How to Buy a New Car on a Budget | Archway Insurance

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How to Buy a New Car on a Budget

Posted by  On May 16, 2022
How to buy a new car on a budget

Are you thinking about buying a new car in the next few months? If so, you’ve probably already done some research into the kind of car you want. You have to think about many different factors when you’re car shopping, such as how fuel-efficient it will be, what kinds of extra features you want, and how much you’re willing to pay!

In this article, we’ve got some great tips on what to do before you buy your new car to make sure you stay on budget:

  1. Think about what features are critical to you.
  2. Be aware of any additional costs associated with buying a new car.
  3. Save up as much as possible for a down payment.
  4. Talk to your insurance company to see how your insurance premiums will be impacted.

At Archway Insurance, we’re here for you if you’re considering buying a new car. We can help you get the Nova Scotia-based auto insurance you need!

Think About What Features Are Critical to You

Before you start shopping for a new car, you need to consider which features are important to you. Here are just a few that you need to think about:

  • Seating. How many people do you need to fit in the car? Do you want heated seats? And, will you be carrying large objects (meaning you’ll need the rear seats to fold down)?
  • Convenience. Power windows and doors may come standard on cars now, but you also need to consider additional features like power mirrors and a backup camera.
  • Entertainment. Do you want the car to support Bluetooth? Do you want a built-in entertainment system or a way to charge your iPhone?

It’s vital to think about all of the features you want, so you can factor those into the price you’ll pay when you buy your car!

Be Aware of Any Additional Costs Associated With Buying a New Car

When you go car shopping, you need to realize that there will be fees beyond the cost of the car itself. These are a few additional costs that you need to keep in mind:

  • The cost to register your car or switch over your registration and plate from your old car.
  • The cost of an extended warranty if you want to have long-term protection on your car.
  • The cost of any customizations to your new car. Most cars just come as the “basic model,” with everything you need to be able to drive it. They don’t come with “extras” such as tinted windows and heated seats, so you’ll need to be prepared to pay for them.

As with buying a house, there are always additional fees associated with buying a car, so it’s essential to be aware of them.

Save Up as Much as Possible for a Down Payment

The more you can put down on your car upfront, the faster you’ll be able to pay it off. No one likes to have monthly payments hanging over their head, and you’ll also pay less in interest payments to make since you will borrow less in the first place.

If you have to borrow money to pay off the rest of your car, then shop around! The dealership will likely be able to offer you a loan, but that doesn’t mean they can offer you a great interest rate. Check with your bank or credit union before starting car shopping to know how much you’ll be approved for and what interest rate you’ll pay.

Talk to Your Insurance Company to See How Your Insurance Premiums Will Be Impacted

Many people don’t consider how buying a new car will affect their insurance rates. You’ll definitely be looking at higher interest rates if you’ve been driving an old “winter beater” and are now upgrading to something better.

And remember: you’re not just stuck with one insurance company! You can shop around with a variety of auto insurance companies in Nova Scotia to make sure you get the best rate.

How can Archway Insurance help me with auto insurance?

As mentioned above, it’s vital to talk to your Nova Scotia-based auto insurance company before buying a new car. The last thing you want to do is buy a new car and then find out you can’t afford the cost of auto insurance.

At Archway Insurance, we’re auto insurance broker specialists in Nova Scotia. As brokers, we can shop around with several different auto insurance companies, thus saving you time and money. 

If you’re looking to get auto insurance in Nova Scotia or need a quote to see how much it would cost to cover a car, we can help. This is how our process works:

  1. You contact us about getting a quote for auto insurance. We ask you for relevant details, including your driving history and facts about the car you’re thinking of purchasing.
  2. We reach out to our auto insurance partners and get a quote from them on what the coverage would cost you.
  3. We will talk to you about the quotes and arrange the best auto insurance coverage available!

We’re here to walk you through every step of the process. We’ll explain everything from what kind of auto insurance is mandatory in Nova Scotia and what’s optional to how you can file a claim if you ever need to.

Buying a New Car Takes Planning

We’ve explained how important it is to plan thoroughly when you’re thinking of buying a new car. You need to consider several different things, including additional costs, and how buying a new car can impact your auto insurance rates.

At Archway Insurance, we’re here to get you quotes from various Nova Scotia-based auto insurance companies if you want to find out how buying a new car would impact your auto insurance rates.

Contact Us About Auto Insurance

Call Archway Insurance at 1-833-536-0529 or contact us online if you’d like to learn more about how we can help you with auto insurance in Nova Scotia.

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