Purchasing a Vehicle that fits your Needs

Posted by admin on June 9, 2010

Whether you are in the market to purchase a new or pre-owned vehicle or to lease a vehicle, there are very important decisions to make prior to making the purchase.

• Compile a list of needs and wants: The most important thing is to determine what you need out of your vehicle; whether you drive over 100 miles a day and need a fuel efficient vehicle or have 3 children to take to various games and events in which you need lots of room & storage.  Several things to also take into consideration is where you park your vehicle at home and work and that you can easily pull in & out of the parking spaces.  Listing what you need will direct you in the right direction of selecting the right vehicle for you versus a trendy vehicle that often leads to exceeding your budget.
• Lease vs. Purchase: When purchasing a vehicle typically the monthly payment and down payments are higher.  Once the loan is paid off you will own a vehicle you can continue to drive or sell.  When leasing a vehicle, the upfront fees and monthly payment are less expensive.  At the end of the lease term you must return the vehicle leaving you to replace it.
• Budget: Establish what your monthly payment would be…realistically.  There are various programs online that will assist you in determining the purchase price, interest rate and down payment based on your desired monthly payment.  Estimate the length of ownership to determine the true cost of owning the vehicle.  Keep in mind fuel costs, regular maintenance, insurance and depreciation when making your decision.
• Internet Research: There are hundreds and thousands of websites that will help you research your vehicles of interest.  Compare several based on your needs to find the perfect match.  When you have completed your research, contact the Internet Manager via phone or email to schedule an appointment and confirm your vehicle of interest is on the lot.
• Test Drive: Make sure you drive several of the vehicles you researched to compare.  Drive the vehicles in the conditions of your typical daily route.  If you have long commutes, drive the vehicle at highway speeds along with stop and go traffic.  Test the breaks in an empty parking lot, sit in the backseat, get in and out of the vehicle several times.  Determine if this is the vehicle that fits your needs list.

Purchasing or leasing a vehicle is the second largest expense outside of a house purchase.  Make sure you take it seriously and find a vehicle that you are comfortable with physically and financially for several years.  By making a smart decision in your next vehicle purchase, you will save hundreds of dollars over the life of your ownership.  Good luck and happy shopping.