The ultimate guide to buying a new car - Part I
Preparing to buying a new car with the latest technology
Buying a new car can be a roller coastal ride of emotions for consumers. There are feelings of excitement and adrenaline that come with the experience of buying a new car with modern features and technology. Many consumers also have some anxieties when considering the important factors that relate to make a good purchasing and getting a great deal on a new car.
Some of the most important considerations for new car shoppers include:
- Identifying the most popular brands and comparing them
- Knowing what to watch for when shopping
- Lending options and financing allowance
- Understanding the car buying process and where to go
- Knowing where to find research on new cars and dealers
- Knowing what questions to ask
- Performing due diligence on the cars
- Learning about warranty options and lengths
- Understanding gap insurance and why it's an important car insurance product
- Determining what media to use for shopping and purchases
- Consideration of leasing options
Identifying the most popular brands and comparing them
In 2007, Brits bought an incredible 2.4 million new cars at an average cost of 14,000 pounds. The most popular car models in the UK include the consistently popular Ford Focus, Vauxhall Astra, Ford Fiesta, Vauxhall Corsa, Renault Megane, Volkswagen Golf, Renault Clio, BMW 3 Series, Ford Mondeo, and Vauxhall Zafira. The Vauxhall Astra just recently took over the Ford Focus as the top selling car model in the UK.
Knowing what to watch for
Updated features, modern technology, comfort, safety, and other commonly valued features typically contribute to car model success. Consumers need to be knowledgeable about the process of buying a car and be aware of what to watch for in order to get the best value for their money.
The first decision a consumer has to make is to figure out what position in the market they want to buy into. There are many car models and options at high-end, luxury price points, mid-range practical cars, and low-end economy rates. Luxury car buyers are usually concerned with the "extras". They want to know that a car is not only safe, but that it also offers luxury comfort, technology, and security features. Low to mid-range buyers are often most concerned with fuel efficiency, safety ratings, and other more practical features of the car.
Lending options and financing allowance
After making some initial judgments on what price point and features they are going to go after, consumers must also decide how to pay their purchase when buying a new car. Unfortunately, many consumers mistakenly embark on the car buying process before considering financing. This leads many to make car purchases using dealer financing, which can often be much more expensive than lender market financing. Choose the right car finance carefully.
The expansion of the internet has given rise to a much more competitive lending market for consumers to work with. Independent loan brokers have brought together some of the best car loans you can get with offers and rates from most of the major new car lenders. Recent studies have suggested that consumers can save well over 1,000 pounds over the life of a loan when purchasing on the open loan market as opposed to taking a dealer-financed loan. Thus, lining up financing and knowing how much funding is available should be a precursor the actual car buying process.
Get a quote for gap insurance
Part II will discuss the importance of due diligence in the car buying process
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