Car buying is a momentous occasion and probably one of the most significant financial decisions of your life. Therefore, you must make the correct decision so that you don’t walk away with a severe bout of buyer’s remorse! Nevertheless, with so much information swirling around the place about which car is best and why you need to buy the latest model, how can you expect to make the right decision? Fortunately, you need to consider only a few essential factors when searching for a brand new vehicle, and this post will discuss the most important ones.
Consider How You Will Use It
The first and foremost aspect you must consider before you reach the lot is how you will use it. This will affect your driving life throughout the entire time that you own vehicles, so you should take some time thinking about it. If you are looking for a new car to do the school run in the morning, you might want something with a more spacious and comfortable interior, like the new Honda Shuttle. Conversely, if you are a traveling salesperson, then something a little sportier might be worthwhile. However, this position isn’t as clear-cut as you might imagine. If you take the school run example, while that Honda may be perfect, you should also check to see how useful it will be for your requirements outside that particular job. The school run is only twice per day, but you will still want something fun to operate and easy to handle if you drive around the rest of the day.
Additionally, if you think about the traveling salesperson in their brand new convertible, it might be great for the first few months. However, once they become accustomed to it and novelty wears off, the reality of high maintenance costs and fuel bills comes in. Therefore, you should attempt to think of all scenarios and ask yourself precisely how a particular brand or model will make you happy and fit your needs.
What Features Do You Need And Want?
It’s important to note that need and want are two separate factors, and both should be considered. The things that you need include robust safety features, a large trunk, and a spare tire that is straightforward to change. On the other hand, the things that you want can include:
- In-Car Entertainment (ICE): ICE is an essential factor to consider when shopping for a new car. You must ensure that it can connect to your smartphone to get all relevant features like maps and music. This means checking to see if it has Apple CarPlay or Android Auto (iOS and Android, respectively). While features like this shouldn’t be a dealbreaker, they can make your driving life far more agreeable.
- Comfortable seats: This could fall into both need and want categories, but the main point is that you should find comfortable seats for long drives. Although something like massage seats is probably overkill, they should still support your body after years of use.
- An excellent driving position: An excellent driving position that allows you to see and interact with every aspect of the vehicle can make the difference between a stressful commute to work and a stress-free one.
- Lots of storage: This is even more important if you have children. You will want to keep your documents safe and allow your children to store their toys.
How Will You Buy It?
Once you have considered all possible variables, the next and perhaps most critical point to consider is how you will fund your purchase. Will you go for finance, or will you lease. Or if you are part of the lucky few, will you buy it outright?
This is the most common method of buying a new vehicle and gives you a lot of flexibility. However, there are some downsides. The monthly payment will not only have to be met, but the interest added may be pretty high as well. You will also need to check your credit history to ensure you are eligible for a loan. If your score is on the low end of things, you might want to reconsider finance. While there are companies specializing in finance for customers with bad credit ratings, the interest costs are often prohibitively high. Nevertheless, if you pass muster, finance can open up a whole new world of options.
This is an interesting alternative to getting a loan. Essentially you will still end up paying monthly payments, but you will never actually own the car. This might seem undesirable, but it does have some advantages. One such benefit is that the leasing company generally looks after maintenance. You are also eligible to upgrade your car after a specified amount of time. However, as good as this sounds, you will be in a permanent state of monthly payments but never have anything to show for it. Additionally, leasing contracts also state strict yearly mileage limitations.
Are You Able To Fund Its Upkeep?
Having chosen your preferred funding method, the next step is to determine if you can afford the maintenance. If you’re buying a car, be aware that some are more expensive than others to look after. Furthermore, even if you get a great deal on a BMW or Mercedes, the upkeep could cost you a fortune. Generally speaking, the most efficient and affordable models of vehicles are from Japanese brands. Among these are Honda, Toyota, and Nissan (although Nissan has been on a downward trend in recent years). Not only do these brands typically last longer than other options, but the parts are more widespread and affordable.
Check Its Depreciation Rate?
As a final consideration, you should find out what the depreciation rate is for your preferred model. It doesn’t matter if you plan to keep it for quite some time; it is essential to compare the depreciation rate. It can indicate how well made your car is if you know how much second-hand buyers value it. When a vehicle depreciates faster, it usually has some inherent flaw or is merely undesirable.
When it comes to buying a brand new car, there are many things to consider. From thinking about how you will use it to how much its value will decline. Once you have found answers to the question posed in this article, you should be in a better position to go out and buy the car of your dreams.