We’ve all heard it lately…this is a “buyers market†and now is the time to buy a new car or put a payment down on a new home. But making such a big purchase is always circumstantial and you should consider all your options before making the big jump!
What Car is the Right Fit? – With so many options to choose from, you really need to consider what you are looking for. Do you have kids? Do you have a long commute to work? Do you need a car with better gas mileage? The list can go on and on but it all depends on what you are looking for. Do your research and then go out and test drive as many cars as you can before making a purchase. Purchasing a car is a huge step and you want to make sure you are positive you are making the right choice.
Should You Really Go New? – Maybe a new car is not the right decision. New cars are typically (1) a lot more expensive to purchase and (2) you lose a great deal of money on the car as soon as you drive it off the lot. It may be best in certain situations to buy a slightly used car…a few years old but with low mileage on it. This way you are getting the most for your money.
How Much Will Insurance Cost? – If you are looking to save money when you purchase your car, be sure to consider how much the insurance will be for the type of car you are purchasing. If you live in the city your car insurance can be more expensive than if you live in the suburbs. Another thing is that if you purchase a flashy car (in the color red for example) it might raise the cost of your insurance. There are many things to consider, but keeping your insurance cost as low as possible should definitely be high on your list of things to research before making a purchase.
Have You Allocated Enough Money in Your Budget? – Purchasing a car is not a onetime thing and then you’re done (unless you have enough money to pay it all off up front). You have monthly payments that you make towards your car and then you also have everyday maintenance. Make sure you are going to keep your car going. It is highly important to keep on top of your car maintenance to make your car last longer. In tough times you need to make sure you are going to be able to meet all the payments so that you do not get yourself into trouble.
Although these are just a few suggestions of what you should consider when purchasing a car, every person is different and you may need to dig deeper to make sure you are making the right decision for yourself. If you do need a new car, now is definitely the time to buy one if you can afford it…just be sure to cover all of your bases first! Also, be sure to check out our Geezeo group on buying a car to get advice from other users.
$6,000 could go a long way toward reducing your debt. Win this or other great prizes in the Great Geezeo Bailout! Collect points every day.
Photo: Matthew Hull
January 28th, 2009 at 1:12 am
[...] Source [...]
February 2nd, 2009 at 1:58 pm
New car depreciates fast so I feel it is better decision to buy a slightly old car – which has much lower price but has equally good quality as that of the new car.