Planning on Buying a New Car? Check out These Tips First
For many, purchasing a new car is a very selective process. There’s a lot involved spanning from aesthetical, emotional, and practical needs. As for others, they only see a car as a mode of transportation. While the select few view a car as a means of showcasing their wealth and financial status. Whatever your objective might be, it’s agreeable that the type of car you buy speaks volumes about your personality.
However, they are also other features that you need to look at before purchasing a car. If you happen to be a tech-savvy fellow, then it’s a given you’ll be looking at technological advancements as the primary selling point of your purchase.
Hence, with so many factors coming into play, how does one effectively make the right decision on the type of car they should purchase? Below is a detailed list of some of the factors you need to consider before selecting your ideal car.
Create a List
First things first, you need to have a detailed list of all the car models that you would like to have a look at. Additionally, in this list, you need to factor not only just the model of the car, but other external variables that the car will be subjected to on a daily basis. These include factors such as the size of your family, the length and width of your driveway, and the intended purpose of the car.
Carry out the Research
The beauty of research is that it can give you a heads-up on the type of car that you plan to purchase. You can start by checking out online catalogs on the type of cars that you would like to purchase. Secondly, you can check out Consumer Reports, which is one of the most reliable sources around that provides detailed info regarding different models of cars. Additionally, the reviews are quite technical about the cars and hence give you an overview of what you will expect once you purchase the car.
Moreover, the fact that Consumer Reports does not permit any advertising, you’re guaranteed that the reviews being published are unbiased and are geared to helping potential purchasers know what they are getting themselves into. That being said, here are other sources that you can check out to make the right decision regarding the model that you desire to have.
- Edmunds- This website has pretty decent reviews on both new and used cars from which you can benefit from
- Kelly Blue Book- You can use this website to make a clear price estimation regarding the car you would like to purchase.
- Carsdirect.com- As for this website, it is essential in helping individuals know the pricing regarding different tools to use. This can help you make the right financial decisions.
- Truecar.com– This is one of the finest websites when it comes to determining the best pricing tools, as well as to get comprehensive quotes on different types of dealers out there.
The Size of Your Wallet
Before purchasing a car, you should ask yourself this. What are you able to afford? As a matter of fact, the best way to go about buying a car is to buy it straight up with cash and maintain it up to a maximum of ten years before opting for an upgrade. The benefit of this particular set up is that you don’t have to pay any interest, and you can be able to sell the car whenever you feel like.
Indeed, you should keep in mind that a car is an asset that depreciates with time, albeit it does not do so linearly.
As a matter of fact, the moment you drive a car off the lot, it instantly begins to depreciate. Moreover, during the first couple of years, the depreciation is pretty rapid, but slowly begins to tail off with time.
Loaning Versus Leasing
When you purchase a car via a loan, you are practically buying a car that you technically not own until the point that you make the final payment. On the other hand, when you opt to lease a car, what you are doing is renting it. So after the lease period expires, you can opt to buy the car at its previous price. The option that you plan to take depends on the future plans that you have for the car.
For example, if you’re the type of person who likes to have a new car after a couple of years, but doesn’t mind having a car under your name, then it’s probably wise to lease. Otherwise, if you’d like to keep your car for more than ten years, it would be wise to go the loan direction.
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