Note from the Editor: This article was originally published on the main Colliers News website. You can view the original version here.
Buying a new vehicle is a very big commitment and not a decision that should be made lightly. It can cost a large amount of money both initially and in maintenance, and you want to make sure you are in the right situation to afford the repayments.
In this article, we are going to go over some questions that you should ask yourself before impulsively making the big decision.
Sound interesting? Then let’s get right into it.
What is my financial situation?
One of the first questions that you will want to ask yourself when buying a new car is what your financial health is currently looking like. This will help you determine if it is really the right time to be making such a large purchase and investment.
Go over your accounts and see where you are currently standing. If you have too many other outstanding debts or not enough saved up, you might want to think about waiting until they are sorted first. You don’t want to end up selling it after just a few months.
Do I have a current budget?
After you’ve assessed your financial situation, your next step is to think about what your budget is going to be. Unless you have saved for a very long time, you’re going to need to make regular repayments. What sort of amount can you afford each month? And what other costs could affect your ability to make these repayments? You want to know that you can afford a new vehicle without falling behind in other areas. For more advice, read here about how you can afford your dream car without going broke.
Why am I unhappy with my current vehicle?
The next question to ask yourself is why you are unhappy in the first place. What is wrong with your current car? Is it broken, unsafe, or do you just want something new? If you can’t come up with an acceptable answer on why you dislike your current vehicle, then it probably isn’t time to buy something brand new. However, with that being said, you may be able to sell it in order to pay off something else.
Who will be in the car with me?
Once you’ve decided if buying a new car is the best choice for you, the next thing is to consider what type of vehicle you need. By thinking about who your passengers will be, you can rule out plenty of car types. For example, a convertible might not be the best choice if you have young children that will be in the back seat.
Where will I be driving?
You’ll also want to consider the type of area you will be driving in. Someone that lives in a rural community will have different opinions on a vehicle than someone who only goes to and from work in the city. By asking yourself what your needs are, you can help narrow down to a particular selection of cars. For example, a large vehicle isn’t going to be the best choice if you struggle to find parking in your city or town.
What running costs can I afford?
Alongside the initial cost of the vehicle, there are various running costs that you also need to consider. How much is it going to cost to fill up? What sort of regular maintenance is required? These questions will help you establish a better budget and determine if it is really worth your while. Another thing to consider is how expensive the parts are for the vehicle you need. If it is manufactured in another country, parts can be extremely expensive as they generally have to be imported in.
What style of vehicle do I prefer?
Now that you’ve taken care of all the practical questions, you can start thinking about what sort of cars you prefer. Obviously, if you are going to spend the money on a new vehicle, you want to like the look of it! Asking yourself this question will also help you find a nearby dealership. For example, if you live in the west, you might look at Hyundai Utah, or something similar.
What features are important to me?
Once you’ve got an idea of what kind of vehicles you like, you can look into the different models and what sort features are included. Do you want a reverse camera, emergency braking, or how about a top of the line climate system? Some cars even often heated seating and keyless entry. While you aren’t going to be able to get everything you desire in most cases, you may be able to check a few off your list.
What do other people like?
Some people just don’t know cars, and if this is you, it can be extremely beneficial to see what sort of vehicles other people like. Read some reviews, ask your friends what they prefer and even speak to some different dealerships. This way, you can get an idea of what the most popular cars are and why they are that way. You don’t want to walk into a shop and buy the first thing you see just because it looks good!
Do I know enough about my chosen vehicle?
Lastly, once you’ve made a decision, you want to ask yourself if you know enough about it. For example, you want to know what the best fuel is to use, how often it needs to be serviced, and what are some of the most common flaws that might arise. If there seem to be too many hidden issues that you previously didn’t know about, you might want to rethink your decision.
And that’s it! These were ten different questions that you should ask yourself before buying a new vehicle. If you can get through the list with flying colors, then it’s the right time, and you can start enjoying your fabulous new car! While it might seem a little extensive, it’s better to be sure before making such a large investment.