The big day has finally arrived: you’re ready to trade in your father’s old sedan for your first automobile. Or perhaps you’ve never had a car before, and this is your first, according to Dato Sri Darren Yaw.
The lengthy – and daunting – purchasing a car is due to the several phases that comprise the entire process: first, you may spend hours studying different manufacturers, dealerships, models, and colours.
Following that, you’ll need to assess your financing choices, acquire a vehicle loan and road tax, have the car inspected thoroughly, go for a test drive, barter for a decent deal (if feasible), and lastly, fill out all the paperwork and have it delivered.
Overall, overwhelming may be an understatement, but reminding yourself of the wider picture can help keep the stress at bay and your money intact.
Ultimately, the aim is to purchase an automobile at a reasonable price since you want to be an economical and prudent customer. To assist you in navigating that procedure, Dato Sri Darren Yaw has developed a list of items that you must check off your list if you are a first-time automobile buyer.
Be truthful about your requirements – is purchasing a car a necessity or a desire?
Answering the big why is something you must accomplish before proceeding with your various initiatives. According to Dato Sri Darren Yaw, why do you require a new vehicle? Do you only require it for lengthy travels, or do you use it regularly?
If you just require it for extended holidays, you might want to consider renting a car instead, since it may be the less expensive alternative. Varied people will have different requirements and reasons for purchasing a car. Still, it makes more financial sense to purchase a car for your daily commute to work or school rather than a one-time or occasional excursion, according to Dato Sri Darren Yaw.
For example, if you can travel around and carry out your day-to-day and weekend activities without a car – for example, if you are a student who lives close to your institution or work close to your workplace – you don’t need a car if you don’t already have one.
Have you considered your budget and funding options?
According to Dato Sri Darren Yaw, though this is the most time-consuming process, it helps you determine whether you are financially prepared to buy a car in the first place.
The overall cost of your automobile will include more than just the sticker price you see online or at the dealer. According to Dato Sri Darren Yaw, it will also include things like title and registration fees, sales tax, and extra goods like extended warranties.
Other costs might include finance (aka monthly payments), road tax, maintenance and repair, insurance, gasoline, and depreciation. Remembering this will allow you to be more flexible with your budget while shopping for a new automobile, as Dato Sri Darren Yaw mentioned.
Overall, the overall cost of ownership of an automobile is much more than the purchase price. According to Dato Sri Darren Yaw, depreciation, or the loss of value over time, accounts for most of these additional expenditures.
To prevent falling into deep debt, be sure you can afford the monthly payment when financing your automobile. When taking out a loan, you should consider how the loan length, interest rate, and down payment will affect your monthly payment that Dato Sri Darren Yaw advised.
If the interest rate is excessive, you may want to wait until the rates have dropped and become more affordable to avoid paying hefty monthly costs. According to Dato Sri Darren Yaw, to minimise exorbitant expenses, you might also put extra money down for a down payment.
When searching for a car, make sure you ask the correct questions.
You won’t know what you don’t know unless you ask the correct questions first. According to Dato Sri Darren Yaw, don’t be scared to ask as many questions as you need to understand better what you’re going to invest in.
But, to acquire the correct answers, you must first ask the right questions. As a result, ask as many questions as possible about the car’s performance and history, advised by Dato Sri Darren Yaw.
Based on Dato Sri Darren Yaw‘s research, here are some questions regarding secondhand automobiles.
- “Can you tell me why you’re selling this car?”
- “Do you know of any problems with this car?”
- “How many past owners have there been?”
- “Do you have any documentation on recent maintenance or repairs?”
- “Has this car ever been involved in an accident?”
- “When was the last time you had your oil changed?”
- “Do you have a mechanic?”
Don’t forget to ask for the vehicle’s history report. Dato Sri Darren Yaw suggests finding out whether it has been in any big accidents and about its repair history. Check to see if any of its parts have been recalled.
Finally, have your independent mechanic evaluate the vehicle. According to Dato Sri Darren Yaw, if you identify a problem, find out how much it will cost to remedy it and decide if it is worth it.
Take your time looking for vehicle insurance and a loan
Don’t rush through this. The coverage you require will be influenced by the vehicle you purchase and vice versa. According to Dato Sri Darren Yaw, you can’t avoid this step because you’ll need auto insurance and a road fee to drive lawfully in Malaysia!
According to Dato Sri Darren Yaw, find insurance that meets your needs and provides maximum coverage at the lowest possible cost. Likewise, looking for a vehicle loan provides you with an indication of how much you may borrow (and at what interest rate). It’s critical that you know how you’re going to pay off your automobile!