When you decide to splash out on a new car, often you think about the value you are getting right now, and the deal. However, it is also important that you focus on the return on investment. If you decide to buy new, you will lose hundreds as soon as you drive the car out of the salon. This is why you have to research which cars retain their value the longest, especially if you are thinking about taking on credit.
How Long You Want to Keep Your Car For
Before you buy a new car, you will need to think long and hard about how long you would like to keep it for. If you have taken out a loan for three years, it is likely that you will need to hold on to the car for that long, unless you have the ability to pay off the loan early. With hire purchase, you will have to read the small print, which means that you should consider the final payment and ensure that you have it at the end of the term/
The Mileage You Will Do
When trying to sell your car later, the mileage is something your potential buyers will look at, as well as the general condition and the service history. Therefore, it might be a good idea to buy a more expensive car and keep the mileage low on it, so you can reduce the depreciation level and still sell on your vehicle or do a part exchange later on.
My first ever car
Optional Extras
If you are thinking long term, you will need to consider getting some optional extras or features that will serve you and the future owners well for many years to come. For example, you could get a new Mercedes GLC with a special deal, and still make it look brand new after a couple of years, making the most out of your investment.
Outdated Technology
It is crucial that you buy into a car that has the latest or future technology, if you are planning on selling it on later. You cannot attract buyers with a cassette or even a CD player or a basic sound system. They will have the option to go for a used car with Bluetooth connectivity or even hands free sound system operation, and it is obvious which one they will choose.
Maintenance Cost
One of the things you will have to consider is the servicing when trying to maintain the value of your vehicle. To avoid your car ruining your financial future, you might want to sign up for a regular servicing deal with the dealership, so you can manage and monitor the condition of your car.
Getting a new car is not a decision to be taken lightly. You will need to make sure that you are able to work out how much the vehicle will cost you. The more you rely on credit, the more likely you are going to be to lose money.
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