Every year major magazines make their pick for car of the year. Over the years that list has included cars like the 1949 Packard Convertible Coupé, The 1964 Chevrolet Corvette and the Kia K900. As you can imagine from this diversity there have been many winners and losers – from the public perspective – chosen over time. In reality, if you’re looking for a new car today, all you want to know is, “which car is best for me?” And I bet you hope we’re going to answer that question! But, we’re not. What you really need to know to buy a new car for yourself is if it meets you personal needs. So, without further delay, here are the top 5 considerations when buying a new car.
Is it within my budget?
Unless you have a bottomless bank account you’re probably going to be interested in how much it’s going to cost you in downpayment and monthly payments. Banking professional Russell King tells us, “if you have good enough credit you can purchase a new car with no money down or zero percent interest. Either one of these or both together can add up to a tremendous savings. With credit challenges, even if you can get financed, the down payment may be small but the interest rate will be high resulting in higher monthly payments.”
Auto sales professionals generally just want to sell you the car and don’t really care about whether or not you can afford it. This is why it is important to not only shop for the car but also shop for the financing. Go for the lowest interest rate even when you’re also going for the lowest down payment.
Performance versus economy.
Fortunately today’s automobiles are able to deliver both performance and economy in one package. With older vehicles it was often one or the other and rarely both. However, there are still considerations to be had. Some production cars in the four-hundred horsepower and higher range do have higher fuel and maintenance needs than the average, light commuter. Be sure you know what you’re getting into before you visit the pump and mechanic.
Which car fits my family’s needs?
Bottom line is: does this car do what I need it to do? If you have multiple children, serve as the part time school bus, haul gravel, travel across the nation, or just drive yourself to work and back, each car serves a different purpose. It’s important to remember why you’re buying a car and to choose one that best fits the reason you have a car. When you begin your new car search think about why you’re buying one and look only for those which serve your purpose.