Thursday, June 2, 2022

Things to consider when buying a vehicle





In the market for a new vehicle?  With the rising cost of everything transportation-related, you must arm yourself with all the tools you have available before you take that plunge!


During these uncertain times, many have bought cars without ever leaving their homes.  Yes, the dealer will deliver it straight to your home.  If you do your homework, you can buy a car from the comfort of your home.  But first, let's gather all the information we need before we sign that contract.


Are you going to buy a new or used car?  We all know what kind of car we want before we get started in the car buying process.  Make sure you find the best price.  You can easily search the inventory of many dealerships and see the asking price.  And in today's economy, there is not much room for negotiation on that price, as there has been in the past   You can control some factors in the process.

 

You will more than likely be financing the price of the car, so the lower your car payment, the better off you are.  How much car can you afford?  Make sure you calculate your payment before you make your final decision.

There are other costs involved when making that purchase.  How much is your insurance going to cost you?  There are varying factors, so make sure you get a quote from your insurance company!


 Can you afford to buy gas for that big four-wheel drive, eight-cylinder dual cab truck?  You might need to step down to that compact car.  The Toyota Prius Prime boasts a whopping 62 mpg on the highway according to Consumer Reports.


 Car maintenance costs should be factored in, as well.  Everything from oil changes to buying new tires should be considered. How many miles will you drive your vehicle in a year?  There's a huge difference in the price of four new tires for a full-size truck versus a sedan.


When you buy a new car, you usually get a warranty and with used cars, you can usually buy a warranty, but what will the warranty cover?  You must take your out-of-pocket costs into consideration for maintenance.  Your warranty will not cover those oil changes, but it may be the difference between having to pay an exorbitant amount if a major component of the car fails.

Your income and likelihood of continued employment definitely have to be taken into consideration.  Small business owners are struggling to pay employees and keep up their costs of doing business.  You have to have a job with a steady income!

Whether you are buying that car from the comfort of your home or you are physically going into the dealership, you must take in so many factors.   But, whatever you do, make sure you use the tools available to you to make the best financial decision. 

Drop us a comment if you have purchased a vehicle recently!  What was your experience like?

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