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BUYING NEW CARS
BUYING NEW CARS MONEY SAVING & BUDGETING TIPS
Defining Vehicle Characteristics
Preparing For Negotiations & Vehicle Financing
Defining Vehicle Characteristics
The purchase of a vehicle, particularly a new vehicle, is a major economic decision for most households. The first step in buying a new vehicle that meets the household’s needs is deciding what major vehicle characteristics are most important, and making a list of those characteristics in their order of importance. Be sure to bring the list with you when you are looking at vehicles, so that you do not “fall in love” with a model that does not meet your needs, or costs more than you need to spend to meet your needs. Characteristics to consider include:
1. Vehicle mileage versus vehicle and engine size. Remember, whatever gas mileage the vehicle gets you will be “stuck” with for as long as you own the vehicle. That big SUV or larger engine may be needed once in a while, but will you ever be happy with the vehicle when you drive up to the service station? Try not to buy that larger vehicle or larger engine just because it might come in handy a few times a year. Remember, you can always rent a van for that special family vacation, or pay to have those building supplies delivered if necessary. Hybrids, that offer better mileage, are becoming particularly popular and are even available in some larger vehicles. Check on FuelEconomy.gov for mileage estimates of different cars.
2. Vehicle reliability and repair costs. While any make or model vehicle could
end up being a “lemon,” some vehicle makes and models really are more reliable than
others. And even if reliability is expected to be the same, some makes and models
cost more for both routine maintenance and needed repairs than others. Because hybrids
have fewer components that require regular maintenance, some auto service providers
believe that hybrids may actually cost less to maintain versus a conventional drive
train. Over time this may or may not turn out to be true, but remember specialized
hybrid components will require hybrid-
3. Tire replacement. Some vehicles not only wear out tires faster than others, but the replacement cost for the tires is greater. For instance, low profile tires will generally wear out quicker and will most always cost more than standard size tires.
4. Options and accessories. Buying all those fancy options and accessories can really make a vehicle nice. But make sure you only buy those options that you will actually use. For instance, is that $2,000 sunroof really going to be used much?
5. Insurability. Depending on vehicle characteristics, the cost of insuring
the vehicle for collision, comprehensive and liability will differ. For instance,
a high-
6. Trade-
The second step in purchasing a new vehicle is to visit as many different car dealerships as possible to understand what makes and models are available, how they might best suit your needs and their approximate cost.
1. There are so many vehicles available today that you should be able to locate at least a few models that suit your needs very well, and are within your desired price range.
2. Resist the urge to only visit dealerships that are close to home, thereby limiting your selection. Remember, once you buy the vehicle, proximity of the dealership to your home or work is usually not very important. While you may choose to use the dealer for vehicle service and repair, that is not either necessary or required (even during the warranty period) unless repairs are being made at no cost to you under the vehicle’s warranty provisions.
3. If you become interested in a model, ask what options are available, and if the dealer has any models in inventory that are a close match to your needs.
4. Ask the dealer to allow you to conduct a test drive of the specific make and model you are considering purchasing. This test drive should include both interstate and local road conditions at different speeds, and require different braking scenarios. The test drive should be at least fifteen minutes, or until you understand just how well the vehicle drives and how much you like the vehicle. Make sure the vehicle will meet your needs.
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