Getting a New Car? 4 Tips to Buy Your Car the Smart Way

So, you’re finally ready to purchase a new car of your own? Congratulations! Unlike in the past, the process of buying a car these days is fast, hassle-free and simpler than you think.

Here, we share 4 tips to help you buy your dream car the smart way.

The best part of buying a car is,undoubtedly, going car shopping. But wait! Before you walk into a car dealership, you should at least know the type of car that you’re looking for (compact, sedan, SUV?). If you’re just getting started, here’s what to seach for:

• Car comparison websites

If you’re clueless about which car to get, then start by going online and visit car comparison websites and blogs, or even online car buying platforms. This can give you an idea of the many, many brands and types of cars that are available in Malaysia, their prices and what fits your requirement. If you know your financing eligibility amount – then this makes it even easier to narrow down your car selections. 

• Online Car forums
   

Know which car you want? Time to check out YouTube videos and car forums to know more about the car’s performance, review, maintenance (also spare parts availaibility and price) and of course, to see if there are any car promotions available. Speaking of promotions….

• Car price
   

Take your time to shop around and compare between various dealers to get the best deal in town.

When you do the math, don’t forget to account for additional expenses besides the cost of the car. High-end cars tend to have higher upkeep costs, including specialised repair services and expensive parts.

• Brand new or used car?
   

Here comes an age-old yet tricky question – should you opt for a used or new car?

With a new car, the obvious benefit would be receiving the full manufacturer warranty and, in most cases, free servicing for the first few years. Also, being the car’s first owner means that you get the safety net of repairs sorted out by the dealer should any unexpected issues arise. However, you may have to wait if the car you’ve set your eyes on is in high demand.

Alternatively, used cars may be a cheaper option for car buyers. Do note that if you take out a loan/financing for used cars, the downpayment and interest/profit rates may be higher. Depending on the car’s condition and the make, you should be prepared to spend a little extra for maintenance and repairs.

Car buyers can either buy car insurance or takaful from the dealer, bank or insurance/takaful company. Before you make a hasty decision, you should compare the benefits, service, claim experience and additional coverage, especially flood coverage, instead of just pricing of each plan.

You can also protect yourself against losses which may occur if your car gets totalled with supplemental auto insurance/takaful called gap insurance/takaful.

Gap Insurance/takaful, such as CIMB’s Purchase Price Gap Insurance, covers the difference between the vehicle purchase invoice price and the claimable amount paid by comprehensive motor insurance in the event of total loss claim.

Need extra coverage for natural disasters, repair warranties and more? CIMB’s Secure Motor Insurance offers drivers hassle-free renewal and provide natural disaster coverage. 

With these helpful tips for buying a new car, you can make smarter financial choices to make your purchase more rewarding. Find out the steps towards owning your first car with our car buying guide! 

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.