10 TIPS TO CONSIDER WHEN BUYING YOUR FIRST CAR
Purchasing your first car can be an exciting but daunting journey. From figuring out the model you want and whether you are financially eligible to buy it, to searching for the most reliable insurance – it's not something you just wake up and do.
If the process of buying your first car is rushed, you might end up buying a faulty one, and that can lead you to spending large amounts of money on constantly repairing it or you can get ripped off and buy a car at a rate that does not complement its quality. Bobby Petkov, CEO of Mit-Mak Motors, and popular social media car reviewer, shares 10 tips on what to look out for when buying your first ride.
1. Research
Do in-depth research before buying your first dream car so that your dream does not turn into a nightmare. “Explore different makes and models, consider your budget, and familiarise yourself with reputable dealerships in your area,” says Bobby.
2. Establish your budget
Bobby highlights that setting up a realistic budget before buying a car is important. In your budget, you should not only consider the cost of the car, but also things such as insurance, maintenance, and fuel costs.
3. Check your credit score
“A higher credit score can result in lower interest rates and better loan options, saving you money in the long run,” says Bobby. You are required to check your credit score so that you can get realistic financing options, and you can use websites such as clearscore.com or mycreditcheck.co.za to do so.
4. Avoid waiving consumer protections
Reading your contract is essential before buying the car because some dealers waive important consumer rights. This can lead to you being unable to legally hold the dealership accountable if you encounter any problems. Seek legal advice if you are not too sure of what is being said in your contract.
5. Consider the reputation of the dealership
What other customers have to say about the dealership is important because they have already received first-hand experience of buying a car there. “Prioritise those with strong reputations for transparency, integrity, and customer satisfaction,” says Bobby, adding that you can use online resources such as Hello Peter, Google Reviews, and Facebook to verify service from previous customers.
6. Test-drive multiple times
Test-driving multiple times will allow you to compare multiple cars on different roads, and you can experience the performance and comfort of the car. “Pay attention to how it handles different road conditions and ensure that it meets your expectations before committing to buying it,” Bobby says.
7. Get a pre-purchase inspection
Have your desired car inspected by a qualified mechanic before buying it. This will help ensure that it is suitable for consumption and uncover any hidden damage that might have you paying additional costs in the long run.
8. Understand financing options
“Consider factors such as interest rates, loan duration, and down payment requirements. Don’t hesitate to negotiate with lenders to secure favourable terms that fit your budget and financial goals,” Bobby says, highlighting that there are different financing and loan options when buying a car.
9. Understand extended warranties
Add-ons and extended warranties may seem necessary and beneficial, but some are just irrelevant and might lead to you paying unnecessary additional costs.
10. Trust your instincts
Bobby advises that you trust your instincts. “If something feels off or too good to be true, don’t hesitate to walk away,” he says, emphasising that a car is a big investment, and you should not buy it if you are in doubt.