ABCD of buying a car
Buying a car is an exciting affair, whether it’s the first or the tenth time! Being the first prized possession makes it even more critical question – How much should one spend on buying a car? Should you be wise, calculative or just splurge! Let’s ascertain.
This is – of course – anticipating that you already have a UAE Driver’s License! This is a prized possession as any fancy car, ask those who didn’t qualify in the very first few attempts.
Now, whom to seek advice on whether you can afford a car or not and if yes, then how much should you be spending?
It is much more affordable to buy a car in UAE than most of the countries in the world, due to the low import taxes in the region. However one must consider costs of maintenance and depreciation of the vehicles you invest in. UAE has strict laws on vehicles on the road, vehicles with any emission issues are generally not allowed to be registered in the UAE. The most popular used cars in the UAE as per dubizzle Motors were Toyota Camry, Toyota Corolla, Honda Accord and Nissan Altima.
How much will you be able to spend buying a car depends on your budget. How much are your monthly earnings, existing financial liabilities, how much you intend to save, remit back home and above all stability of your source of income? If you would like to know more about your options between renting and buying, you must read our blog on the topic of Rent, Buy or forget it all!
As a piece of advice, you should not be spending more than 20% of your monthly income on buying a car and keeping 10% of the value of the car always spare in your wallet in need of any contingencies related to the car.
Let’s figure out the purpose first, is it just about commuting, convenience or comfort. That’s another important consideration, buying a car – the initial investment, insurance, saliks, maintenance and gas!
It is always advisable to factor direct costs of owning a car or renting a car and other indirect factors like your job stability and long term plans. If you are not living with your family and your job doesn’t require a lot of traveling within the city, then you can always defer plans of buying a car and manage with occasionally renting the car as per need.
Considering resale value of a car while buying is very important. Every car has a different depreciation value, selling a used car in Dubai is a fairly simple task due to the service of buying used cars that wecashanycar provides.
A little bit of pondering over these points will bring in clarity and ease in decision making.
Wonder, why stating discipline? For two reasons (a) financial discipline in managing monthly expenses vis-à-vis your income and (b) on-road discipline while driving because another cost which is not factored above is RTA fines in case you miss abiding by the rules and regulations.
Depending on your annual income and expenses you have, you can avail a bank loan easily and buy the car of your dream, and incase you want to buy a used car, there are 1000s available on websites like Dubizzle.
In any case, reach out to 800 WECASH (932274) and seek expert advice from wecashAnycar for selling your used car.