Summary: Buying a car is a significant decision that requires careful planning and consideration. This article outlines the top 10 questions you should ask yourself before starting your car search. From understanding your budget to considering future needs, these questions will help you make an informed decision and avoid buyer's remorse.
When people trade in their cars, one of the most puzzling responses to "Why are you trading it in?" is, "It's not really what I wanted." This raises the question, "Why did you buy it in the first place?" Often, the underlying reason is a lack of preparation before making the purchase.
Buying a new or used car is a significant event. It often involves a long-term commitment, substantial expense, and becomes a place where you and your family spend a lot of time. Just as you wouldn't make other major life decisions on a whim, car buying should be approached with careful planning and preparation.
There are numerous resources available to help you prepare for car shopping. From online research and reading magazines to asking friends for advice, you can gather valuable information. Here, we will focus on the internal, fundamental questions you should ask yourself before starting your car search.
Consider your driving habits and future plans. You might have a family of five, making a mid-sized sedan seem sufficient. But do grandparents often join you for events? Does your child need to carpool with teammates? Will the car accommodate your family and luggage for trips?
A Ford Excursion, for example, won't fit in 13% of U.S. garages. Measure your garage to ensure the car you're considering will fit comfortably.
Create a realistic budget. Can you afford the monthly payments, additional gas costs, and full coverage insurance? According to Experian, the average monthly car payment in the U.S. was $563 for new cars and $397 for used cars in 2021 (source). Avoid stretching your budget too thin to prevent financial strain.
Seek advice from knowledgeable friends or family members. If someone you know has experience in the car business, they can offer valuable insights. Don't hesitate to bring a trusted advisor with you to the dealership.
Make a list of essential features and desirable options. This will help you stay focused and avoid falling for a car that lacks critical features you need.
If you plan to trade cars every 2-3 years, research depreciation rates. For those keeping cars longer, focus on longevity and maintenance costs. This will also influence whether you should opt for low-interest financing or cash rebates.
If you have teenagers nearing driving age, consider whether you want them practicing on your new car. You might need to budget for an additional vehicle in the near future.
Consider the needs of all potential drivers. A Mini Cooper might be appealing, but will your 6'4" spouse find it comfortable to drive?
Understand your motivations for buying a new car. Are you driven by practical needs, such as an aging vehicle or a growing family? Or are you influenced by external factors, like a neighbor's new car? Make sure your motivations are sound to avoid impulsive decisions.
Timing can significantly impact your purchase. If you can wait, consider ordering a custom car, which can be cheaper than buying from the lot. For used cars, patience can help you find the best deals. Monitor classified sites and dealer websites, and be ready to act quickly when a great deal appears.
Buying a car is a major decision that requires thoughtful consideration and planning. By asking yourself these ten questions, you can make an informed choice that meets your needs and fits your budget. Happy car buying!
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