are the spare parts for your car model available easily? Thus, before you pick any car, keep in mind the answers to these questions. Mostly all the popular brands have service centres that are easily accessible and the spare parts too are available readily. Hence, this could be a good and safe bet.
High resale value
Arti who works with PaperDoers wherein students come searching someone to write research paper says, that you are young so naturally you won't keep driving the same vehicle all your life. It is a given that you have to upgrade after a few years. So, naturally, you will have to sell off your old car to finance the new one. Think of the resale value of your vehicle at that time. Honestly, there is absolutely no way to come at an exact figure but you can come to a rough estimate by analysing the resale value of the popular brands.
Now, understand that the cars whose spare parts are readily available are the ones that will fetch you a high resale value over others.
For instance, if you have a car that is from a lesser-known brand or the spare parts of it aren't readily available, you'll naturally get a lower resale value for that car. On the other hand, even if you sell a 5-year-old Hyundai vehicle, you'll still get ¼ resale value on the vehicle.
Used car options
Abhijeet who did one of the project management courses online from a leading platform online says that with the options of the used cars, the market is getting more and more organized. It is a great option for first-time car buyers. However, to buy a used car, you must always reach out to a reliable platform. Some of the reliable platforms that can be a good choice include Mahindra & Mahindra's First Choice wheels, Maruti's True Value and Renault. You should know that the amount you would normally shell out on a new hatchback can fetch you a used sedan with incredible specifications. So, before investing in a car, understand these technicalities to make a smart buy.
Moreover, if you wish to avoid a car loan, you can plan out your year's savings and that could easily get you a certified used car from either of these established platforms. So, when after a few years your income rises, you can buy a new car.
Petrol versus diesel
Shyam, who recently did an excellent SEO PowerSuite review and shared the coupon for SEMRush free trial for an SEO software comparison portal says that deciding between petrol and diesel is often the most difficult question for first-time car buyers. Earlier, going with the diesel car seemed like an easy choice despite it being a little expensive. This was because of the higher mileage and the lower fuel cost of the diesel. So, this, in turn, meant that it was easy for the car owners to recover their premium in a span of 2 to 3 years.
However, tables have turned! Now, the running cost is no longer a decisive factor. This is because the price of the diesel is virtually deregulated. As a result of this, the price gap between the two fuels is very less. So, opting for a diesel car means that you'll have to ride it for another 5-6 years to recover the surplus cost. Thus, the experts suggest that if you drive less than 50 km in a day, you should opt for a low maintenance petrol variant of the car.
So, these are a few important tips that you must consider before investing in your first car. Also, please know that if you are going with the car loan, please check your credit score in advance. Your credit score will determine the interest you'll have to pay on the loan. Hope these tips are helpful for you. If you have any more queries, do let us know about it in comments below.
Pankaj Raghav is a fulltime blogger and blogs with DigiToolsCoupons. While sharing his experience, he also loves to help fellow bloggers in setting up their blogs. Learn about the SEO tactics at his blog.