Are you looking to buy a new car? To answer the question of how often you should buy a new car all depends on many aspects. Find out first what you need to do when buying a new car, and then determine when you should replace it with another new car.
When is the best time to buy a new car?
Towards the end of each year is a good time to negotiate with car dealers for a new car because their annual sales targets have to be met and perhaps some are looking for a Christmas bonus by accomplishing record sales. During winter, when other buyers are scarce because of cold weather, is another great opportunity for you to visit dealerships.1 Another chance to buy a new car is when dealers are desperate to get rid of existing models before any new launches.
Find out all you can about the market and the car you want
It’s all about timing, so find out how the car market works, and make it work to your benefit. The car you really want will emerge clearly in your mind, after doing some thorough homework. An informed decision is the best one. 1
Be sensible and practical
It’s only human nature to want the biggest, the best and the most flashy car, but you also don’t want to be living on only bread and water. Be practical and think of things like how the boot of that powerful sports car is far too small for all your monthly shopping.
What type of new car do you want?
Do you require a spacious SUV for your large family, or are you all on your own, when a small city car will do? Will you be traveling large distances frequently, or just small trips into the city? Remember, even though diesel cars have great fuel consumption, they are more expensive to maintain compared to petrol cars. 1
The bottom line is affordability
Get out the calculator, and make sure you can afford the new car you have in mind. Don’t forget about the new car insurance. If a motor plan is not covered by the purchase price, you also need to factor that into your costs.
Is the car costing you too much?
This does not apply if your car is still covered by a maintenance plan. However, if it is out of such a plan, and repairs are beginning to cost too much, you might need to sell it.2
Expiring warranty?
What happens if the warranty is about to expire, or if your particular model is about to be discontinued? Selling the car before the warranty expires might mean that you can keep most of the value of your car. On the other hand, if the warranty has expired, your car value will likely have decreased. You can ask the dealer about this when you are consulting about selling your vehicle.
My maintenance plan is about to run out
Most people try to sell their cars before their maintenance or service plans expire. This is because a car is generally more attractive to a potential buyer with these kinds of plans than without.2
Is the brand about to leave South Africa?
If a car manufacturer withdraws from the South African market, it is worth considering whether you want to sell your car because problems might arise when it comes to obtaining parts at a later stage.2
Sell a new car within three years of buying it
When you’ve bought a new car, CarZar3 suggests you should sell it within three years. Maintenance plans are usually 5 years and thus add value to the car.2
According to CarZar, 3 the most sought-after cars are those that are still under warranty and a motor or service plan. If you are considering selling your ‘new’ car, make sure you do so in time.2
Have you thought about getting affordable car insurance? Read more about affordable car insurance here.
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