How to Own a Car the Smart Way?

own a car the smart way

While owning a car is convenient, getting you from point A to B, it is expensive. And that’s why some people opt to use public transportation to save themselves the burden that comes with owning a car. The latter makes sense, but we cannot argue with the convenience of owning a car.

For one, you have the freedom to manage time. You don’t have to wait for long ques or deal with the hassles of having to book a train or bus.

Secondly, you can decide to go wherever whenever you want. This includes using any route you want. What’s more, you can choose whomever you want to bring in your trip or errand. The flexibility and personal independence make owning a car worthwhile.

On the contrary, owning a car can drain your finances if you don’t do it right. Fuel, taxes, loan finance charges, insurance, maintenance and repairs are some of the costs you will face. The costs can skyrocket if you make the wrong decisions.

Here’s how to own a car the smart way;

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Go For a Quality Used Car

While a new car is more reliable than a used car, the latter can save you money in the long run. Sure, we all love the smell of a new car, but one thing you should ask yourself is if buying one makes financial sense. Will you be comfortable paying your monthly payment and still manage to save? Or will it leave you drowning in debt?

If you can afford a new car or believe it will make you feel better, go ahead and buy one. But you can save tons if you get quality used cars.

Some people still have this notion that preowned cars are will cost more in the end because you’ll need to do more repairs on it. This is true if you buy a car that is junk. But there are quality used cars in the market today.

According to a post by Business Insider, Ford is one of the most reliable car brands. The reasoning behind this is pretty obvious -Ford builds long-lasting cars. It’s not surprising that Ford Focus is UK’s best-selling car in history. So finding a quality used Ford automobile is very easy and of course, affordable.

What’s more, Ford uses the best-quality tires. So you don’t have to worry about costly tire replacements now and then. And this means, more saving.

Note: Make sure you buy a used car that has passed a comprehensive inspection process and is certified.

Due Diligence

Conducting due diligence is another way of owning a car the smart way. Purchasing a car is just like buying a house. First thing first, you need to set a limit so that you don’t overspend.

Make sure you make a 20 per cent down payment. If a deal is pushing you to overspend, just let it go.

Also, it would be best if you compared prices from different dealers before settling on one. Negotiate a better price on everything from upfront costs to insurance and loan repayments.

Just like buying a house, it’s a good idea to get financing before visiting any dealership.

Be on the lookout for pricey car dealership add-ons such as extended warranties, window tinting, paint, key and fabric protection. These add-ons are pretty useless and can dramatically inflate the car cost.

If you want to own a car the smart way, implement these two simple ideas.

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