SEVEN QUESTIONS TO ASK YOURSELF WHEN BUYING A CAR

March 25th, 2020 by

Along with being one of the biggest expenditures most people ever make, buying a new or used car can be one of life’s greatest pleasures, as well. Purchasing a vehicle, (even a new one), does require some due diligence. Here are seven questions to ask yourself before buying your next new or pre-owned car, truck, or SUV.

Should I Buy New or Used?

Each option comes with its own pros and cons. Buying a brand-new vehicle will undoubtedly be more expensive upfront but, the new car route lets you get the car you want, just the way you want it. A new vehicle will also come with a warranty, and in most cases, lower overall maintenance costs. Buying used makes better financial sense if you consider the fact that many vehicles lose as much as forty percent of their original sticker price by their third birthday. If you have a limited budget or only put a few thousand miles on your cars every year, buying a pre-owned vehicle makes perfect sense.

How Much Can I Afford?

Even new cars require regular maintenance. Tires, brakes, belts, wipers, and many other parts need periodic replacement. Along with the initial cost of your purchase, be ready for unexpected expenses that could arise in the future. Plus, if you’re buying a luxury brand, don’t forget that insurance, parts, and regular maintenance and repairs often cost considerably more.

Should I Finance My Purchase Through the Dealer?

Almost all new and late model pre-owned car buyers finance their purchase. Your car dealer should be able to present you with several options that suit your budget and lifestyle. Some automakers offer low-interest financing on new and certified pre-owned vehicles, as well. Avoid financing on older cars, however, if possible. Financing an older vehicle means that you could wind up making car payments long after your car has retired. Lenders also charge higher interest rates for loans against older vehicles, which negates some of the savings earned by buying an older model.

What Type Vehicle Do I Need?

Finding the right car depends a lot upon who you are and where you are in life. Do you want to make a statement like “I have money,” or “I’m going green,” for example? Will you be using the car primarily to commute? If you have a family of five, you probably already know that you need something larger, a minivan or SUV. Give it some thought and make a list of must-haves. Ask yourself a few essential questions, such as:

Is fuel economy important?
How many passengers will I usually have in my vehicle?
Do I need all-wheel drive?
What are my must-have features?
How much cargo space do I need?
Will I need towing power?
What driver-assist features do I want?
What Type Vehicle Do I Really Want?

Along with all of the “practical” boxes, you also need to check the “I love this car” box, as well. New and late model used vehicles cost a pretty penny, and you won’t want to get behind the wheel of something that doesn’t make you happy, or worse, something that makes you unhappy. Be flexible with your needs and focused on your wants.

How Do I Choose a Dealer?

Buying a new or used vehicle, even from the most reputable dealer, can be a roll of the dice sometimes. It never hurts to browse their web site to get a sense of what you might encounter on your visit. How long have they been in business? Do they get involved in the community? Has the dealership won any awards? Look at their in-stock inventory as well as their used car offerings. Also, check their online reviews. Pay particular attention to the negative comments. Many posters complaining about the same issues usually indicates a problem. And, as always, consider recommendations from friends and family.

What is the Length and Terms of the Warranty?

Not all warranties are created equal. Most manufacturers offer powertrain warranties of at least three years or 36,000-miles (whichever comes first), on their new vehicles. But some warranties offered by other carmakers go as long as ten years and 100,000-miles. Also, while some come with 6-years and 72,000-miles of comprehensive coverage, others include none. Some vehicles even come with free maintenance for a set period, a nice perk, for sure. If you are looking at a used car, ask the dealer about purchasing a warranty on the vehicle you are buying.

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