Buying a car is a major, long-term investment, especially if you have just graduated and are about to start a new job, and have minimal or no savings. Therefore, it is crucial that you factor in the following prior to making a decision.
1. Budget. Determine your price range; this will help you decide what kind of car you can afford and whether it will be new or second hand. Since you have just started your professional life, or are about to, your budget is likely to be limited. With car leasing mark-ups at an all-time low in Pakistan, consider obtaining car financing from a bank. However, as most banks will require you to have been working for at least a year, you may have better luck securing a personal loan, as their eligibility criteria are less stringent.
2. Make and model. The next step is to decide the kind of car you ‘need’ (not want); new graduates usually buy cars for their personal use, primarily to ensure a hassle-free and dependable commute to and from work. Therefore, and economy car with engine power ranging between 600 and 1000cc, such as the Alto, Cultus, Cuore and Mehreen, is an ideal choice given that they offer maximum fuel efficiency and low maintenance costs.
3. Research. If you can afford a new car, visit car showrooms to identify the car of your choice. However, if you are going to buy a second-hand car, check both the classified sectionsoftware newspapers as well as online classifieds.
4. Testing and inspection. Before negotiating the final deal and transferring the payment, make sure you test drive the car you are thinking of buying. If you are opting for a second-hand car, bring a reliable mechanic to inspect the car’s interior, exterior as well as its brakes, engine, transmission and suspension system.
By Mohommad Ali Khwaja