Need Assessment
Understand why you need a car. If it’s to make a statement, or for weekend fun, then practicality won’t matter much. Otherwise, consider the number of passengers, type of driving, all-wheel-drive requirement, important features, safety features, cargo capacity, child seats, towing, and available parking space.
Budget Setting
If you’re paying cash, you’re okay. But if you’re financing or leasing a car, ensure that your new car payment does not exceed 10% of your take-home pay. You’ll need another 7% of that income for fuel, insurance, and maintenance. Know your budget before you choose a car.
Leasing vs. Buying
A lease will let you drive an expensive car for no down payment and overall less, and you can get a new one every few years. Repairs are usually covered under warranty, and there are no trade-in hassles. Buying is more expensive at the start, but you can modify the car to your needs, there are no mileage penalties, and once you complete payments, the car is yours to drive forever.
Consider Alternatives
Even if you’re lusting after one car, consider its equivalents. You may find something that saves you money while meeting your needs. If you only know the type of vehicle you want, e.g., a crossover, do your research and find a top-pick in its class.
Consider Ownership Costs
Some cars are cheap to buy but expensive to live with. Some depreciate faster than others. Consider the long-term costs of ownership before you buy the car.
Search For Cars
Use dealer inventory tools on websites to search for the vehicles you’re interested in at dealerships close to you. You can filter your search to find cars in a specific color, engine, etc.Contact the dealership to verify that the car is in stock, ask any questions that you may need answered, and book a test drive.
Test-Drive
Schedule back-to-back test-drives of three different vehicles, so comparison becomes easy. Inspect everything about the exterior, interior, driving feel, response, sounds, and features as per your needs. .
Close The Deal
Complete the paperwork carefully, ensure there are no hidden fees, prepayment penalties, and close the deal. And enjoy your new car.
