How to Buy an Automobile

When its time to buy a new car, you definitely want to be careful. In many ways, it is one of the most significant investments you can make. You could arguably place it the second most significant investment, right below buying a house. The only other thing I could think of that would be a more significant investment is starting a business. So there is no need to rush into buying a car.

The first thing to do is consider your budget. How much can you afford to put down on a car? How much can you afford in monthly costs? If you are looking to lease, understand this article is more for those looking to buy, but realize that usually you don't have to put much of anything down when you lease. However, the car is not entirely yours, and even though there are benefits to leasing, owning is usually a better decision. But if you are looking to buy, you're going to have to decide what you can put down, and realize that the more you put down up front, the less you will pay in the long run. So the less you can afford, the less you should be looking to spend on a car overall. It is your choice in the end, but financially you are better off if you can put down a larger percentage of the cost up front.

The second thing you want to do is consider your needs. Do you commute? If not, is that possible in the foreseeable future? I had a job that did not require commuting, but then I got promoted and had to commute 90 miles a day. Suddenly, my gas guzzling grand marquis was killing me on the constant refueling. What will you use your car for? I primarily only use my car to get to and from work, but maybe you have a need for cargo space, or maybe you need to accommodate several passengers on the regular.

The third thing to consider is your wants. Do you want to save money in the long term? Maybe you should get a fuel efficient car. Do you want something that moves fast? Do you want something that has prestige? What color do you want? What do you want to use the car for other than simply driving? Maybe you want to be able to have a GPS running while your cellphone is charging and don't forget about that radar detector (if it is legal in your state of course). This requires extra charging ports.

The fourth thing to consider are the first, second, and third things, again! Take your time with this, your next car may be with you five or ten years from now. It is no small decision. Choose wisely and you'll be thanking yourself every day you own it. Choose poorly and you will have a great deal of regret. Also, a poor choice is very likely to financially burden you. And in today's economy, financial burden can lead to financial ruin a lot faster for most folks than it used to. The worst thing is to be stuck with a car you don't want, don't need, and can't afford!

Posted in: SAFETY