Buying a car can be a fun but stressful experience. While you want to get something that you’ll love driving and will fulfill all your transportation needs, you also will want to balance this decision with your financial situation and what’s going to be the most responsible choice.
If you’re having a hard time making this decision, here are three things to consider when buying a new car.
Consider The Finances First
One of the first things you should go over when you’re contemplating buying a new car is your finances. When getting a car loan, you’ll likely be paying on it for a few years, so you want to be sure that you’re taking on a smart amount of debt and risk.
To help you with this, Trae Bodge, a contributor to USA Today, recommends that you think about financing before you even start looking at cars. By figuring out what you can afford for a monthly payment, what you can put down as a down payment, what possible trade-in value you might be able to get, and what the maximum total cost you’re willing to spend on a car, you’ll be in great shape to ensure that you don’t get in over your head financially with your purchase. This information can also help you in finding the right lender for your exact financial needs and situation.
Research The Vehicle Itself
Once you have the financial aspect figured out, then it’s time to think about what kind of vehicle you want to buy. This should include two different branches of research.
First, you’ll want to research the model or make of car that’s going to best suit you and your needs. Once you know this, Emily Delbridge, a contributor to The Balance, shares that you’ll then want to research the exact vehicles you’re considering buying, especially if you’re getting a pre-owned car.
By finding out the history of any used car before you consider buying it, you’ll know exactly what you’re getting yourself into as far as previous accidents, issues, and repairs.
The Value Of The Car Over Time
While you might be very excited about the prospect of having a new car, it’s wise to think down the road a bit into the possible value of this car over time if you choose to sell it in the future.
When considering this, Cars.com recommends that you get a car that has a lot of residual value, meaning that it won’t depreciate quickly and will be able to be sold for a decent amount of money when you’re ready to update or upgrade.
If you’re going to be in the market for a new car soon, consider the topics mentioned above to help ensure that you get the right option for your individual situation.