Sunday, 04 November 2018 06:39

OWNING YOUR DREAM CAR MADE EASY

Written by Kaizar Patla

by Kaizar Patla, Head – Consumer Assets

 

Buying a new car is a significant step for all of us. Whether you dream of a reliable car for the whole family to enjoy, or adding a new premium model to your own collection, it brings a feeling of success and achievement when you get hold of the keys to your desired car.

The perks of owning a car can come at a considerable price, which is why it requires planning and considering your financial situation before deciding on what type of car suits your needs and budget.

Here are five steps you can take to convert your dream into reality.

Stay Focused

It is important that you stay focused while entering your car-purchasing decision with a long-term view in mind. Wants and needs can and will come up – stay focused. Keep reminding yourself that you are saving for the down payment on your car, this will help you reach your goal as per your plan.

Be patient and research thoroughly

Don’t jump at the first sales offer. Take time to research and, in the process, learn more about what fulfils your dream car. You're going to want a car that matches your needs - What are its features? Does it suit your lifestyle? Is it within your budget? If the answers are anything less than a “yes,” it might be worth exploring further. Be patient and make sure you check out all the offers in the market before making your final decision.

Consider new vs. used

Once your research is complete, decide whether you will buy a new or used vehicle. Do you prefer the increased reliability of a new vehicle? Or would you rather go for a used vehicle – compromising on not fully knowing the condition and history of the vehicle. It is important that you get your car checked by an authorised agency in case you decide to buy a used vehicle.

Financial Planning

In the UAE, consumers can finance up to 80 per cent of the car value, which implies that a minimum of 20 per cent down payment will need to be made. The more down payment you can give the better. Making a larger down payment can help you qualify for a loan, get a better interest rate and have a lower monthly payment.

After Sales Services

The cost of owning a car doesn’t end with the actual purchase, so you need to manage your expenses in advance. You’ll also be spending on petrol, parking fees, insurance premiums, maintenance costs, and occasional repairs. Once you own your car, a good idea is to set aside money each month for these recurring and miscellaneous costs.

Purchasing a car can be overwhelming but you can enter the process being informed about the details that go into buying a car and make it a pleasant experience. Do your homework well and it will help you in the long run resulting in a purchase with features you fancy and at a price you can afford.