In 2023, when used automobile prices will be at an all-time high, some of us may consider splashing out on a brand-new vehicle. People are more willing to disregard the conventional financial advice to buy a three-year-old car rather than a new one because of the lack of availability in the used car market. According to this advise, new cars lose value after the first year by more than 15%. In today’s market, many people will now accept the value decline of new cars rather than spend more on a used vehicle.
If you’re considering purchasing a new automobile in 2023, we’ve included all the pertinent data you should take into account while making your decision below.
1. Know Your Budget
Settling on a budget is one of the most crucial factors to take into account when purchasing a new vehicle. Because of your budget, you might not be able to afford certain models or brands or you could have to forgo certain features. Car Finance is another option to think about if you lack the finances to pay the full amount (more on this in tip 12). Consider whether you can afford the car you really want or whether you’d be better off with a secondhand vehicle. You can read one of our blogs about the inquiries to make when purchasing a used car.
2. Diesel, Petrol, Hybrid or Electric (BEV)
New car buyers are debating whether or not it is time to move to electric automobiles. By doing so, they would be able to future-proof their next automobile purchase and prevent rising gasoline prices. On our most recent blog, we discussed the benefits and drawbacks of electric vehicles. Hybrid cars are a common substitute for those who are hesitant to transition to completely electric vehicles (BEVs). For the traditionalists, it will take some time before the great electric vehicle transition becomes widespread. The government’s target of having 1 million electric vehicles on the road by 2030 makes this especially true. In such case, buying a gasoline or diesel car may be a less hazardous option because they won’t disappear in the foreseeable future.
3. Select A Dealer/Brand That Will Be Easy Visit/Contact
Don’t make a hasty decision when you’re at a dealership. Think over whether the dealership offers excellent customer service and is receptive to your issues. Both will be crucial if you experience any automotive problems. A car warranty is provided by the majority of new automobile manufacturers. If your car has problems, it may be crucial that there is a reputable brand dealership close by. You are not required to shop locally as a result. However, if you purchase a Toyota in Dublin and reside in Galway, you want to take into account whether the city has a brand dealer that can handle the car’s routine maintenance.
4. Examine running costs & fuel efficiency/range
The fuel efficiency of your next vehicle will be crucial as long as fuel prices rise. Up to 30% of fuel expenditures can be saved with hybrid automobiles. Although the driving range of battery-powered cars can vary depending on the model, they can reduce operating costs by 70%. Numerous modern gasoline and diesel automobiles also feature increased fuel efficiency. It may be important to keep in mind that larger engines may become more frequently the focus of government initiatives focused at reducing carbon emissions.
5. Know The Number of Years Warranty
On the sale of new cars, the majority of automakers provide a warranty. This implies that they will fix any significant issues or flaws with the car. For instance, Kia offers one of the finest in class 7-year or 150,000-mile warranties, whichever comes first. Major problems with new cars usually don’t arise for the first 5-7 years after they leave the factory. However, keep an eye on the manufacturer’s warranty and after care services if you want piece of mind.
6. Research the price of car insurance
You should research what the insurance is going to cost before purchasing a new vehicle. Higher insurance rates will be associated with larger engine sizes. By checking before you buy, you can avoid any unpleasant surprises.
7. Investigate If The Car Specs Meet Your Requirements
Does the car contain every feature you require? Or do certain technical features like cruise control, alloy wheels, a sunroof, etc. require extra money? Learn what is required by specifications and what is provided as standard. If your family is expanding, keep additional car features like interior space and cargo room in mind.