Does your major purchase always live up to your expectations?
You might have seen often people take hasty decisions and end up with great regret after spending huge amount of money on something that they really wanted to buy. For many consumers, making a major purchase is always a challenge. I bought a brand-new car which is one of the best and expensive purchases i did in the recent past. It completely lived up to my expectations. Hence, I consider it as a major achievement in my life. How did I make this purchase fruitful? Let me share my experiences with you.
When I decided to buy a new car, the foremost thing I did is revisiting my bank account. Sometimes, saving for a big purchase seems to be difficult when you have many other things to pay for. Therefore, check your budget to make room for your dream item in the monthly expenses without interrupting your daily needs or other non-negotiable expenses.
Identify your upcoming expenses and adjust the budget accordingly will give you a long-term solution. Referring my budget, I decided to make a down payment and go with a car loan for the rest. Remember, you must know your credit history and score before you negotiate an auto loan. Always keep an open mind to adjust your requirements if necessary. A better alternate is finding a used car with good mechanical conditions to save a substantial amount.
The second step is doing some advance research. Whether you purchase big or small, do the research thoroughly so that you can be a satisfied buyer. Don’t make yourself unhappy spending and purchasing something that you don’t need. Buying things like a house, a car, computer or other electronic items and appliances are major purchases which require enough research and cost.
When I did my research, I focused on three major aspects – features, price and quality. I listed out everything that meet my transportation needs. For example, I set up a criterion which included the kind of vehicle and it’s model, number of seats, gas mileage, durability, safety records, maintenance issues etc. then listed all the cars that meet my requirements and fine-tuned the list by crossing-off that doesn’t fit my needs. I listened to the featured reviews and opinions from automotive professionals and experts. Use online resources, consumer magazines and other publications to research the possibilities. I prefer customer reports, especially for cars and electronic items.
Gather inputs and possible concerns from your friends, colleagues and relatives. Group sourcing is another tool for researching major purchases. The ratings and evaluations given on various websites tend to be highly useful in terms of quality and price. Also look for sales and rebate offer to save money on the price. For example, you may get best deals in December as business is often slow at the end of the year. I bought my car in October as the dealer offered good deal on current year model.
Once you can balance the three aspects and you have all the information at hand, then you are good to go. And finally, whenever I visit a store, I try to negotiate the price further if possible though it doesn’t work always. Give a try!
https://cashmoneylife.com/how-to-research-a-major-purchase/
https://handsonbanking.org/articles/making-major-purchase/
https://handsonbanking.org/articles/smart-car-shopping/
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