The best tips and tricks for buying a car

The way you live and the things you see and do could dramatically change with a car purchase, so it's important to get it right and understand the key factors involved in buying a car. Here are the main considerations you should take into account.

Buy for your needs

What do you need your new car for? If it is for quick trips around the local area, aim to buy something small and economical. If you plan on making longer journeys, then look for something with a larger engine and plenty of safety features, such as airbags and ABS brakes. Try not to compromise on safety and start making savings with better fuel economy. There are must-haves and non-negotiables that you need to think about. Do you prefer automatic or manual cars? Do you need lots of space, so does a station wagon or sedan suit you best? Some features are nice-to-haves while others prove more functional when it comes to making your journey by road.

Understand your budget

Buying a car can be a costly endeavour and it is important to fully understand all of the different costs involved and stick to what you can afford. Visit our website and use our straightforward car loan calculator to work out what your repayments may look like. You will need to consider the purchase price, stamp duty, insurance and registration. Also, think about the ongoing costs of maintaining a vehicle, including fuel, regular servicing and general maintenance. Knowing these initial and ongoing costs will help you find a car that fits your budget.

Picking a new or used vehicle

An important consideration is whether you want a brand new car or something less shiny, but much-loved nonetheless. Your budget can play a factor in determining the answer and there are pros and cons with both options. New cars can be more expensive but bring with them warrantees and reliability guarantees. Older cars can offer a bargain but may have high mileage or the chance of previous accidents. Another key factor to consider is whether you should choose an electric vehicle (EV). Cars contribute a significant amount to Australia’s greenhouse gas emissions, so shifting to electric vehicles can make a positive contribution to the environment. They can offer benefits including lower running costs, avoiding the petrol pump and a quieter drive. You can get a great rate with us on a loan for a used vehicle less than 5 years old, or a new EV – plus if you go fully electric we’ll even waive the loan establishment fee. Next question is whether you want to buy from a car dealership or privately. Buying a car from a dealer can provide guarantees that you will not get from a private sale. For example, a dealer must confirm there is no money owing on the car and also whether it has had hail or flood damage. When you buy a car privately, you rely on your own investigation, judgement and knowledge to a large extent.

Choosing the right insurance and finance

As a car rises in price and performance, so does the insurance. Ensure you take these factors into consideration when shopping around for the right cover, particularly if you do not have a substantial income. When it comes to financing your purchase, you might need to apply for a loan. Pay careful attention to fees and charges and loan terms and conditions. At Qudos Bank you can enjoy a great rate on your car loan and if you are buying a new¹ or used EV², we’ll also waive the establishment fee. Click here for more information. Buying a car can be a fun, exciting experience however, it can also be overwhelming with many considerations. That's why it is important to consider these key factors and make sure that your hard-earned cash goes towards something that will keep on running.

If you'd like to talk to us about a car loan, contact us in branch today on 1300 747 747 or visit our website https://www.qudosbank.com.au