Buying a new car is an extremely important decision. However, most car buyers tend to follow their emotions when selecting the best car to buy. Buying a car is not just about paying for its cost. There are several hidden charges that may be applied when you buy a new or used car. So, you need to be aware of the little details that can affect your budget and become an obstacle in realizing the dream of owning a car. Thus, car experts recommend buyers to use vehicle comparison tool to ensure that the car in question is affordable and efficient for your desired purpose.
Some of the most common hidden charges associated with buying cars include the cost of depreciation, repairs as well as maintenance and fuel expenses. The depreciation factor is the major aspect to focus on when buying any car. As opposed to homes and properties which tend to increase in value with time, cars tend to decrease in value. Normally, a car’s value can get depreciated to half its original value in just 3 to 4 years after it is on road.
Factors to check when you compare vehicle online
Let’s take a closer look at some of the most important factors that you should consider before deciding to buy a car:
1 – Cost of depreciation
This is the foremost factor after budget, that a car buyer needs to consider before buying because it affects the value of the car immensely. Usually, imported vehicles tend to depreciate at a lesser value as compared to domestic-made models. There could be a vast difference in depreciation value for two different cars.
For instance, a Honda usually retains around 55% of its original value after 3 years. On the other hand, a Chevrolet car in the same price range is likely to retain only around 40% of its original value after 3 years. This means that buying a Chevrolet will result in you having to pay a significant amount monthly towards depreciation.
2 – Warranties
Cars come with a warranty of at least 36 months or 36,000 mile bumper to bumper warranty. These warranties are incredibly useful as they cover the cost of repairing normal wear and tear, such as expenses to replace or repair brake pads, tyres and battery, etc. When you compare vehicle online make sure that the vehicles come with a warranty.
Some manufacturers, like Hyundai, offer a 10 year or 10,000 mile warranty coverage while others may offer coverage for only around 3 years or 20,000 miles. Warranties are an excellent way to avoid bearing the expense of repairing or replacement of major components in your car.
3 – Maintenance
The cost of maintenance is yet another factor to consider when you perform vehicle dimension compare. High-end car models usually require more maintenance while basic range cars require nominal maintenance.
You can easily find out the estimated cost of maintenance of two or more cars by either calling the nearest car dealer or speak to a car expert. Once you disclose your choice of car, these experts will be able to help you estimate the cost of maintenance. Alternately, you can choose to perform a vehicle price compare and find out the estimated cost of maintenance for the preferred car model.
Car manufacturers normally publish a recommended maintenance schedule for every model on the road. In addition to estimating the overall cost of maintenance, you can also use vehicle comparison tool to find out the specific cost of maintenance during the first 3 years of ownership, depending on your use.
4 – Insurance
Car insurance is also an important factor to consider when you compare vehicle online. Every car dealership offers at least a 3-year vehicle insurance policy when buying a new car. Today, even used car dealers are offering incredibly exciting insurance plans. Insurance is extremely important for any vehicle as it helps to pay for the cost of reimbursing a third party in case they are involved in an accident with your vehicle. Insurance for cars is also mandatory under the law and driving without valid car insurance can get you into deep legal trouble.
To avoid the hassle of buying a new, expensive insurance plan, make sure that the car in question has an existing insurance policy which can be transferred to the new owner, in case you are buying used car from an individual owner.
According to Droom vehicle compare involves checking the cost of depreciation of the vehicle, making sure that it comes with the appropriate warranties, ensuring that the cost of maintenance will be affordable in the future and confirming the availability of insurance policy on the vehicle.