Purchasing a new vehicle isn’t a transaction that should be entered lightly. Considering how much a dependable car stands to cost you, it’s only natural that you’d want to get your money’s worth. Fortunately, there are a number of simple steps you can take to ensure that you get the best deal possible and don’t wind up with a lemon. So, if you’ll soon be in the market for a new vehicle, take care to consider the following factors.
Since high fuel costs have become an unavoidable part of life, fuel efficiency should be among your foremost priorities when seeking out a new vehicle. Whether you’re committed to reducing your carbon footprint or simply wish to save money at the pump, never purchase a vehicle without considering how many miles per gallon it gets. For example, if you’re currently in the market for an affordable compact car, you’d do well to have a look at the Chevy Spark MPG.
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New vs. Used
While some car buyers would never dream of purchasing used vehicles, it can’t be denied that pre-owned cars tend to get an unfair shake. Although they’re often portrayed as comically worn-down and undependable in films, TV shows and other popular media, this depiction generally isn’t accurate. Sure, some used cars turn out to be lemons, but if you shop at a dependable dealership, any and all problems you experience with a certified pre-owned vehicle should be addressed in a timely and professional manner.
Furthermore, if you keep an open mind with regard to buying used, you’re liable to find that a lot more purchasing options are available to you. Additionally, you generally won’t need to worry about cumbersome add-ons and extra fees when purchasing a pre-owned vehicle. Budget-conscious car buyers are also likely to appreciate the large number of affordable amenities that are available to people who buy used.
Paying off the Car Immediately vs. Taking Out a Loan
Given the high price tags found on most vehicles, there’s little wonder as to why so many of us opt to pay for them through loans. In most cases, car buyers don’t have enough money to immediately pay off their new vehicles. Other times, they have the money but aren’t keen on the idea of parting with such a massive sum all at once.
While the desire to hang on to your money is perfectly understandable, people who fall into the latter category stand to benefit from immediately paying off their vehicles. Loans generally entail paying interest, and regardless of how little interest is charged, you’ll ultimately wind up spending more money on the vehicle if you go the loan route. Conversely, paying the entire price upfront can prevent you from shelling out any interest and possibly even earn you a discount. Since many dealerships prefer to have cars paid off immediately, they often provide discounts to customers who pay in cash.
Should you decide to go the loan route, make sure to thoroughly review the terms of any loan you’re considering. Items to be particularly mindful of include the length of the loan, penalties and annual percentage rate (APR) and the amount of your monthly payments. Furthermore, if your financial situation improves during the term of the loan, you may want to consider paying it off early – provided there are no prepayment penalties involved.
In most states, people cannot legally operate vehicles without some form of car insurance. Furthermore, since some vehicles are more expensive to insure than others, it’s in your best interest to research the insurance costs associated with your top choices before making a purchasing decision. Depending on the vehicle you ultimately select, your monthly auto insurance costs stand to increase a great deal, so frugal shoppers are urged to pay special attention to cars that don’t cost a small fortune to insure.
It’s not hard to see why so many people find the car buying process to be relentlessly stressful. Overwhelming options, overenthusiastic salespeople, and high prices are just a few of the reasons consumers tend to dread taking a trip to the car lot. Furthermore, the prospect of spending good money on a lemon is an understandable anxiety trigger for budget-conscious car shoppers. Anyone looking to make their next car buying experience as painless as possible will be well-served by taking the measures discussed above.