Buying a car is the second biggest purchase that any of us will likely make through our lives, just after buying a house or condo.
So it is reasonable to take time to do the research and secure the best deal that you can for yourself.
The best possible scenario is one where the money it is not an issue, right? You will enter a car dealership and ask the salesman for the best vehicle made this year.
For most of us, with real human problems, this scenario will stay in our dreams.
And if you are like most people from Hamilton, Ontario you certainly try to find to keep expenses as low as possible.
If you looking for a vehicle in Hamilton and you are researching for a way to be financially efficient as possible, you came to the right place.
You may have already thought of this, but one of the more financially thoughtful possibilities is a purchase of a used vehicle.
A new car loses its value the moment it comes out of the dealership, and that is not a good thing if you ever think about selling the car. Depreciation rates with new cars can be devastating for the value of the car as time passes.
At the moment of the purchase, the moment you get the keys, the lose of the value can be up to 10%.
In the first year and second year of the cars use, the lost value comes up to 15 or 20%, each year. And after that for every year of its life, a car can lose up to 10%.
This can be the deciding factor when it comes to buying a car. And even though the interest rates for purchasing a new vehicle can be lower, because of the lesser risk involved for the dealer, we still want to present to you a sure guide when choosing a used vehicle.
1. SETTING THE PERSONAL BUDGET AND CHOOSING THE BEST CAR FOR YOU
First things first. Keeping in mind the budget for your car is one of the most important things you can do when trying to be financially responsible.
Most experts in the field do not recommend setting aside more than 20 percent of your total monthly, given that we all have various other expenses like bills, rent, grocery shopping etc.
Also, you never know if some unforeseen expenses may be lurking around the corner.
Next comes the fun part, choosing the right vehicle for you and your needs. Whether you need a family car, a truck for your business needs or just a pleasure car, make sure it fully completes your demands.
2. RESEARCHING THE VEHICLE
Once you pick a car, get to know it. Schedule a test drive, ask for a history and safety report of the car and if possible complete a full inspection of the vehicle.
These steps are crucial to discovering the real value of the car you chose. And all this will help you in the next step.