What to consider when investing in a car

By Glossy Magazine

What to consider when investing in a car

What to consider when investing in a car

What to consider when investing in a car

Investing in a car is no small decision and is something that should be well researched and thought out before you make the big purchase. Of course, it can be tempting to go all in, and impulse buy a car when you see or test drive one and fall in love with it, however if it isn’t practical for your lifestyle or isn’t realistic for your budget then you’re most likely going to regret that decision further down the line.

We get it, salespeople can be pushy and buying a new car can be incredibly exciting. That’s why it’s easy to forget all the important questions to ask when you’re in the heat of the moment. However, don’t stress as below we’ll walk you through everything you need to consider when investing in a new car.

Your budget

Budget is the most important thing when it comes to purchasing a new car. For starters, it’s best to get anything out of your head that you know you cannot afford or anything that would be a stretch. It’s simply just not worth it in today’s economy, and especially when cars depreciate in value so quickly.

It’s not only the initial cost or monthly finance payments you need to consider when thinking about affordability, but also the running costs and maintenance costs too. For example, think about what type of fuel the car uses, how many miles you travel each week and how expensive it will be to keep it running.

In addition to how economical it is, think about if you can afford the maintenance on the car too. The more expensive the car, the more expensive parts will be to replace. It’s important not to try to cut corners with cheap tires on an expensive car so you can save some cash. Investing in well-designed tires for your car is always worth it as there’s no compromise when it comes to safety.

It’s also important to think about resale value. We know you’re only just buying it, but it’s still an important aspect that will have you thanking us when it becomes time to upgrade again.

Your lifestyle

Carefully consider who is going to be the primary user of the car in your family and what it is going to be used for. If it is mainly used for commuting to work, then think about how economical it is and whether it has the extra features such as cruise control and lane assist that make driving long distances more comfortable.

However, if it’s your primary family vehicle for your kids, you may want to think about how much space there is in the back, how easy it is to park, whether the trunk is spacious enough for strollers and other items, and whether it has extra seats in the back to accommodate a growing family.

It is also worth considering the climate you are in. The car you choose will need to be good in bad weather conditions if you are from states that are known for extreme weather or if you are simple planning on going on long road trips.

New or Used

Buying a new or used car is a very personal preference, in which there’s no right or wrong answer and both come with its pros and cons. Buying a new car means it will usually come with a 3-year manufacturer’s warranty, however the price tag will also be much higher in the first place. In addition, the car will automatically depreciate by thousands the second you drive it away from the dealership.

If you buy a used car then the initial cost will be much lower, but you also need to consider if it will need any work, how many miles are already on the clock, and whether it will be worth much in a few years’ time.

Where to buy the car from

Who you buy the car from is another important question. Buying from a dealership is generally the safer option as there’s more assurances and accountability than when you buy from a private seller.

Overall, there’s a lot to think about when it comes to investing in a car. Be sure not to rush into any split-second decisions and take your time, and you’ll be sure to make the right decision.