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By now you've determined how much you can afford to spend (see: What
Can You Really Afford?) Now comes the fun part - shopping! But what to buy? A Mustang?
A Trailblazer? How about an F-150 or a Caravan? So many choices! Start by looking
at the following factors to help you decide:
- How many passengers will ride in your vehicle on a regular basis?
- What
daily commute do you have?
- Do you need cargo space to haul things?
- Will you be taking vacations with
this vehicle?
- Do you prefer a manual or automatic transmission?
- Do you live or travel
in geographical areas that would require four-wheel drive?
- If you plan
to park your vehicle in a garage, will it fit?
- Do you require any additional
features to accommodate a special physical need?
Of course, there are many other things to consider. These will get you started!
The main importance is for you to take a good look at your lifestyle and figure
out what kind of vehicle fits your needs. Once you've determined a basic category,
that just leaves choosing the specific brand and model. To help with that choice,
you should consider how each vechicle compares in these categories:
- Safety - Obviously this is an important factor when deciding on a vehicle.
Air bags have become an important feature as well as built-in child safety
seats, anti-lock brakes, and traction control for slippery roads. How the
vehicle rates in safety will also affect insurance costs, so stay away from
those that do poorly in the crash tests.
- Warranties - Take the time to do a thorough comparison of the different
warranties and what they cover. Take into consideration the duration of
the warranty, deductibles, and limitations on mileage. If you are purchasing
a pre-owned vehicle, you may want to read this article about Vehicle Service
Contracts offered by AMPLIFY.
- Fuel Economy - Gas prices are rising, with no
end in sight. Check the average fuel econonmy rating for the vehicles you
are considering, and calculate fuel costs based on the distance you typically
drive. If you drive long distances to work, you might want to reconsider
purchasing that full-size SUV that only gets 14.5 mpg!
- Reliability - There are several resources that provide comparisons on
maintenance costs as well as the number of complaints filed on any particular
vehicle model. Consumer Reports, while a fee-based service, is perhaps the
best and most unbiased source for reliability ratings. Even a general web
search for your particular vehicle with the additional words 'lemon', 'trouble'
or 'reliability' will reveal some interesting discussion forum results. Just
keep in mind that reading user forums can give a skewed perspective on the
reliability of a product, since typically only the unhappy customers post
messages!
- Operating Costs - Numerous publications are available that provide estimates
on the yearly operating expense of a vehicle. As would be expected, these
costs can have a large variance from one model to another. The main factors
covered in these costs are maintenance, fuel, and tires.
- Performance - Check out the performance of the vehicle. Specifications
include the size of the engine, horsepower, curb weight, gas mileage, etc.
For new vehicles, all of this information should be readily available to
you. For used vehicles, you may need to do some further research going back
to the business that provided the maintenance.
- Insurance - Before signing on the dotted line, call your insurance company
and get a quote on the vehicle. Calculate this cost into your monthly payment!
You may find that you can afford the vehicle itself, but the insurance
puts it beyond your budget. If this is the case, ask your agent if there
is a comparable model that has lower rates.
Hopefully these tips will help you find the right vehicle for you!
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