A car is not an impulse purchase

It’s hard to avoid getting swept up by the excitement when you walk into a car dealership and see the car of your dreams. With the salespeople trained to show you the very best aspects of a car, it’s easy to see why many people end up impulse-buying vehicles. However, falling in love with a car without properly preparing yourself for the purchase can take a huge toll on your finances.

A car is probably one of the most expensive things you’ll buy, so it follows that you should be really prepared before you do it.

 

Here are four reasons why buying a car should be a long-term goal:

 

1. You can do your research

Instead of getting spellbound by the first car you see on a showroom floor, you can take your time to decide which make and model is ideal for you.

You’ll also have time to research and compare several dealerships. It’ll increase your knowledge of competitor pricing, so that you really know which is the best deal.

 

2. You can budget and save

Set yourself a realistic and concrete financial goal for saving. Tracking your progress over time will help you to see which areas of your life are costing you money unnecessarily. For example, you may notice that you could reduce the number of times you eat out and instead channel that cash into your car savings.

If you get any bonuses or overtime pay, put the extra cash towards your goal of buying a car.

 

3. You will be able to put down a bigger deposit

The more you can save by the time you buy your car, the more money you’ll be able to put down for a deposit.

 

4. You can research car insurance and other costs

Before buying your car, you can start looking into which insurance policies, warranties, maintenance plans etc. suit your needs. That way, you’ll be able to factor these expenses into your decision-making process.


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