How to Buy a Car in 2022
How to Buy a Car in 2022
If you ever find yourself in this situation, it can be overwhelming; but with this article, you can find everything you need to know.
In the process of finding a new car, you should keep these tips in mind.
- What do you need in your car?
- How much are you willing to pay?
- Should you lease or buy a car?
- The difference between insurance and warranty.
- Scheduling a test drive.
- Picking your new car.
What do you need in your car?
Let’s start off with assessing your needs and finding the vehicle that suits you best. When buying a new car, it’s important to know what you expect your car to look like, run like, and more. Try to think about:
- How many passengers do you typically have?
- Do you primarily drive on the highway, surface streets, or a mix of both?
- If you have a long commute, is fuel economy important to you?
- Do you need an all-wheel drive?
- What are your dealbreakers when it comes to features? (Bluetooth, Apple CarPlay, etc.)
- Do you want extra safety measures? (Lane assistance, blindspot monitoring, and automatic emergency braking for instance)
- Is cargo capacity important to you?
- Do you need the ability to tow?
- Will you need room for car seats?
- Do you have a specified parking or garage size to keep in mind?
After answering these questions, you will have a better understanding of what you need in your new vehicle.
How much are you willing to pay?
Now that you know what kind of car suits you best, it’s time to make your budget. How much are you able to afford, and how much are you willing to pay? Experts say that if you are financing a car, the monthly payment should fall within 15% of your monthly income. Although, if you are considering leasing a vehicle, you should consider paying within 10% of your monthly income. Used cars will be less expensive, but the same rules should apply. As the gas prices rise, you should also consider setting an additional 7-10% monthly income away for fuel and insurance costs.
Should you lease or buy a car?
Once you have calculated how much you can spare a month for your payments, you can make an informed decision on leasing or buying your new vehicle. While a lease requires less money down upfront, and lower monthly payments, once that lease is completed, you are left with no vehicle. In comparison, when you finish your payments on a financed car, you now own the vehicle. This opens a door to possibly selling the vehicle after paying it off.
The difference between insurance and warranty.
Next, you will want to consider all the insurance and warranty options. To do that, you need to understand what the difference is between a insurance and warranty. What sets these two options apart is the kind of protection each typically offers. A car warranty tends to cover certain types of mechanical breakdowns related to manufacturing defects. . Although, car insurance helps repair your vehicle if you have damage from a collision, or by another cause, like theft, fire, or a natural disaster.
Test drive a new car.
After assessing your needs, setting your budget, and choosing your insurance plan, you should schedule a test drive with a local dealership. When working with a dealership, you are guaranteed that the vehicle will be waiting for you at your appointment time. It is recommended that you test drive about 3 different cars. That way you have multiple options.
Also, try to stay focused while driving your potential new car. Think back to what you want and need. Keep those factors in mind and take your time. After this, if you are still feeling unsure, take a step back and sleep on it. Then make an informed decision; either purchase or start over.
Picking your new car!
If you have gone through these steps, and feel confident in your decision, it is time to make the purchase! While making the right decision seems important, try to remember that there isn’t always a “perfect choice”. Remind yourself that the automotive industry has grown exponentially, and will continue to do so. Cars will keep getting safer, stronger, and more durable over time. For now, pick what suits you best.
Written By: Madison Kennelly