A friend of mine was contemplating on trading her old car for a new one and asked me to help her look for options and make a decision. I’m not really very knowledgeable with cars so I can only be of little help when it comes to choosing models and specs of vehicles but I do have some practical know-how that can help her decide on a sensible purchase.
The first thing we covered was her reason for trading cars or buying a new one. Basically it was due to sky rocketing fuel cost and expensive maintenance cost of old vehicles. Her mechanic suggested that she look for a new car model to save on tune-ups and parts replacement and she is willing to heed his advice.
Next thing on our list is the search for her new car. The idea of buying a new car got us really excited so we made a list of car models that would fit her needs and budget. I immediately scoured the net for the latest car models and special promos only to be daunted by the amortization costs. There are promos that offer low down payment rates and charge monthly amortizations that is roughly equivalent to ¾ of my husband’s paycheck. The alternative was to purchase a car that has high down payment but low monthly amortization which was more practical for her since she was earning just as much as my husband.
We then started computing for her down payment budget and monthly disposable income for the amortization. Since part of her down payment will come from the proceeds of selling her old car, we assessed the car’s retail value based on vehicles found in buy and sell sites online. These are websites that allow you to sell your car online with minimal or no cost at all. Selling your car online also gives you a wider market reach.
Once we got the budget finalized, we narrowed down our list to our top three vehicles and asked my husband’s advice on the specs and features of the vehicle. My friend ended up purchasing a new Toyota Vios that fit her needs, budget and style.
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