What to consider before buying your first luxury car
Buying yourself a car should be fun.
However, once you go to a dealership and they start to show you all these different cars on the market with all those fancy gadgets, it can leave you feeling confused.
If you’re indecisive it can be a mission because you never know exactly what you want.
Do you want a BMW X1, BMW 3 series or a BMW X5?
Look no further, here are a few tips to look at that should make things less confusing before going to the dealership.
How are your finances?
Before making your way to the car dealership, sit down and look at your finances. Once you start browsing the internet or going to a dealership all you’re going to see is used BMWs for sale before you had even thought about looking for a BMW pre-owned car.
If you’re married or have a significant partner, sit down and have a discussion about how you would like to buy a luxury car. See if you’re able to afford a costly car and whether or not you will be able to pay the monthly instalment.
Having some money saved can be quite helpful. It would be better for you if you’re able to put down a large deposit as it lowers your monthly instalment. Lastly, check your credit score so that you can have an idea of whether you would qualify for a car loan.
Why should I buy a luxury car?
These cars are pricier than your normal, mainstream car. However, if you are a car enthusiast then you’ll know why you would want to buy a high-end car. For starters, the quality of luxury cars is in a league of its own, from the feel when it’s on the road to their quality features.
Costly cars have many features that any car enthusiast would love, including:
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powered liftgates
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cruise control
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leather seats
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transmission automatic
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illuminated vents
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anti-lock brake system
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a blind spot warning system
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sports package
But you don’t have to buy a brand new car if you don’t have the means to do so, there are a number of BMW approved used cars which are being sold that you could buy.
There are a number of cars available for sale, including BMW used cars, and other vehicle brands that are in good working condition.
Used car or brand new?
Choosing to buy a less expensive pre-owned vehicle rather than a brand new one would be a smart idea. The cost of living in South Africa has risen quite a lot over the years, making food and petrol expensive. A smart financial decision to make would be buying a pre-owned car for yourself.
It’s always pleasing to buy something new, however, it is important to think about your future rather than wanting instant gratification. You would save more money if you bought a pre-owned car rather than a brand new one.
The thing about instant gratification is that it will feel good for a while, however, that feeling goes away. You don’t want to see yourself in debt just because you wanted to buy a high-end car.
As mentioned before, check your finances. If you can afford to buy a new car and its monthly instalment then there’s no problem. However, if you know that it would be too much for you, then there is nothing wrong with buying a car that’s been used before.
Just be sure to check the car, find out if it’s insured, its mileage and whether or not it’s still in good condition.
What are you planning on doing with your old car?
If you have an old car and you aren’t planning on keeping it, there are a number of options which you could do to earn some extra cash for yourself. You could:
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If your car is still in good working condition you can always sell your car, either to a family member, a friend who is interested or a car dealership.
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You might want to consider selling your car parts and once that’s done you can sell what’s left to a scrap yard.
Buying yourself a high-end car shouldn’t be a hassle nor should it leave you broke, as long as you make smart decisions. Once you have done your research and checked your finances, all that’s left is choosing the right car for you.