Fast. Loud. Easy on the eyes. The list of features we want in a car goes on and on. Some people might prioritize amazing gas economy for their high-mileage commutes while others can’t compromise on a third-row bench in the family workhorse.
Unfortunately, when shopping for new cars, you’ll almost always need to compromise on some features by deciding what matters most to you. If you’re not sure what questions you should be asking yourself or what kind of car you should actually drive, we’re here to help. We apologize in advance for suggesting that a luxury sports car might not be the direction to go in.
What’s your lifestyle like?
First and foremost, be realistic with your lifestyle and the type of car that will satisfy your driving needs. Sure, most people love the heart-pumping adrenaline served up by a lightning-fast ride, but if you’re a Dad with after-school pickup duties, a family car is probably much more practical. You should be looking for passenger seating, comfortable space, and impressive safety features over massive horsepower and a quick zero-to-60.
Alternatively, say you’re a real estate mogul who needs to chauffeur their clients to and from listings. Let’s be real, your image is part of your packaged success, and investing in a luxury vehicle might have a significant payoff if it helps you close estate deals.
How often do you plan to drive?
The next question on your list of considerations is how much use you plan to get out of your new car. Maybe you already own a family car for daily driving, but are looking for a dedicated work vehicle so you can track and write off your gas mileage on your tax return.
If that’s the case, we recommend going for a reliable Honda Civic, Chevrolet Impala, or an Audi Q5 for the safest business travels. Anyone planning on making regular, long-distance commutes in their new vehicle should pay close attention to the car’s economy. Some makes or models might come with attractive price tags, but when you factor in the expense of poor gas mileage, it might end up costing much more than how it looks on paper.
How big is your budget?
Your budget is probably the biggest factor in deciding what car you should actually drive. Don’t be naïve and take on a car payment that will place too much stress on your financial circumstances. If you’re a student wondering how much to spend on your first car, take budgeting very seriously. You’re at the crucial age where you’re just beginning to build up credit history and defaulting on a new car loan can have serious consequences for your young financial health.
As a general rule of thumb, it’s always best to purchase a car outright in cash in order to prevent interest charges from racking up. Do your research by comparing prices in your local area. For example, if you have your eye on an A5 at an Audi dealership in Spokane, don’t finalize your purchase before comparing its list price to similar models found online or at a dealership in Seattle. Use these different figures as bargaining tools to get a lower price on your new vehicle.
Is it better to lease?
On that note, is it essential that you purchase a brand new car or is leasing a car online equally cost-efficient? Some people think leasing is a waste of money, since you’re making monthly payments but receive zero equity in the vehicle. Sometimes, though, it’s a viable solution depending on factors such as:
- Monthly cash flow
- How often you drive
- Current family situation
- Future life goals
If you’d prefer to invest in a car in order to accumulate wealth, ask yourself whether you need the 2019 release or if you’d be fine to go with a model from a few years back. Chances are that the features will be pretty similar, but the price tag will likely be much lower.
Can you buy pre-owned?
Finally, instead of shopping for new car, consider buying one with a few hundred miles on it. Even with less than 500 miles racked up, you can still enjoy a massive price-cut on a like-new vehicle. If it’s been certified pre-owned, it means it’s passed a series of inspections to receive the manufacturer’s seal of approval. If not, make sure there are no mechanical problems—the last thing you want is to drive off the lot in a lemon.
Whether you save money for a vacation by shopping used vehicles, go all out to boost your personal brand, or find the best value for your big family, remember to always adjust your budget after any big financial decision! By asking yourself all the right questions, you can equip yourself with the best set of wheels for your unique circumstances.
