Many South Africans are looking forward to doing a bit of online shopping this Black Friday.
But there could be more to November 27 than sales on sneakers and fancy headphones. Some lucky shoppers may even find a deal on their dream car.
While the thought of jumping into a brand-new, leather-clad driver’s seat is exciting, here are some things to consider during the selection and buying process:
1. Shop around for a good interest rate
No, you don’t have to take up the first vehicle finance interest rate that’s presented to you.
In fact, with a little extra admin (which a reputable dealership can do on your behalf), you could find a much better deal.
Of course, this means that you’ll end up paying less every month, and in total over the finance period.
2. Understand the pros and cons of balloon payments
When you finance a vehicle with a balloon payment, you may pay lower monthly instalments, and a lump sum amount at the end of your finance period.
This could mean that you can get a car that would otherwise be out of your price range.
But there are downsides too. If you can’t pay off the final lump sum, you may need to refinance the amount due on the car. This could create a cycle of debt that’s tough to break.
3. Think about what optional extras you really need
Just about every automaker offers customers optional features, like sunroofs or adaptable cruise control. It’ll be up to you to decide which extras will genuinely add value to your lifestyle.
4. Look into maintenance and service plans
Car maintenance costs money, and one way to prepare for this is by buying a vehicle with a maintenance or service plan.
Typically, a maintenance plan is more comprehensive and includes the replacement of worn-out brakes and other consumables.
Do a little reading and understand what you’re covered for to protect your wallet when it comes time for your car’s yearly once-over.
5. Get quality, affordable car insurance
Getting trustworthy car insurance protects you against unexpected setbacks and costs as a result of an accident or theft.
Remember, OUTsurance will go the extra mile to give you a saving on your monthly car insurance premium, while offering you comprehensive cover with a full range of benefits.
OUTsurance is a licensed insurer and FSP. Ts and Cs apply.
This article was published in partnership with OUTsurance.