How To Buy the Right Car

Posted by Jake Riviera on May 12th, 2021

Buying a car is a significant purchase and making a good selection requires a little homework. Fortunately, the internet has made the entire car buying process more transparent. Much of the information needed to make the best choice for you is readily available online. When you're ready to purchase a car, it can be exciting, but don't make a hasty decision. Take a step back and focus on each of the areas listed below. Since you'll most likely be keeping the car for several years, the time spent in research before purchasing is time well spent. You will be pleased with your purchase, and you won't blow your budget.

Review Your Budget

Begin by reviewing your current financial situation. Take a look at your income and expenses and determine how much money you can afford to pay for a car. If you are taking out a loan, think about how much you can afford monthly and how much you have for a down payment. You will need to add in the cost of auto insurance and maintenance costs. Insurance costs vary by type of car and the amount of coverage needed. Once you've narrowed your selection down to a few vehicles, you can obtain auto insruance quotes for specific makes and models.

Decide on the Type of Vehicle You Want

There are many types of vehicles to choose from, including sedan, compact, mid-size, SUV, electric, hybrid, and truck. The way to narrow the choices is to take a few moments and think about your lifestyle and how you plan to use the vehicle.

• How many doors do you need?

• How many seats do you want?

• How many miles do you drive daily?

• What type of storage space do you desire?

• Will you be towing a boat or trailer?

• Do you need all-wheel-drive?

• What type of safety features are important to you?

Satisfaction with your purchase means that the vehicle you choose will meet your needs. You won't be happy if you can't use the car in the manner you desire.

Go Shopping

You can shop online. Most sites allow you to compare vehicles side-by-side. Once you know your needs, you can filter by type and price range. In addition to pricing and features, you'll want to review safety and reliability ratings for the make, model, and year you are considering.

New Vs. Used

A new car can depreciate 20% by just driving it off the lot. Many used vehicles now come with certifications and warranties from the manufactures. When shopping used, review the vehicle's accident and service history and the number of owners. Used vehicles can provide affordable options.

Obtain Financing

If you plan to finance a vehicle, first find out your credit rating. Credit ratings determine the interest rate and terms of the loan. Shop around for the best rates and get pre-approved. Don't focus solely on monthly payments. If purchasing through a dealer, research and know the price of the vehicle before going to the dealer. Stay within your budget. By focusing too much on monthly payments, you could end up making those payments for a long time while paying for a more expensive vehicle than intended.

Many local banks and credit unions offer car buying services. Vehicles are listed online, and affiliated dealers agree to a flat fee with fixed vehicle pricing. This doesn't negate the need for research, though it can be a good option for those not wanting to negotiate. Ask your bank or credit union if they provide this service.

Test Drive

Don't skip this critical step. Test drive the make and model of the car you are interested in. Check out the legroom and ease of entry. Notice the position of the dashboard screen, the mirrors, and how the car handles. You want to be comfortable in your new vehicle.

Purchasing the right vehicle is all about knowing what you need, what you can afford, and the vehicle's quality. Whether new or used, review the available information on safety and reliability. If you do your homework, you will be rewarded with the peace of mind that comes from knowing you've made a good decision.