Steps to Buying a Vehicle
According to Edmunds.com, people often end up buying a vehicle that does not best suit their needs or that exceeds their budget because they get caught up in trends or are captured by the style of a vehicle. By proceeding rationally in a step-by-step manner, you're much more likely to end up with a vehicle that does what you need it to do and that you can afford.
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List Your Needs And Wants
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Plan how you are going to use the vehicle. The Insurance Corporation of British Columbia suggests making a list of probable uses such as towing, hauling teenagers, and short or long trips. Each individual situation is different, so take the time to consider your lifestyle. If you don't take the time for this important step, you could overlook something as simple as checking out how well the vehicle fits in your garage or parking space. Once you have determined the necessities, make a list of things you would like but don't need. If the right vehicle comes along, you may be able to afford that deluxe stereo system you've always wanted.
Compare Vehicles That Meet Your Needs
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For any combination of features you can list there will be a number of vehicles that will adequately meet your needs. The different car manufacturers offer many models of SUV, sedans and two-seaters. Once you know what you're looking for, you can narrow your search to the desired models and start making specific comparisons. At this point you should prioritize other things that are important to you. You may prefer foreign to domestic. Your needs might change over the next few years while you still own the vehicle.
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Research Car Costs
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A number of factors determine your car costs. First, there's the price you'll pay for the vehicle. In addition, researching the repair history of various models through resources like Consumer Reports can give you an idea of the average costs of maintenance on various models. The car's fuel efficiency is also a factor in your car costs, as is insurance. Generally speaking, a more expensive car is more expensive to insure.
Decide On New Or Used
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Many believe that buying a used car is buying someone else's problem, but research by Consumer Report found that there are substantial savings in buying cars that are up to three years old. They found that buying a three-year-old car resulted in savings of 32 percent over the first five years of ownership. Regardless of whether you buy a new or used car, expect to negotiate down from the asking price. Knowing the value of the car from a source like Kelley's Blue Book can help you negotiate a fair deal.
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References
Resources
- Photo Credit yellow car image by Rade Cojbasic from Fotolia.com
