The numbers are in. The intentions to purchase a new car has decreased from last year, but that doesn’t mean that our intentions of purchasing a new car has left the building. When it comes to the car Aussies will most likely purchase it is SUV’s that take the cup. But here are a few things that you need to know before purchasing your next car.
You are one in a 2.28 million
If you are looking to purchase an SUV or any car for that matter, you need to know your numbers. You might be part of the 2.28 million Australians that Roy Morgan research revealed to have the intention of purchasing a vehicle in the next four years, but your financial situation may not be the same as the next person. You might also be 1 in 5 Australians that will apply for a car loan to help them purchase their next wheels. But the type of financing you choose will be tailored by your taste in cars.
What’s your taste?
Whether the sound of an economically savvy vehicle revvs your engine or a car that is spacious enough to fit a family tickles your fancy, your taste will be determined by your finances and your lifestyle. When it comes to the car body style that was most likely to make a sale in new car purchases Roy Morgan found that SUV’s/4WD, five door, five seaters took the cup with 623,000 Australians choosing it as their next car. Four door Sedan’s followed closely with 483,000 and last were four doors and hatchbacks.
Prepare to finance your taste
If you are choosing to purchase your car in the next few months or the next four years to come you need to be financially prepared. Saving up for a 20% deposit might sound like a mantra that every financial website prescribes, but there is a reason for this. Who wouldn’t want to decrease their car loan. The Royal Commission report found that one of the biggest expenses households paid for was their car loans in the December quarter of 2017. Having a deposit will help lower the amount you need to borrow and will also open a door to better features that can make your payments flexible and manageable.
Compare
Compare your quotes instead of settling for the first one that seems good enough. This is one of those moments in life where you can compare and not feel guilty about it. The grass is greener on the other side with lenders offering competitive rates to help you finance the car you love. Always keep in mind to compare the loans features along with its fees and charges to get the best deal.
Used is the ‘new’ New
Used cars shouldn’t looked down upon, especially if you are in need of a car but are currently cash strapped. You can finance your way to the latest model in used cars that still have great safety features that a new car might have. You will have to way the pros and cons of purchasing a new or used car before signing any loan agreements to find one that fits your needs.