Loans

What to Know When Buying a Car Tips for Buying a Used Car

Those who already own a car are trying to find a better car or buy a new car right away. Beginner drivers who have just obtained their driving license will also be happy to buy cars from owners who have switched to a better quality car.

Just in the spring, people carefully review all existing car ads, visit car dealerships, and explore the various offers on car portals that splash their assortment.

In order to make your purchase as profitable as possible

bank

To purchase a truly decent car, we decided to inform you of some tricks that you will certainly find useful when choosing a car in Latvia and completing a buy and sell deal.

When buying a used car in Latvia, you actually make only the first payment on your purchase. This first payment will be followed immediately by the other monthly expenses, as any used car requires constant maintenance and repair. From a financial point of view, buying a used car can be compared to car leasing: in this deal, you make monthly payments to cover the cost of depreciating your car.

Therefore, if you have managed to buy a car at too low a price, that does not mean that you have saved. You may have to invest a “round” amount of money in the maintenance of this too cheap car, and the purchase will then be less profitable.

You do not have to look at a very cheap car

You do not have to look at a very cheap car

In Latvia because most likely, after a few kilometers driven by it, it will simply “disappear by the seams”. However, if you decide to buy a car as a matter of urgency and do not have the time to accumulate additional money to buy a much more reliable car, it is better to wait for the deal for the time being. A car worth 1500 USD cannot be a good purchase in Latvia and you will have to make a big investment. In this case, it will be easier for you to buy a good bike or scooter to move around the city.

According to Goodbank, it can be concluded that the average price of a car in Latvia, for which drivers are leasing, is approximately 3500 USD. More interesting data can be found in the age categories of borrowers. The most active audience of car buyers is 35-45 years old, but here too there are very young people who have just got a driver’s license.

Customers who have signed a car leasing at Big Bank: those born in 1990-1991 are around 33%, 1980-1989 – 38%, 1970-1979 – 17%. Customers with a different birth date who have taken out a car lease account for about 12% of the total number of leasing recipients of this lender.

How to properly buy a car?

How to properly buy a car?

Before you search for a suitable car, be clear about a few criteria:

  • car class,
  • body type,
  • target audience,
  • type of fuel,
  • required equipment, etc.

Next, you need to decide which of your family members will be qualified for a car search, who will have to take care of the financial side of buying a car, and if necessary go to the bank for support.Once these issues are resolved, you can start a car search.

Type in the internet search for the car category you want in Latvian auto portals and start comparing . If necessary, you can also buy a car in nearby countries (for example, Estonia), provided the purchase is justified.

Back To Top