
The golden rule for buying your first family car? Setting a strict budget with a list of features you cannot live without. With baby (or baby number two or three) on the way, your finances will be stretched thin. When looking for new family cars, make a list of your non-negotiable features. Here are a few to get started.
Depending on how big your family will get, a compact car is out: leaving you to choose a medium size car, a sedan, an SUV, or something even larger. According to CarsGuide, the medium size SUV is the popular family choice, shifting near 81,000 units between January-May 2019.
Storage is a must. If you can’t fit much in the boot, it’s not going to handle the extra nappies, pushers, sports bags, bikes, and other stuff kids need growing up. Cup holders and extra storage bins can also come in handy.
Other non-negotiables are:
If your prospective car doesn’t have one of these features, cross it off the list.
Some features are great to have in your car – but do you really need them? Satellite navigation and hands-free Bluetooth for calls is extremely handy – but your phone also has Google Maps and a loudspeaker. Why pay thousands for something you already have? Dealer “extras” like conversation mirrors (for talking to kids in the back), reversing cameras, and entertainment tables can be bought and installed after-market – and it’ll save you more, too.
Though you may have found the car that fits the bill for “right now”, you must consider where your family is headed. For example, if you intend to bring in a few brothers and sisters to your first born, you may want to find a car or SUV with third-row seating. It can also fold down to create extra storage for trips away.
You should always test drive a car in normal operating conditions. That’s right – with kids on board. If the car can’t handle the car seat or if your seven-year old is complaining of not enough leg room, then you know it won’t be good for the family down the track. Get a car loan pre-approval and haggle.
Fixed interest rates range from 8.95% p.a to a maximum 35.50% p.a. with terms ranging from 12 months to a maximum 5 years.
Example: If you borrow $8,000 over a term of 36 months at an interest rate of 15.95% p.a. you will end up repaying $11,640.94 inclusive of all fees and interest.
Car Finance 24/7 (FSP678231) is a Registered Financial Services Provider (www.fspr.govt.nz) and is regulated by the Financial Markets Authority (www.fma.govt.nz).
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