Buying a car can be a tough and emotional decision. There are so many factors to consider when it comes to making such a big buying decision. When is the right time to buy a used car?
There isn’t really a particularly good or bad time to buy a used car, but there are a few factors to consider when it comes to the timing of making a big purchase.
- Disposable income. Your budget is a very important factor when it comes to buying a car. Consider how much disposable income you have available. In other words, how much money do you have left after all your expenses are paid? And how much money will you have left after you buy a car? If you have a set amount available for the monthly repayments of the car, then find out how much the total value of the car will be that you can afford. Stick to that total value. Rather buy a car that is below that value than one that is above it because you could find yourself in a tight position when it comes to your monthly finances.
- Current car problems. Is your current car giving you more problems than usual? Are you spending a lot of money on repairs? Could you rather allocate those funds towards a reliable car? If you find yourself having to fix engine issues every month or your car is getting old and giving you a lot of problems, then you might want to consider trading it in for another one.
- Family is expanding. If you currently have a small car and you are going to have another baby, then you will need to consider looking for a car that is more spacious and suitable for a family of three or four, depending on your situation. A baby may be very small but they come with so much luggage. Consider the size of the pram and the bags that you will have with you. Will everything fit in the boot?
- Maintenance plan is ending soon. If you have car that currently has a maintenance plan that is coming to an end, then you might consider selling it. You can then look for a used car that is less than 2 years old which still has a maintenance and service plan in place. This gives you the peace of mind that all your services will be covered as well as any maintenance that needs to be done. With a maintenance plan you can be assured that the original parts will be used and that no shortcuts will be taken when it comes to repairing faulty parts.