The 10 Best Ways to Protect Your Investment When Buying A New Vehicle
April 26, 2022
Buying a vehicle is an important investment for anyone, it can be a milestone in someone’s life and represent a lot of sacrifices, years of working, and saving. Such a significant investment must be secured in any way possible, so here you have what we consider are the ten best ways to protect your investment when buying a new car:
Photo by Benjamin Klaver on Unsplash
- The complete drive test: Before you buy a car, test it properly so you see it works smoothly and suits your needs and demands. Check if it veers, if the engine makes any suspicious sound, if suspension works right, anything that might seem problematic.
- Don’t go fast and furious right away: Once you buy the car, take the first days as a longer drive test. Drive calmly, don’t rush or brake suddenly, so you can get used to the car and the whole vehicle can start working gradually.
- Get insurance: This is probably the first option that comes to your mind when you think about this topic. Take some time to look for the option that best suits your interests and your budget, good insurance premium helps a lot in case of an accident, saving you even thousands of dollars
- Do proper maintenance: Keep your car in good shape realizing constant maintenance. Take it to the car wash, do periodic oil changing, take it to service at least once a year. The more you take care of your car, the most value it will maintain.
- Avoid automatic car wash: Although it’s convenient and quick, it can leave small scratches on your car’s paint, so it’s best to avoid it.
- Choose smarter: It’s no secret that new cars lose their value quickly, so it’s good to check which models lose less of their value before buying. There are lots of websites that talk about this topic and can help you find models which price will diminish less over the years
- Think about warranties: Selling companies offer different guaranty options, most of them offer 3-year warranties, but some other are more flexible in this case, offering 5 or 7 years warranties, or they’ll establish them to depend on miles driven.
- Protect all surfaces: Cars are exposed to temperature changes, sun, rain, mud, and dirt, all of which affect the vehicles’ parts, especially their inside and outside surfaces. Car surfaces are made of a lot of different materials and each one needs particular care. Look for the best products to treat each of them, so they stay cleaned and protected, like ceramic coating to protect exterior paint, and leather guard to protect leather seats.
- Beware of the gap: One of the problems of insurance is that if your car gets stolen or severely damaged in an accident, it will pay you what the car is worth at the moment, which is usually way less than what you paid for it, so you could end up owing the finance company. That difference is known as ‘the gap’, and some companies offer GAP (guaranteed asset protection) insurance, which helps you clear that debt so you don’t have to pay it from your pocket
- Check paperwork and spears: Make sure you keep all your car’s important documents and spears: Logbook, servicing booklet, manual, sales contract, spares, and keys. This will keep things better organized, which will help a lot in case you want to sell the car later.