So, you have decided to purchase your dream car, here is what you need to know. Car buying experiences can be challenging and stressful, especially when you are looking for that perfect vehicle. However, if you do the research, you can purchase your dream vehicle with the features you want at a price you can afford.
Your car buying experience will be handy, along with your research. Your research should include factors such as price, cost of ownership, fuel efficiency, safety, features, and reliability.
Since this is your dream vehicle, the price might not be a huge factor. But, you will want to get the most bang for your buck. Whether the car is new or used, the type of car, the model year and the features will be big contributors to the price.
During your search, look for vehicles that hold its value year after year, which means that there is not much of a decrease in the car value year after year. You can find this information online, and your dealer can provide the information as well.
Cost of Ownership
The cost of your dream car includes not only the price but financing and insurance costs. There are options whereby you can negotiate your financing based on interest rates, terms (3-5 years) and down payments. You will want to get the lowest interest rate with a short term to manage your monthly payments.
Insurance costs will depend on the type of vehicle, the vehicle rating, the expense to repair or restore will determine most of the vehicle cost. Your insurance agent should be able to give you a quote.
Reliability is a major factor in purchasing a car. Getting stranded on the road is no fun. The warranty that new car offer can reduce your fears. However, today, there are various innovations happening in used cars with warranty can make the used car market more appealing as well.
Warranties can range from three years to ten years or 36,000 miles to 100,000 miles. Your research should also include sources that contain reliability ratings, Vehicle Dependability Studies and vehicle history reports.
Whether the vehicle is new or used, review the vehicle safety ratings and features. If the vehicle is used, request the vehicle history report to look for any accidents that might affect the vehicle structure. Safety features can reduce your stress and give you peace of mind. Some of the basic features include airbag, seat belts and antilock brakes.
Features and Add Ons
Features and Add Ons can be fun and expensive, but it is your dream car. Getting an upgraded sound system or a turbocharger can be fun. However, most features available are considered safety features, which are built-in or Add-Ons. Some of the technology-driven safety features, which can drive up the costs, are traction control, back-up camera and Telematics.
Traction Control System (TCS): This system is electronically controlled to limits the speed of the wheels during acceleration to allow maximum traction. This feature is great in icy or wet conditions. The traction control system can work at high and low speeds.
Back-Up Camera: This feature can be considered a fun and safety feature. When you shift your vehicle in reverse, the back-up camera will activate. On some vehicles, a driver can have a 360-degree-view around the vehicle displayed on the console screen. Drivers can spot pedestrians, children and objects in concealed or blind spots.
Telematics: This system is a combination of a GPS (Global Positioning Satellite) and a cellular telephone. It offers a high level of convenience & security. Automakers are making these online systems available on a number of their vehicles. With these systems, you are allowed to communicate with a dispatch centre, which can locate vehicles, provide emergency requests and find lost vehicles.
Fuel Efficiency is not a part of the cost of ownership because it is considered a long-term factor in owning a car. However, fuel efficiency is a critical and necessary everyday expense. Learning to calculate miles per gallon and fuel costs can give you some idea the cost to drive the vehicle.
Here's what you need to know when buying your first car
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