Buying a car is a significant financial decision, so it makes sense to approach the process with careful consideration and planning. Whether you’re in the market for a brand-new vehicle or a reliable used car that fits your budget, asking the right questions can help you make an informed choice. To help you on that exciting journey, we’ve got some key questions you can ask yourself. Keep them in mind before purchasing to make sure your new vehicle meets your needs and expectations.
1. What do I like and dislike about my current vehicle?
Before you start shopping, think about the features you enjoy in your current car (if you have one). Does it have a backup camera? Do you wish it had heated seats? Make a list of your must-have bells and whistles. Compile a second list (your wish list) of the features you’d like but could live without.
2. Do I want a new or used vehicle?
As the old saying goes, there’s nothing like that “new car smell”. A new car comes with reliability, the latest technology, and the option to customize (for a cost). A used car, on the other hand, is a great choice if you hope to save money (and you can always get a “new car” scented air freshener). When buying used, however, there are important factors to consider. For one, the car’s history and previous owners. It’s also important to inspect the car’s condition and reputation. Do your research and, above all, make sure you purchase your vehicle from a reputable source.
3. What will I use my new car for?
Do you need a reliable commuter car? Do you want a tailgater with extra cargo room? Consider the ways you will use your vehicle to make the best match.
4. How much will I drive?
If your regular driving habits involve long commutes and road trips, factor gas mileage into your decision. There are fuel-efficient options on the market today—from economical sedans to hybrids and electric vehicles.
5. Am I the only person who will drive this car or will I share it?
If you are buying a car for yourself, all that matters is your own comfort and satisfaction. If, however, you are sharing the vehicle with a spouse or your family, consider how comfortable the car will be for everyone. For example, if you are 6 feet tall but your spouse is 5’2”, do the seats adjust enough to accommodate you both? Will you be teaching teenagers to drive? For young drivers, a small or mid-size vehicle may be easier to handle than an Escalade or Suburban.
6. Where will I park?
Where you park your vehicle could affect its performance and longevity. Cars parked outdoors are more prone to UV and environmental damage—not to mention bird droppings and detritus from trees. They are also more likely to be stolen or damaged in accidents.
Parking in a garage can prevent wear and tear on your paint, body, brakes, battery, and tires. But, if a garage is not available, consider a vehicle in a lighter color. Not only does lighter paint hide dirt better than darker paint, researchers have found that lighter vehicles are (slightly) more fuel efficient because the color reflects (rather than absorbs) heat.
7. What am I willing to spend on maintenance?
When we think about the cost of car ownership, we, of course, think about car payments and fuel costs. However, many of us forget to factor in car maintenance—like oil changes, tire rotations, inspections, and brake pad replacements. For gas-powered vehicles, expect to spend about 9 cents per mile driven. If you drive 1,000 miles per month (which is low on average) that equates to about $90 a month. Electric vehicles (EVs) cost less to maintain than conventional vehicles; but they still need routine care to properly maintain the battery, tires, suspension, and brakes. You can expect to spend about 6 cents per mile maintaining an EV.
8. What am I willing to spend overall?
If you are pre-approved for an auto loan, this will be an easy question to answer. If you hope to pay outright or finance, crunch some numbers before you walk in. Research the average cost of the vehicle(s) you are shopping for and look for dealership incentives to help lower the cost. As you shop, remember: the car buying process is not the time to be impulsive. It’s important to get a good deal, but it’s equally important to get a good, reliable car.
The Bottom Line
Making a well-informed car purchase involves more than just finding a vehicle that catches your eye. So, equip yourself to make the right choice (for both your lifestyle and budget) by asking these essential questions. Take the time to reflect on your needs and preferences. Remember, the goal is to find a vehicle you can enjoy driving—and confidently afford—for years to come.
If you’re ready to purchase that new or used vehicle, now is a great time to finance your car through Maps Credit Union. We’re offering 90 days payment free (on approval) for new and used car purchases or refinanced loans from other financial institutions. So, you can save up some cash and take the summer off from loan payments. Happy car shopping!
