- Emma Anderson
- June 17, 2021
Buying a new car is a major financial goal on the list of almost every professional in the industry. However, a hasty approach towards this goal can cause some serious damage to your finances. You need to check some items on the list to ensure the car loan repayment doesn’t cause trouble.
Many situations indicate the time is right to bring home a new car. People are willing to spend their savings because of some reasons regardless of their sensibility. While experts recommend focusing on requirements, some people prefer emotions over logic.
Here are the top ten reasons that make people buy a new car from the dealership instead of waiting a few more years.
1.Lease is Over
A car on lease is your drive for a limited period even with heavy monthly rent. You will never own the vehicle that eliminates the proud feeling of ownership. Thus, people decide to buy a new car once the lease of their current vehicle is over.
You can apply for car finance with bad credit at reasonable interest rates from direct lenders. The instalments will be slightly higher than the rent paid during the lease. Unlike leasing, you will own the vehicle once the loan is repaid.
2. New Technologies
There was a time when the technologies inside a car included a music system with a CD player and mobile phone charger. These are the basic features these days, along with the advanced tech that ranges from GPS to semi-auto pilot. These features make the ride more comfortable, convenient, and fun for the passengers.
The tech-enthusiasts keep their eyes on the new developments to decide whether to buy a new vehicle. Any ground-breaking innovation will tempt you to replace your current vehicle. However, many of these technologies are easily available in the aftermarket at a price way cheaper than a new vehicle.
3. More Space
The first car of bachelors doesn’t fulfil the space requirement of a family. They can buy a small hatchback for the sole purpose of travelling to and from the office. Therefore, it is time to buy a bigger vehicle if you are about to start a family.
For new business owners, there could be a requirement to transport some items. Thus, a person can come to the requirement for a bigger car for various reasons. You can still upgrade after applying for car finance for self-employed with flexible repayment options.
4. Drive for Partner/Family
Again, a new stage of your life may require a new car for your family. It is essential if your spouse is working at a place far from your office. Thus, it makes more sense to buy a different vehicle for them to facilitate the travel if there is enough space in the garage.
Apart from the spouse, you may want the car to give the children a new license. The family may require an additional car as a backup for the medical emergency. You can avoid the purchase by switching to public transport, if possible.
5. Better Safety Features
The older cars are equipped with plenty of safety features. However, they are obsolete in the present world with a more safety-oriented vehicle. You can switch to a safer ride to ensure your family don’t have to suffer from a mishap.
There are 15 essential safety features in cars and commercial vehicles recommended by the government. You should make a list of these features alongside some exclusive ones to compare two vehicles. To your assistance, each car is launched in the market with safety ratings from NCAP.
6. Dead Old Car
Your old car may have died out because of some irreparable damage after years of abuse. It is a wise decision to buy a new vehicle instead of spending money on frequent repairs. Ultimately, you will save more money on the repairs than the interest on the vehicle.
For some people, a car is essential for commuting to the office and some other important places. They are stuck with no other choice than to replace the vehicle as quick as possible. For them, a direct lender is the best choice for a soft search of car finance because of the faster preapproval.
7. New Experience
It is okay to feel bored after driving the same vehicles for years. You may want to switch to different manufacture, model, or make to refresh the driving experience. Do not wait for the old car to die out if you want a switch very bad.
Many people upgrade to a new model of the same car because of their attachment to it. In comparison, others select a better model or an entirely different manufacturer. Nevertheless, you will get a better price for the current car if it is in good shape.
8. Change in Car Type
A different stage of life will require a different type of car. Married people buy a bigger car than their sedan or hatchback for their baby. It can be a minivan or SUV to accommodate the new member.
Switching to a family-friendly car is difficult for people as they have to say goodbye to their current car. However, lenders find it easy to trust a family with easy approval of a loan for their new vehicle. You will get 100% guaranteed car finance from direct lenders based on your credit profile to make the switch easy.
9. Fuel Efficiency
The cost of a car is not limited to the amount you will pay at a dealership. It will require maintenance, insurance, repairs, and most importantly, fuel. Thus, you need to keep in mind different expenses while finalising the car before the purchase.
Electric vehicles will offer the lowest cost per mile when compared to other fuel types. If you can’t live with the engine sound of petrol, consider cars with a better average than the alternatives. Smaller cars tend to use less fuel than their bulky counterparts.
Reputation is an interesting reason for the choice of car. People do get impressed with your drive. It will reflect your personality and social standing.
Moreover, people often feel awkward when the subordinates are driving a better vehicle than them. Even if it sounds materialistic, your vehicle always has a direct impact on your reputation. Thus, many people upgrade their vehicle once they move a step ahead in their career.
Reliability is a major factor that determines your purchasing decision. A broken vehicle can leave you stranded in the middle of nowhere. You will feel helpless if there is no other vehicle around.
If your vehicle is at the risk of dying out, it is recommended to either repair it or switch it. Many car accidents take place because of the failure of a component during a drive. The money saved with the decision to drive the current vehicle is not worth the life at stake.
12. Style Statement
Again, your vehicle is a symbol of your personality. Every vehicle type and model is associated with some traits of its driver. Therefore, you should switch the vehicle if it is not suiting your style.
A stylish car doesn’t mean a lowrider or coupe with million dollars price tag. Even the budget hatchbacks are introduced in the market with elegant and catchy design. Therefore, you can switch to a more stylish drive within a budget if you want to impress the people around you.
13. Business Development
Many business owners grab the attention of their potential clients with their car. It is a statement to impress them with your standards and taste. Even some organisations offer their sales executives key to luxurious cars to secure some heavy clients.
For business owners, it is an investment with significant returns. The clients will trust your proposal based on the success displayed by different actions. Thus, you are creating a desire in others to associate themselves with a successful person like yourself.
Car is among the few things that will grab attention before you present yourself to an audience. Luxurious cars attract the audience on the busy roads. You will experience a great feeling when other people click pictures of your vehicle in the parking area.
Ownership of a car is a dream for millions of people around the world. It is no longer a luxury similar to the early 19th century. Instead, it is now considered an essential part of a household.
Thus, even the non-fanatics save money for years to buy a dream car. You don’t need it to grab attention, make some statement, or live in an adrenaline rush. It is something that will help you take your family on a long drive and ease the travel to the office.
To sum up, the automotive industry has an enormous customer base because a car is present in the checklist of almost every human. Those who already have it wants an upgrade with more features and comfort. At the same time, others want to buy their dream car after years of hard work.