Looking for wheels? Check this out!

Guidelines for buying a vehicle

04 February 2021 | Opinion

Windhoek • Cameron Klassen

With the Bank of Namibia Monetary Policy Committee's decision to keep the Repo rate at a historic low of 3.75% and the introduction of the extended repayment terms, this is the ideal time to buy a vehicle.
However with any purchase, planning is essential. Below are some hints and tips when buying a vehicle:
• Customers need to make a decision based on their needs. Questions to ask include what the main purpose of the vehicle; is it for frequent off-roading, mostly city driving or could this be for a combination of both purposes? Considerations such as fuel consumption, vehicle safety and carbon emissions may also factor into your list of priorities.
• Once you have identified a few cars that might fit your needs and budget, test driving the car is often the next step. Customers often want to get a feel of the car; how it performs in a city setting and on the open road. Once customers are convinced of their decision, they can approach their bank for financing.
• Can your budget cater for a new or used vehicle? To consider a pre-owned vehicle might be an option. There are advantages and disadvantages to making this decision and customers must take the time to weigh their options carefully and ask questions from reputable dealerships, backed up by research. Factors to consider are mileage on the vehicle, its maintenance and service history, the expiry date of the existing service plan, number and nature of incidents that the car was involved in as well as how many previous owners any one particular vehicle has had. Often, depending on the needs of the prospective owner, pre-owned vehicles are a good consideration.
• Knowledge is power. The Internet is an excellent resource for researching the specifications of a vehicle. Customers often use this research to specify the makeup of their desired vehicle to get quotes from a dealership. At this point customers should consider the instalment and insurance price on article and maintenance cost of the vehicle before committing to making the offer to purchase.
• Finances when looking at purchasing a vehicle should be looked at realistically. Buying a vehicle is a long-term decision, and there is more than just the purchase price to take into account. There are vehicle annual licensing fees, maintenance, insurance, fuel, repairs, parking, and wear-and-tear items such as brakes and tyres expenses to consider that do not fall under service plans or your vehicle’s warranty. Use the Bank Windhoek Vehicle Finance Calculator, available on the Bank's website, to calculate and project the car’s monthly instalments. Once done, weigh it against you budget. Note that this is only an indication on instalment and not all costs are included.
• Keep money separate for expenses not covered by a service plan or parts guarantee.
• After completing the research, assessing affordability and having approved tailor made financing for their vehicle, the deal is nearly done. Customers are strongly advised to focus on carefully reading their contract to understand the terms and conditions of any financing agreement, service and warranty agreements and to ask questions. Once the customer is empowered and comfortable with all the information that is required, they can drive off in the vehicle of their dreams.
* Cameron Klassen is a Senior Sales Advisor at Bank Windhoek’s Vehicle and Asset Finance Branch.

Similar News

 

‘NEEEB will do more harm than good’ – Team...

1 day - 02 March 2021 | Opinion

Windhoek • Pieter van NiekerkAdding its voice of concern to those of other industry and private-sector players, Team Namibia calls the latest National Equitable Economic...

New age marketing during the pandemic

1 day - 02 March 2021 | Opinion

Windhoek • Marlize MareeWhat a roller coaster ride it continues to be, especially when all your resources depend mainly on digital marketing.Not in a million...

Taking public responsibility seriously

2 days ago - 01 March 2021 | Opinion

Windhoek • Natasja BeyleveldAccording to official policy statements, Namibia should be moving towards a knowledge-based economy. However, to reach this goal the equality of education...

Cyber security during a Covid era

3 days ago - 28 February 2021 | Opinion

Windhoek • Martin HamukwayaThe Government Institutions Pension Fund (GIPF) has in recent years increased the shift and reliance in the use of information technology for...

Ace that job interview

6 days ago - 25 February 2021 | Opinion

Windhoek • Chantelle ReidAn essential step in the employment process is interviewing qualified candidates. An interview is a structured conversation where one participant asks questions,...

Make sure ‘work from home’ devices are covered

6 days ago - 25 February 2021 | Opinion

Windhoek • Corlia KotzeAs the new normal requires people to continue working from home, one needs to take the time to review portable work devices...

Retire comfortably

1 week ago - 22 February 2021 | Opinion

Windhoek • Ignatius ManyandoWhen you reach 60 the last thing you want to worry about is your retirement. However, to have a restful, secure and...

Set up your loved ones for financial success

2 weeks ago - 11 February 2021 | Opinion

Windhoek • Elzita BeukesValentine's Day is synonymous with the traditional exchange of cards, chocolates, gifts and sharing a candle-lit dinner with loved ones.It not only...

Financial planning in a relationship

3 weeks ago - 08 February 2021 | Opinion

Windhoek • Ester KaliThe month of February is generally known to be the month of love and it may be the perfect time to delve...

Youth the driving seat of economy

3 weeks ago - 04 February 2021 | Opinion

Windhoek • Prateek KhareThe last year was definitely a setback for almost all industries and people from all walks of life who suffered through the...

Latest News

Levelling the playing field

9 hours ago | Technology

Paratus Namibia announced that it has signed its first “Fibre Open Access” agreement, onboarding Africa Online as a client.This is the first of many deals...

Experience Figaro – online!

10 hours ago | Art and Entertainment

After concluding The Voice Masterclasses classical music development workshop, in collaboration with Bank Windhoek, the Namibia Music Ensemble hosted and recorded the well-known Marriage of...

NASP ranking shoot done and...

11 hours ago | Sports

The second National Archery in the Schools Programme (NASP) ranking shoot for the year was hosted at Vegkop (Windhoek High School) last weekend.This was a...

Learn the lingo

12 hours ago | Business

Real estate agents and representatives from financial institutions often forget that some of the terminology used is unfamiliar to those outside of their industry.RE/MAX of...

Food aid from Japan

12 hours ago | International

The Ambassador of Japan hon. Harada Hideaki, and Deputy Prime Minister and Minister of International Relations and Cooperation Netumbo Nandi-Ndaitwah, earlier this week signed a...

Hope for hospital beds

12 hours ago | Health

Repairs on 52 Stiegmeyer beds at the Intermediate Hospital in Katutura commenced last week, made possible thanks to a donation of N$357 400 towards spare...

Energy essay competition – enter...

12 hours ago | Education

Grade 9 to 12 learners across the country are invited to participate in an essay writing competition under the theme “How do we best develop...

Full steam ahead for O&L’s...

23 hours ago | Education

Building on the success of more than a decade, the Ohlthaver & List (O&L) Group’s Talent Attraction Programme (TAP) is in full swing.The purpose of...

One stop travel shop

1 day - 02 March 2021 | Tourism

Gondwana Collection Namibia is using the quiet period in tourism to reinvent itself.As from 1 March 2021, the Gondwana Travel Centre in Windhoek is acting...

Load More