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Copyright © CFS Finance 2009. All rights reserved.

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Quick Tips

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Thinking of Buying a New or Used  Car?

This is a must read for those setting out to secure that so called ‘Great Deal’.

 

1. Plan Carefully:

Its all to easy to get caught up in the hype of buying a new car. The seduction of good looks on the showroom floor can cause you to make a hasty decision that you may regret after you return home and relax. Make sure you do your homework. This might be in the form of independent reviews in magazines or television. If buying a new car collect the brochures as they are a great way to analyze each vehicles specifications and features. Use the Internet or call the NRMA advice line as they have some very helpful information in this area.

 

2. Current Owners:

Chat to people who own a similar vehicle to the one you are interested in. Most people are happy to chat about their cars and will take your interest as a compliment. Also chat to your mechanic, family and friends as these contacts will be honest and let you know exactly what they think.

 

3. Setting a budget:

Make sure you stick to a budget with no exceptions. That means don’t be persuaded in edging your budget up and up for that deal which you can be suckered into because it has been presented in a way it is too good to pass. Your budget should be set on how much you are willing to repay on a weekly, fortnightly or monthly basis and for how long. Also take into consideration running costs such as fuel, servicing, maintenance, registration and insurance costs associated with owning a vehicle.

 

4. Pay a Professional:

A qualified mechanic is a must to check over the car you have chosen. This will eliminate any vehicles with underlying mechanical problems or issues that could possibly cost you dearly in the future. Their trained eyes will find problems you never even thought to look for.

 

5. Trade-Ins:

Decide before making your way to the dealer whether you will trade or sell your existing car privately. If trading in make sure you concentrate on the Change over price as this is what it will ultimately cost you to upgrade. If selling privately, good luck and be careful  it can be a lot of work and create a lot of headaches for a little more than if you had traded with the Dealer.

 

6. Finance:

If you are financing, seek a pre-approval before you go out shopping. If you have already built up a relationship with a finance company in the past, seek out what they have to offer, as you will find that you will feel more comfortable dealing with them. This way you don’t need to take a package from the selling dealer and may allow you to have a little more negotiating power knowing that the finance is already sorted.

 

7. Free Extended Warranties:

Dealer warranties are rarely as comprehensive as they seem.

Most warranties sold by dealerships carry conditions such as, you have to service the vehicle at the selling dealer for the period of the warranty. This is a captive income for the dealership and more often than not a fixed service charge is inflated to increase the bottom line profit of the dealer. There are many warranty plans available for an additional price but be sure to check the product information carefully as some are not worth the paper they are written on. Be sure to purchase a warranty that can be serviced and validated by your regular mechanic and has a cover that will actually protect your pocket in the event of a mechanical failure.

 

8. Don’t be Pressured:

Deal with people you feel comfortable with. Go elsewhere if you have any doubts about the salesperson or the company. Ask some family and friends who to deal with, they will only be too happy to recommend someone or tell you who to avoid. Know what you want from a car and take the time to shop around. Don’t be rushed into a sale from a smooth talking salesperson or falling for their lines, we all know the ones I am talking about!!!

 

9. Know What You are Buying:

Check for the cars full documentation such as the current registered owner and service records. Avoid buying a stolen car or one that has been listed as a repairable write-off. When buying a car privately you are not guaranteed clear title, therefore it is highly recommended that you telephone REVS (133 220) to obtain current  information such as:

Whether the vehicle has been reported stolen.

Whether the vehicle has any financial interests.

Any written-off vehicle damage reported for the vehicle.

 

10. Check The Prices:

Make sure you look at a number of cars and visit dealerships to compare prices and quality. Check the classifieds, but bear in mind that nearly everyone advertises the car for more than it’s worth. When you contact a seller, it’s almost certain that the price will be negotiable.

 

Good Luck!!!

 

 

 

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Copyright © Daryl Coxon Financial Services 2008.All rights reserved.

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