Top 5 Questions to Ask Yourself Before Buying a Car

Top 5 Questions to Ask Yourself Before Buying a Car

Buying a car is not an easy process. It involves some probing and research too. But where do you start? We have compiled a list of the top five questions to ask yourself before buying a car.  By the end of this post, you will understand what is important and what does not matter.

1. Have you made a budget?

You may dream of driving off from the car dealership in a swanky sedan but the big question is can you afford it? The car market offers you so many options that it can be easy to get lost and select a car that you cannot afford. Always remember, the base price is not the total cost of the car, there are several additional costs such as feature add-ons, registration fees and insurance costs that can increase the final cost of the car significantly.

2. What do you need in the car?

You have a lot of choices in terms of features, engines and other add-ons. For example, if you like to drive off-road, look for a 4x4 SUV and if you will be driving the car mostly on city roads, look for a car that offers more comfort and gas mileage. The features in the car can be divided into three broad categories like safety, reliability and performance. If you are more concerned about safety, features like anti-lock brakes, side airbags, electronic traction control, accident avoidance systems and tire pressure monitors should be high on the features list. If you desire performance, look for models or variants with turbo boost engines offering more horsepower.

3. Does the car meet your needs and that of the family?

The number of passengers that can sit comfortably in the car is an important aspect. If you are a couple with no plans to start a family, you can opt for a two-door coupe or sports sedan that can let you enjoy road adventures. However, if you are planning for a child, you need to look for a minivan or small car that has enough space for three to four people. If you like to go on outings and own a small pop-up camper, you need a car with good towing capacity. Also, the car should support your hobbies as well. For example, if you like to play golf, the car should have enough space and power to carry your golf and sports equipment around.

4. Where can you get the lowest rates?

The interest rate on auto loans is a big factor. The mathematics of auto loans is simple. If you opt for longer repayment periods, the interest rates on the loan will be on the higher side and vice versa. Lenders and financial institutions are known to check the borrower’s credit score before finalizing the interest rate. If you have good financial standing, it will not be hard to find a lender offering lower interest rates on auto loans.

5. Have you researched total ownership costs of the car?

The ownership costs of the car change with the make and model of the car. Some of the operational costs are monthly insurance premiums, different car taxes, repair and maintenance costs, as well as fuel expenses. These expenses can bloat your monthly budget and you need to research about operational expenses before buying a car.