Thought leadershipBuying a car? Consider these hints and tips

The best time to purchase a vehicle is towards the end of the year.

Although buyers might find sales throughout the year, October through December is the sweet spot for landing a deal.

Questions to ask may include what the car’s primary purpose is likely to be: off-roading, city driving, or both? Considerations such as petrol consumption, vehicle safety features and carbon emissions may also factor into your list of priorities.

The following are a few helpful hints and tips customers can consider when buying a vehicle:

Vehicle preference and test drive arrangement: Once the customer has identified a few cars that might fit their needs and budget, test driving is often the next step. Test drives allow the customer to check how the car performs with regards to handling and comfort.

Once customers decide, they can directly approach their bank for financing.

New versus pre-owned decision and affordability: Does the budget cater to a new or used vehicle?

Customers must take the time to weigh their options carefully and ask questions. Factors to consider here are mileage on the vehicle, its maintenance and service history, the expiry date of the existing service plan, the number of incidents the car was involved in and how many owners the vehicle had.

Research: The internet is an excellent resource for researching the specifications of a vehicle.

Customers often use this to specify the makeup of their desired vehicle to get quotes from a dealership.

At this point, customers should consider the instalment, insurance price and maintenance cost of the car before committing to making the offer to purchase.

Budget and financing: There is more than just the purchase price to consider.

There are vehicle annual licensing fees, maintenance, insurance, petrol, repairs and wear-and-tear items such as brakes and tyre expenses that do not fall under service plans or the vehicle’s warranty.

The Bank Windhoek vehicle finance calculator, available on the bank’s website, is a great way to calculate and project the car’s monthly instalment payments.

Once done, a customer can weigh it against their budget, but they should note that this only indicates an instalment and not all costs.

Bank Windhoek can assist customers in calculating a pre-qualification amount according to the bank’s policies and determine repayment ability.

Savings considerations: Customers are advised to keep a separate savings account for expenses not covered by a service plan or parts guarantee.

Bank Windhoek’s Selekt Gold has a unique feature: the ‘My Savings’.

It allows customers to have as many complementary SelektSaver accounts as they like linked to their Selekt Gold Account.

When budgeting, customers can transfer monthly vehicle savings from their Selekt Gold account to the SelektSaver account via the Bank Windhoek Mobile App at no extra cost.

Then, customers should focus on reading their contracts to understand the terms and conditions of the financing, service and warranty agreements.

Once the customer is empowered and comfortable with all the required information, they can drive off in the vehicle of their dreams.

Interest rate considerations: Bank interest rate increases follow an increase in the repo rate by the Bank of Namibia.

Customers must always be prepared for possible interest rate increases and how it impacts their future cash flow.

These factors will help customers purchase a car that fits their needs, lifestyle and financial situation.

For those in the market for a car, the Bank Windhoek annual Vehicle and Asset Finance Marketing Campaign, themed ‘Love It, Drive

It’, is currently active, offering customers access to market-competitive motoring deals on new and used vehicles.

• Amanda Von Wielligh is Bank Windhoek’s Vehicle and Asset Finance branch manager.