If you’re in the market for a new automobile, there are now plenty of great models for you to choose from. However, it’s important to choose a car that suits your specific lifestyle the best. Rushing to make a decision could cause you to experience buyer’s remorse. It’s important to do a bit of homework before you step foot inside the dealership. Here are seven factors to research when shopping for a new vehicle.
1- Your Financial Position
Always be realistic about what you can afford. If you purchase a vehicle that oversteps your current financial position, this could lead to trouble. The last thing you want is for a vehicle to become an economic burden. According to experts, your monthly car payment should not exceed 15 percent of your monthly take-home pay. In the long run, you will appreciate the extra financial freedom.
2- Your Credit Score
Before you apply for auto financing, first check your credit score. It’s no secret that drivers who have a great credit score have an opportunity to get the best interest rates on auto loans. Banks consider these individuals to be lower-risk borrowers. Fortunately, there are ways to overcome a less-than-desirable credit score. For starters, you can opt to make a larger down payment.
3- Vehicle Safety
Far too many people neglect to research a vehicle’s safety safety profile. Like an NHTSA five-star overall safety rating, an IIHS “Top Safety Pick” award indicates that a car provides excellent crash protection. Many of today’s new vehicles now come standard with several advanced safety features, including automatic emergency braking. Research shows this driver-assistance technology can drastically reduce the likelihood of a frontal collision.
4- Total Cost of Vehicle Ownership
Don’t focus solely on the vehicle’s price. You also have to consider the other costs associated with owning a car. You should definitely research the cost of insurance, which can vary from one trim level to the next. The cost of maintenance is yet another important consideration. As expected, premium luxury vehicles and high-performance sports cars are typically more expensive to maintain.
5- Know Your Needs
Not every vehicle will suit your needs. For instance, a two-door sports coupe is not the best choice for folks who need a practical family hauler. Factors, such as legroom and cargo space, will be important to parents. If you need a vehicle for pulling boats and campers, make sure its towing capacity is high enough.
6- Fuel Economy
For many drivers, a vehicle’s efficiency proves to be a critical factor. Motorists who have a long daily commute need a model that has a good highway fuel economy rating. If you live in an urban area that has nearby charging stations, an electric vehicle could be a great pick.
7- Features
Remember, premium features can cause a vehicle’s price to rise. The good news is that most new models now come standard with an impressive list of equipment, including smartphone-friendly infotainment systems. High-end audio systems and upgraded upholstery are often reserved for the top trim levels.
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