What do you need to keep in mind when buying a car?
Buying and running a car costs money – which is why it pays to do some research before finalizing your purchase and getting behind the wheel of your new vehicle. Here are some practical tips that will hopefully help you find your dream car.
How do you get the most out of your car?
Do you mainly drive in town or does your heart beat for highland adventures? Is the car intended for an individual or will people of all sizes and types be joining you – perhaps with skiing equipment in the trunk and bicycles on the roof? Remember to carefully consider the car's utility and ensure it suits all situations that might arise.
How do you find the right car for you?
You can find new and used cars at dealerships and sellers throughout the country and also on bilasolur.is. Take your time with the search and choose carefully.
How do you save for a car?
Once you've determined what kind of car suits you best, the next step is often to start saving for the purchase price. It's good to set simple savings goals and make sure they're realistic so they can be achieved.
It's easy to save in the Arion app, where you have an overview of your savings and can see how quickly you're approaching your goals. A simple way is to set up regular transfers to a savings account, and you can also subscribe to a fund in the Arion app.
What if you need to take out a loan for the car?
If you need to bridge the gap with a car loan, various options are available. At Arion, we offer a 50% discount on the loan fee when you buy an electric car. We also offer more favorable interest rates for those who purchase a car that runs on 100% renewable energy or a plug-in hybrid with emissions below 50g CO2/KM.
Let's take an example: Say you choose a new electric car from a dealership that costs six million ISK. You decide to take a 50% loan and pay it off over four years. The initial payment is three million ISK, the interest on the loan is 11.35%, and the monthly payments amount to 79,192 ISK.
Here on our website, you can use a calculator to work out the payment burden based on the type of car loan.
How do you ensure a used car is in good condition?
Before you get the keys, get a condition inspection (sometimes called a sales inspection). We recommend having an independent third party assess the condition of the car. Such an inspection examines important wear parts, such as brakes, and evaluates whether expensive repairs can be expected in the near future.
Do I need to insure my new car?
Vehicle owners are partially required to insure their vehicles, themselves, and their passengers. Significant financial resources are invested in vehicles, and substantial costs can result from even minor damages if car insurance is not in order. Vörður offers comprehensive insurance for vehicles and travel trailers.
What does it cost to run and own a car?
When buying a car, don't forget the operating costs that come with the vehicle. In addition to regular maintenance, the car requires fuel or other energy sources, and all of this costs money. Remember to include operating costs in your calculations.
Hopefully, this brief overview will help you choose your new car! Good luck.
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