Rogue Magazine Lifestyle 6 Questions to Ask Yourself When Buying a New Vehicle

6 Questions to Ask Yourself When Buying a New Vehicle

6 Questions to Ask Yourself When Buying a New Vehicle

An automobile is typically one of the largest purchases you’ll make. While the process of buying a new ride can be exciting, it’s important to do a little homework ahead of time. Never rush to make a decision. Here are six questions to ask yourself when shopping for a new vehicle.

1- What Can I Afford?

Before you even visit a car dealership, examine your finances. It’s a good idea to have a set personal budget. According to experts, your monthly payments for a new vehicle should not exceed 15% of your monthly gross income.

To save money, consider choosing a less expensive trim level. Because many of today’s newer vehicles boast such an impressive list of standard features, you can ride in style without making any major compromises.

2- Did I Research the Vehicle’s Total Cost of Ownership?

Don’t forget to look into the vehicle’s total cost of ownership. Remember, the cost of insurance can vary greatly from one model to the next. Performance vehicles that pack a lot of horsepower usually have higher auto insurance rates.

Yet another big factor is the vehicle’s estimated cost of yearly maintenance. If you want to avoid a financial headache, pick a model that is reliable and affordable to upkeep. Some automakers provide a 100,000-mile powertrain warranty, which gives buyers an extra sense of security.

3- What Type of Vehicle Best Suits My Lifestyle?

Always pick a vehicle that matches your lifestyle. If you’re a person with no children, it’s probably not a good idea to get a big SUV. Fuel costs will likely be higher.

Many people will be debating whether to buy an electric vehicle or a gas-powered model. While EVs are great for the environment, there are some potential cons to consider. Aside from taking longer to recharge, EVs also usually have a shorter driving range.

4- What is the Vehicle’s Safety Rating?

Modern vehicles are safer than ever. Nevertheless, some cars are still more secure than others. Always take the time to research a vehicle’s crash scores. This is especially true if you often travel with your loved ones.

Fortunately, many vehicles now come standard with a full collection of active safety features. Some of the most popular accident-avoidance technologies include automatic emergency braking, lane-keep assist, and automatic high beams.

5- Should I Consider Leasing the Vehicle?

Leasing a vehicle is often much cheaper. After the lease period is over, you can also upgrade to a newer model with the latest features. However, there are some key provisions that you must follow.

For starters, be mindful of the lease agreement’s mileage limit. If you overstep this limit, you will be forced to pay a penalty.

6- What’s My Credit Score?

Before you begin your car shopping experience, research your credit score. People with good credit scores are naturally eligible for the best financing rates.

However, there are ways to overcome bad credit. You could opt to make a large down payment. Some experts also suggest getting a cosigner for the auto loan. Making a larger down payment can help offset higher interest rates and lower your loan-to-value ratio, which can improve your chances of getting approved for a loan.

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