Buying a vehicle is a significant financial investment. It is not a decision to take lightly, especially given the historically high prices of new cars in recent years.
Finding a vehicle that is the perfect fit requires consideration of a host of variables, including personal preference. What is perfect for one individual may not work for another. When the time comes to shop for a new car, people can ask themselves a few questions in an effort to find a vehicle that best suits their needs.
What are your needs? Are you looking to carpool the kids to and from school or do you want a car for commuting that will not cost you an arm and a leg in fuel? Identifying the main purpose of the vehicle will eliminate certain cars or trucks right off the bat.
What is your budget? It is a good idea to get a pre-approval loan statement from a financial provider to figure out what you can afford to pay for a vehicle. The popular automotive resource Edmunds says the general rule is the monthly new-car payment should not exceed 15 percent of your monthly take-home pay. Lease payments should be less than 10 percent of monthly take-home pay. Calculate these numbers and potential interest rates prior to shopping for a vehicle.
What size is best for you? Even though it may seem that SUVs and pickups reign supreme on the road, some drivers prefer smaller vehicles. Figure out how much interior space and cargo room you need. Take the time to sit in different vehicle classes to determine which size fits you best.
What are your fuel preferences? Today’s vehicles come in electric, unleaded gasoline, diesel, and hybrid options. How the car or truck is powered may be important to you and will help identify the best vehicle for you.
What is the cost of ownership? Certain vehicle brands may be more expensive to maintain than others. According to Motor1.com, luxury and premium brands are typically the most expensive to maintain, with European brands like BMW, Porsche and Mercedes-Benz typically carrying high maintenance costs. This can be prohibitive when parts or service is needed.
Buying a vehicle requires careful consideration of drivers’ needs, budget and desired features.
