Finding the Right Car for You

When determining what car is best for, there are a few aspects that need to be taken into consideration. Given that an automotive purchase is a long term investment, considerations pertaining to it, need to be practical.

My next new car

  • How many passenger will be transported in the vehicle on a regular basis?
  • What type of driving will be predominately done? Off-road, city streets, or highway?
  • Will any driving be done on snow or ice?
  • Will you be doing any commuting? If so, fuel economy will be extremely important.
  • Will you need front wheel drive or all-wheel drive?
  • What safety features are most important to you?
  • What amount of cargo space will be needed?
  • Will you be using car seats for infants or children?
  • Will you need to tow?
  • How much parking or garage space will you have for the vehicle?

Once you have answered the above questions, you will be able to determine a reasonable budget for your purchase. Barring you being able to completely pay for the car in cash, it is imperative that you determine a budget. As a general rule, one should not set a budget for the purchase of a vehicle that exceeds 20% of their monthly take-home income. Included in the budget amount should be the cost of auto insurance and road side assistance (should you be prone to a great deal of commuting and/or travelling). Also when determining a budget, do not forget to consider the repair and maintenance costs of a vehicle. Keep in mind that luxury vehicles and imports will carry more expensive costs in this area, therefore if your budget is minimal or tight, a domestic manufacturer should be considered.

With a budget firmly set, it is time to explore the options of leasing a vehicle versus buying one. Both options have pros and cons and your individual feelings regarding the options can also influence which you choose. A lease offers you a lower initially payment and lower payments monthly, but once it ends you ae left without a vehicle and must begin the shopping process all over again. Whereas purchasing a vehicle requires higher upfront and monthly payments, but at the completion of your payment terms, the car is yours to keep out right.

When weighing the two options against each other, the following should be considered:

Leasing

  • For a lower amount of money, you can drive a more expensive or newer model vehicle
  • Every few years, you are able to drive a car with the latest in automotive technology as well as increased safety features
  • At the end of the lease there are no hassles pertaining to trade-ins
  • There is the flexibility to sell the vehicle at any time
  • The vehicle can be modified to your specifications at any point, should you desire. (Whether modifications come in the form of dealer options or third party products, etc.)
  • There are no mileage restrictions or penalties. (Moreover, should you plan an out of town trip, you will not be forced to incur additional expenses due to a rental car or going over your mileage allotment that is expressed in a leasing contract).
  • As time increases, the expenses related to the vehicle will decrease.

Check out these car leasing tips.

Buying

  • There is the flexibility to sell the vehicle at any time
  • The vehicle can be modified to your specifications at any point, should you desire. (Whether modifications come in the form of dealer options or third party products, etc.)
  • There are no mileage restrictions or penalties. (Moreover, should you plan an out of town trip, you will not be forced to incur additional expenses due to a rental car or going over your mileage allotment that is expressed in a leasing contract).
  • As time increases, the expenses related to the vehicle will decrease.

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