Buying your first car is always an exciting prospect. The uncertainty, the butterflies in your stomach as you go through all the options in front of you are all part of the experience.
While buying a new car in Canada, you need to keep your eyes open. Countless hurdles might come your way.
To prevent that from happening, it is essential to have all the necessary information and a clear plan of action for proceeding.
This blog will cover the most basic yet most important steps in buying your first car. Keep reading to learn more.
Let’s start with the elementary question: how to buy your first car?
First things first, make yourself aware of what the journey of buying a car would look like. Do not go into this process blindly, and always have the basics covered.
FA simple Google search will give you the list of documents that you will need. The best way of buying a new car in Canada is to check the eligibility requirements for car purchases and make sure you fulfil all of them.
Make a mind map of all the steps you must take: research, budgeting, Negotiation, Financing, and finally, Making the Purchase. This will prevent any confusion during the process.
Until and unless you have a set budget in mind, proceeding with the process of buying a car would not be ideal. Assess your financial situation. Ask yourself, “how much can I realistically spend on a car purchase without disturbing my other finances?”
Don’t fall into the trap of making unnecessarily exorbitant purchases. Making compulsive purchases of an amount higher than what you can afford is never a good idea.
If you go for a loan-based purchase, then the key things to consider while planning to buy your first car would be:
So set a budget; a realistic one, and commit to it.
This mostly depends on your budget. Some people will have financial restrictions which bind them to buying only used cars.
If that’s not you, congratulations. However, simply being able to afford a new car doesn’t mean you should straightaway buy one.
Considering the Return on Investment (ROI) is very important. While in most cases, new cars equipped with new technology, better materials and long-lasting warranties do tend to offer more ROI.
However if you can find a robust and reliable classic for a good amount, then by all means, go for it.
Perhaps the most important prerequisite to buying new cars in Canada is doing your homework. Doing proper research on your end before buying your first car will save you from a lot of problems in the future.
Different people will tell you different things about different cars. Different agents will try to sell you different plans in a bid to earn maximum commissions. No matter who the suggestion is coming from: don’t trust it blindly. You will pay for your purchase with your own money, not theirs.
Take it upon yourself to inquire about specifics like: reviews and pricing etc. If going for a used one, make sure to obtain a vehicle history report before purchasing a vehicle.
This report includes various important details like:
In some cases, a car would look like it was sent by god just for you by the looks of it. However, it would have some hidden problems like low mileage and fuel efficiency, high maintenance costs, lack of service centres in your neighbourhood etc.
Additionally, make sure that all the specifications of the car comply with the Canadian vehicle laws. Considering these non-obvious factors is just as important as considering the obvious ones while buying a vehicle in Canada.
So you’ve selected a car? Looks, check. Mileage, check. Reviews, check. All good. Now is the time to ask the real question. How would you actually buy your first car?
To answer this question, you have to decide on the financing options of your new car. You can pay the lumpsum in cash? Fantastic. But what if you can’t?
In that case, getting in touch with a good and trusted car financing company becomes of paramount importance. The company will walk you through the process of obtaining financing and also suggest the best way to buy a car.
Up till now, you have made a budget, chosen a car you can afford, checked its history and obtained its financing. That’s some seriously good work. Does that mean you can get your car and drive home? No. Well, you can drive it away, but you shouldn’t.
Before that final seal of closing a deal, make sure you take our car for a test drive. Features and reviews on paper can’t tell the complete story of what your own gut feeling will tell you when you actually sit in and drive a car. Look out for anything that looks or feels out of place.
Even if you can’t point out anything wrong with the car but still have a nagging feeling that something is wrong, look on the internet for reviews or ask a friend. A good advice would be to not go ahead with the purchase and look for other options.
It’s your money; be careful with it.
Buying your first car in Canada can be a complicated journey if you’re not careful enough. Make sure you get all the basic rights by taking care of the points mentioned above. On top of that, look out for any other red flag that might spoil the happiness of your first car purchase.
Still feeling overwhelmed before your first car purchase? Lo and behold AutoFinancingPro! A company that is dedicated to enabling Canadians to drive their dream cars on their terms. Their streamlined process, a large number of dealers to choose from, flexible payment options, and lack of any hidden agendas set them apart from the rest.
Book a consultation with AutoFinancingPro to kick-start your first car purchase journey in Canada today!
