Is your current vehicle not worth your interests anymore? Maybe because of constant breakdowns and repairs that seem to be competing with the vehicle’s net worth. Or the continuously rising insurance costs. It could also have to do with safety issues. Whatever the reason behind your diminishing interests, you feel it’s time to get another vehicle. Making a decision of what vehicle to buy next can be quite a task. Especially if you’re not too much into vehicle trends. Where to begin and what to watch for are your enemies when you think of during this time. It’s not just about having another vehicle. There are a vast majority of vehicles out there. Neither has it got to do with the brand name. What if your favorite brand does not supply the vehicle you’re in need of? What vehicle will be an exact fit for your needs?
- Your needs and intended purpose of the vehicle
Start with considering who you’re and your expectations in a vehicle. What statement do you want to make with the new vehicle? Is it that you’re retro and earth loving, or that you’re rich? Different vehicles speak something of you and your lifestyle as well, especially during this millennial generation. What would you want to feel using the vehicle? Do you like an all-wheel-drive vehicle? And what must-have features are you looking for in your next vehicle, is it the leather seats and backup camera? Knowing what you need will guide you on what make to go for. Otherwise, you risk purchasing a vehicle and a few months or years down the road you’ll have lost interest, disappointed.
What purpose is your next vehicle intended for? Is it business, family, recreation or cargo vehicle? Knowing why you’re in need of a vehicle will be the baseline to knowing what makes to look for. Your next vehicle should meet the requirements you want. Perhaps what your current car is lacking. What type of driving will you need to do? Are you intending to primarily do off-road, surface streets, or highway driving?
- Price and cost of ownership
Probably you’ll prefer a cheaper vehicle to an expensive one for obvious reasons. Considering your personal finance, go for a vehicle that will not strain you economically. You also have other needs to provide for. And if you are not a fan of negotiating, you will find various companies selling quality vehicles at low prices. Get as much information as possible and you will get a vehicle that is a perfect fit for your interests. Don’t hesitate to visit car-buying-strategies.com for more useful information. Yes, you might get a loan to purchase the vehicle or get the vehicle on loan. Which is very ok but consider the mode and amount of payback and if it will strain your personal finance in one way or the other.
The current price of the vehicle should not be the only cost consideration to consider. How about you dig deeper to find out how the ownership of the vehicle is expected to cost. This is with respect to the costs of maintenance and insurance. What is the expected rate of depreciation of the vehicle? Of course, you won’t want to buy a vehicle that will depreciate faster and be on the road to being worthless in less than a decade. Consider also the fuel costs prior to deciding on buying the vehicle. Some vehicles consume more fuel than others for the same distance coverage. So you have to estimate the long-term cost of ownership of the vehicle to know if it’s worth purchasing. Besides, of course, its outgoing market price.
- Your budget
Just like you cannot go for a pizza when you can only afford a burger, the same case applies to buying your next vehicle. How much can you afford to set aside for the purchase of a vehicle? Before deciding on what vehicle to have next, you should base on what you’ve budgeted. This way, you will have narrowed down your options to a few where you will get the right one. And what should you consider in your budget? Is it only the outgoing price of the vehicle? No, that will not be a wise decision. Remember there are running and ownership costs involved also. The vehicle should not consume more than 15% of your monthly salary.
You wouldn’t want to spend all the money you have on the purchase then be left with none to run the vehicle. Include the fuel, maintenance, and insurance costs in the budget so you know the range of the vehicle to go for. You may not be having enough money to purchase the vehicle without compromising on other needs. You will give up on something so that you get the vehicle instead. Be sure to compromise something you can do without, something that will not compromise your other operations. But let the compromise count by going for what will certainly fit your needs.
- Leasing or buying
You have two options, to lease or to buy the vehicle. And both methods have their advantages and disadvantages. If you would opt for a leased vehicle, you will save on most maintenance costs because of the factory warranty and can be able to drive latest high-tech vehicles. You will be able to drive an expensive vehicle for less money.
And should you go for buying option, you will get to have the vehicle modified to fit your tastes. You will also enjoy the freedom of trading it at your own comfort. Talk about having not to worry about mileage penalties should you drive a lot and not worrying about losing the vehicle when the lease ends among other benefits.
- New or used vehicle
This is an essential step prior to coming to a decision on your next vehicle. And it is that decision step where your budget plays a big part, but not entirely. There are other characteristics to consider, the benefits of each plus your interests. A used vehicle is cheaper as compared to its new equivalent. And you won’t have to worry about the first depreciation hit as it would have been taken by the initial owner. Getting a used vehicle not more than three years old will save you a lot.
Buying a new vehicle also comes with some advantages. You will have manufacturer’s warranty benefits which go to at least three years. But that’s not enough. Talk of the freedom of specifying the needs and tastes you need in the vehicle. But its major drawback is that it’s expensive to buy and taking depreciation into consideration.
- Diesel, petrol, or alternative fuels?
What type of fuel do you want your next vehicle to be running on? Is it diesel, petrol, hybrid, or electricity? Some vehicles come with engines able to use both petrol and diesel while some are only available as petrol or diesel only. Are you intending to do a lot of town driving? Then you may consider hybrid and electric models. And if in a year you’re to cover less than 12,000 miles, a make with a petrol engine is best for you. “Is there any difference between the vehicles using petrol and diesel?” Oh yes, there is. Want to know? Diesel vehicles are more expensive than their petrol counterparts. You may take this into consideration when the aspect of running costs is brought to attention.
And if you’re going for a used car, diesel-engined vehicles are valued than their petrol counterparts because of huge running costs. The type of journeys you intend to be doing with the vehicle should guide you on the fuel to run on. Diesel is appropriate for short trips and trips where you need to be regularly speeding so as not to block the DPF hence saving on running costs.
Vehicle safety is an essential feature to watch for. And you wouldn’t want to jeopardize your own safety or that of the people you’re using the car with. Some vehicles have five-star safety rating while others don’t, but it doesn’t mean the 3-star rated vehicles are not safe. Neither do the 5-star rated perfectly safe. So you have to be keen on this factor before having your mindset for the next vehicle. Does the vehicle have all the safety features installed?
What is the purpose of the vehicle you’re in need of? Counter-check the safety features with respect to this purpose. If it is a family vehicle and you intend to be using the vehicle with children on board, consider the positioning of the airbags in the vehicle. Despite the fact that airbags have saved more lives, children’s lives are at risk with this. Check also for seatbelts, anti-lock brakes, electronic stability control, traction control, brake assist, blind-spot warning, and pedestrian detection among other vast safety features. Don’t be content with the ratings as these could be misleading sometimes. But get to know the available features and relate them to the intended purpose of your vehicle.
When the time of having yourself the next vehicle comes, not just any vehicle is the one you need. There are factors to watch for to avoid regretting after purchasing the vehicle. Forget the mentality of purchasing a vehicle because of a certain brand. These 7 points are enough to get you the vehicle that will fit you and your needs without causing any social or financial strains. Consider the steps and use them as a guide during your search for your next vehicle and rest assure of guaranteed satisfaction. Good luck!