Owning a vehicle is the desire of many and acquiring a new one is a decision that should not be taken lightly. The buyer must analyze several aspects before deciding.
Owning a car provides many advantages. For example, you get independence as well as more safety and comfort, compared to public transportation.
In the first half of 2022, 57,748 light vehicles (car, truck, SUV) were sold in Ecuador compared to the 48,427 that were sold in the first half of 2021, according to figures from the Association of Automotive Companies of Ecuador (Aeade). The types of vehicles preferred by Ecuadorians vary.
Next, the points that you should take into consideration before buying a car.
Financing
Before starting to look for potential vehicles, you should analyze your ability to pay, if you plan to acquire the car on credit, either directly with the dealership or with a financial institution. For this, it is very important that you review your credit history.
A credit history is a document that It is used to analyze your ability to pay when going to a financial or commercial institution and requesting a loan. With this record, companies and banks can determine how responsible a person has been against a loan.
In addition, it is important to analyze all the costs associated with the car. If it is on credit, in addition to the entry – some financial institutions require that it be 30% of the value of the car – other items are also paid: the insurance that is mandatory and the locator which is also true, although in some dealerships they do leave it up to the customer’s discretion.
This is what you should take into account to acquire a loan for the purchase of a vehicle
Tips for acquiring a loan for the purchase of a vehicle
On the other hand, if you put down twice the amount of the down payment when purchasing a vehicle, you can save $1,500 to $2,000 in interest. It is advisable not to get into debt with a monthly installment greater than 40% of the net monthly income. Remember that you will always have other fixed expenses: housing, food, other debts.
car type
In the market there is a wide variety of cars and different prices. But at the time of selection, it is ideal to determine which factors are most important for your use in a car.
The first thing you can focus on is determining a price range that you are comfortable with. Then you can decide on a style that suits your priorities.
For example, if you need a lot of seats, a minivan might be the ideal option. Instead, those who want storage space can go for hatchbacks and trucks.
In addition, hybrid and electric cars currently attract those who consider respect for the environment one of their main priorities, although their prices are still higher than purely combustion vehicles.
You can also take into consideration the type of fuel you will give your vehicle.
Why are Chinese cars gaining ground in Ecuador? In the first quarter of 2022 they captured 38% of the market
Get to know the ten cheapest SUV vehicles in the Ecuadorian market in this 2022
Try before you decide
Once you have defined the type of vehicle, you can try among the different models available from the variety of brands. This way you will be able to know its performance both on urban roads and on highways.
Generally, vehicle dealers allow interested parties to test drive them, without this representing a purchase commitment.
Even when selecting a dealer, it’s still a good idea to check online reviews from other customers to find out what experiences they’ve had. You can also ask family members or friends who own vehicles of the makes you’re interested in for dealer recommendations.
Never feel pressured to buy a vehicle on your first visit to the dealership. It is important to take your time to compare prices, interests and models.
Procedures and steps on how to buy or sell a vehicle in Ecuador
Advantages and disadvantages of buying a new or used car
Maintenance
Generally, Vehicles that leave the factory do not represent a problem for the owner, at least in the medium term. However, the owner must follow the manufacturer’s instructions on the maintenance that must be given to the car periodically, such as the recommended visits to their own workshops to maintain the guarantee of good use of the vehicle.
Therefore, the costs of this item must be taken into account, especially when the guarantee or grace period given by the dealerships in their workshops no longer applies. In the market there are models and brands of cars whose spare parts are cheaper and of greater stock What others. (YO)
Source: Eluniverso
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
