Wednesday, 9 November 2016

Buying an expensive car? Here are 6 things to consider

So, you’ve decided to make the jump. Now’s the time to blow the budget on an expensive vehicle, and you’re looking forward to your new ride. That’s cool and everything, but it’s not necessarily as simple as it appears on paper. When you’re buying an expensive car, there are multiple factors to consider before you hand over your cash. Here are just some of them.

Depreciation
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If you’re opting to buy from new, you’re going to run into a problem with depreciation. This is the term used for how your car loses its value soon after purchase. It’s worth checking out just how much value will be taken off, and whether a used buy would be a better choice. You don’t want to find yourself regretting a purchase of this magnitude later on.

Security

If you’re opting to buy a more expensive car, it’s automatically going to be a more attractive prospect for would-be thieves to target. That’s something you can’t argue with, but you can find ways to protect your car more effectively. Everything from securing your garage to adding camera & alarm protection should be considered. And, don’t go parking it in an unsafe location under any circumstances!

Maintenance costs

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Just because you might have the funds for the car itself, it doesn’t mean you’ll be financially set for maintenance costs. Some cars require more financial investment than others in this area, depending on the parts used. Be wary that when your car goes in for servicing, the service will be priced depending on the cost of working on your car. Be sure to check online reviews before you make the purchase to avoid this.

Insurance premium

For drivers of all ages and experience, this is a big factor to consider. In particular, if you’re a young driver, you’re not going to get away with a low-cost insurance premium. The more expensive you go, the more expensive your insurance premium goes. Ultimately, you’re putting yourself at more risk by investing in better engines and greater speed. If you’re willing to pay for that, that’s your decision. But, don’t go thinking that it won’t take a large chunk out of your funds.
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Space

You might be looking for the ultimate sports car, but that might not result in practicality. Often, the fastest cars on the market aren’t equipped for everyday needs. They’re not intended for that reason, so they neglect basics like space to enhance other areas of the car. Again, that’s not necessarily a bad thing. But, if you’re planning to use this thing on a regular basis, you’re going to want the sheer basics to be right.

Reliability

Of course, reliability is yet another factor to consider. Sometimes, the biggest and best cars in the world are packed full of complex mechanics. The more complex stuff that’s in there, the bigger the chance of something going wrong. Be sure to check reviews for reliability before you make the purchase. And, if you’re buying from new, thoroughly test drive the vehicle ahead of making any decision.


** This is a collaborative post

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