I currently drive a 1999 Honda Civic and love it but with around 106,000 miles and averaging over 100 miles per day with my work commute, I am thinking into the future towards buying a new car.
I have decided that it will definitely be hard for me to part from the first car I have ever owned. It has been extremely reliable and never caused any major problems. However, as the exhaust starts to become louder and my stereo starts to struggle, it is definitely time to look forward.
My boyfriend recently purchased a brand new Toyota Camry Hybrid. When he did his research on cars he found that the Camry Hybrid is one of the best for the money that you spend. It is known to be one of the fastest Hybrid cars to get your money from in the shortest amount of time. What I mean by this is that although the Hybrid costs more, you will start saving money on gas in the shortest amount of time. The price difference between a regular Camry and a Hybrid Camry is not overly large.
Another plus?…The Camry has changed its look and now can be seen driven by a younger generation. However, I’m not too sure that my boyfriend would be overly excited about us owning the same exact car (especially since he took my advice and purchased the color I liked best).
Our partners at MainStreet.com offer several tips for purchasing a new car:
1. Decide what type of vehicle fits your needs, lifestyle and budget
2. Don’t rationalize an expense that is far beyond your budget
3. Shop around on the Web
4. Buy at the right time
5. Try to avoid a down payment for a lease unless it lowers your monthly payments
6. If you’re offered either cash back or a lower interest rate, choose the latter
7. Be aggressive
8. Don’t get snookered into snazzy, but superfluous, extras
To see the full article on Mainstreet.com and the explanations click here.
Other financial considerations to take into account before you make your car purchase:
- The cost of insurance per month and what company is best
- Monthly payments
- Purchasing AAA in case of emergencies
- Oil changes, repairs, etc.
- GAS!!
- Inspection cost each year
…the list can go on and on, purchasing a car is not a cheap investment.
I think that when I do purchase a car it will be a shock of me how much all the costs can add up. My parents have always been very helpful in the past with insurance, oil changes, etc. but this time I realize that I am old enough to do this by myself.
It helps me out a lot to use my Geezeo Goals to help me stay on track with saving money for my new car. Fingers crossed my current car will last at least another 6 months so that I can save some money and create a buffer for myself.
I think it is important to not purchase a car unless I am certain that I will not fall behind on my monthly payments. I want it to be an investment and not a burden. It is crucial that everyone considers this if they are thinking about purchasing a car. If you fall behind in your payments you can find yourself in a lot of debt.
Also do your research and follow the suggestions from MainStreet.com. If anyone has any suggestions as to great/affordable/reliable cars I’m sure many of our users would love to hear your input!
Photo: Gracey
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September 24th, 2008 at 2:47 pm
This article speaks to the tricky balancing act that comes when buying a car — you have to buy something you can afford, but also something that you’re going to enjoy (something you deserve?) too. It’s such a big investment that it really doesn’t pay to get a car you really don’t like just because it gets slightly better mileage, or is a few grand cheaper (not that I’m saying to splurge on that Jag, either).
Luckily, there’s a lot of great resources to aid this balancing act (like mainstreet!)…I joined the forums at http://www.thecarconnection.com a while ago, and the people there are more than happy to suggest “cool” cars that fall into one’s budget. If you’re looking at cool vs. fuel, too (a very valid consideration), mini-cooper put together a site at http://www.carfunfootprint.com that scores cars based on fuel efficiency and their “fun” factor (Mini’s own model is of course the apex of that heap, but the site was built with real stats). And then there’s the EPA site for raw MPG factors. It pays to look at the facts: I once thought a hybrid would best fit my needs, but after doing the homework I was less sure.
Oh and btw…He purchased the color YOU liked, eh? Nice job. *whiplash noise*
April 15th, 2009 at 8:33 am
This is very up-to-date info. I think I’ll share it on Facebook.