Seven things to think about before buying a vehicle
A vehicle isn't an investment, it’s an expense and that's why you should make sure you get the best vehicle for your money.
If you were buying a house, you’d think about value for money, how close it is to work and schools, whether it’s in a good neighbourhood and the potential resale value – all sensible, logical considerations – but when it comes to buying a vehicle, people seem to forget what’s important.
Somehow, when buying a vehicle, fuel consumption, service costs, availability of parts, boot space and trade-in value all seem secondary to looks, colour, chromed mags, top speed and torque – even if we’re not absolutely sure what that is.
“A vehicle isn’t an investment, it’s an expense,” Marlies Kappers, head of marketing at DirectAxis said. “When you think about it that way, you may be more inclined to make decisions about which vehicle to buy with your head, not your heart.”
Here is a seven-point checklist to help prospective vehicle buyers park their egos and get the best vehicle for their money:
1. Put your needs ahead of your wants: School moms with shiny 4x4s are testimony to a triumph of marketing over practicality. They may have a bit more space for school bags, but even the raised 2×4 crossovers cost more than the hatchbacks they’re based on. Decide what characteristics are most important, based on what you’ll be using the vehicle for. Once you’ve decided on which characteristics are most important for you, start narrowing down which vehicles best meet those criteria.
2. You should think beyond the purchase price: Find out about running costs and reliability, and check the manufacturer’s claims against independent websites and road tests. If you’re buying a second-hand vehicle or are planning to keep a new vehicle beyond the warranty period, consider the cost of parts and services.
3. Question conventional wisdom: Some people will confidently tell you that diesel vehicles are more fuel efficient and that petrol gives you more power. While there once may have been some truth in this, modern petrol engines are so fuel-efficient that if you do less than 16 000km a year you’ll probably be better off with petrol, due to the lower purchase price.
4. Sort the finance out first: There are many ways to fund a vehicle, from personal loans to specialist car finance. By doing your homework and finding out what finance you’re eligible for and at what interest rate, you can choose the best offer rather than being pressured into choosing a package on the showroom floor.
5. Always negotiate: Some new car models are so popular that they sell for the listed price, but that’s the exception rather than the rule. With so many competing manufacturers and dealerships it’s a buyer’s market, so insist on getting the best deal you can.
6. Be wary of extras: Many dealers will try to sell you extras. Again only consider any that you really need and bear in mind that these can often be bought later, somewhere else, at a better price.
7. Insure comprehensively: If you finance your vehicle through a bank, it belongs to them until you’ve paid off the loan. It’s why they insist on comprehensive insurance.
Source: Maropa Communications
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