Are you going to get new wheels? If yes, you should know more about buying car in Singapore. Getting it right is so important because the car is the second biggest investment you can make in your life after buying a home. Here, we will look at some steps you should take to choose the right car for you. Keep reading to learn tips for buying car the smart way.
Look into Pre-financing Options for Buying Car in Singapore
Look into the financing options, some people obtain car dealership inhouse car loans but this is not monetarily responsible. It has higher interest rates as compared to bank loans rates. Start researching auto loan rates from your bank as most banks offer discounts that you won’t find anywhere else.
Get Instant Price Quotes Online
Once you have managed the finance, next step is to research the market, check different car dealership options; find the price of care, resale value and market value of the car. All these information help you once the negotiation begins. When you have narrowed your search and consider one or two specific car models to buy, get the price quotes online. Compare the quotes and see which deal suits best to your needs. If you do not want to buy it online, you can use these price quotes as a reference when you research market. You can match the prices with online quotes prices when you visit the local car dealers.
Do a Test Drive
As you are going to purchase something big, so you must feel comfortable with it. When the dealership is closed, you will not take the test drive. So it is better to set up a test drive, or you can even rent your desired car for a day or two. This is no doubt, the best way to do a test drive. When you are going to buying car in Singapore, don’t forget this important step, especially if you are buying it online.
Once you have done a test drive and you are satisfied with what you choose, negotiate terms. Buying a new car is more than a chess match. It is a very important investment in your life after purchasing a house. You may be paying off your dream car for the next five to ten years. For negotiation, knock the buying price down. Start with some numbers and go backwards. If the sales personnel give you a monthly loan offer, e.g. the offers 60-month loan, negotiate with them and tell him you want this payment with a 48-month loan.
But remember one key point, i.e. negotiate with the salesperson on the car’s purchased price rather than the monthly payment. Also, make sure to know the exact purchase price of the car that you are going to buy. There could be an additional cost that can affect the price such as delivery fees, taxes, dealership costs, car preparation and other you will not know about if you not ask.
Close the deal
Now it’s almost done, and the finish line is not very far. It’s time to sign the paperwork. Make sure to read the purchase agreement before signing it. If the agreement is not the same thing you have agreed to the dealer during negotiation or on the phone, don’t go through with this deal.
When is a good time to buy a car?
As everyone knows that newly launched car models are costly than old models. If you want to buy the new one without breaking the bank, then wait for a while to drop the price before you make the purchase. Some car dealers offer promotions, roadshows, anniversary discounts that you can avail but remember not to make a hasty purchase decision due to promotions. When you are buying car in Singapore, choose the weekdays to visit the showrooms because they are less crowded these days. The salespersons will be more obliged and attentive to answer all your doubts.
To wrap up, buying car in Singapore is a big purchase. So it is very important to do in-depth research before making the purchase decision. By following the above tips, you can buy car the smart way. If you have any other tips for buying a new car, share us in the comments below!