Home > Run and Grow > 4 Things to Keep In Mind When Choosing Your Next Vehicle

4 Things to Keep In Mind When Choosing Your Next Vehicle

By: Becky Wilson

 

choosing a vehicle

Are you planning to buy or lease a new vehicle?

Whether for your business or personal use, there are a few things that anyone looking to buy a new car must remember.

1. Size of the car

If you are simply looking to upgrade your current vehicle or buy your first one, you may have a pool full of options to pick from.

Whether you get a pickup truck, van, or sedan, your budget will be the only limit. However, your preferences may vary if you’ll be using it for customer deliveries, employee or supply use, or personal use looking for a comfortable carrier that can get your family around with ease and safety.

If you are looking for a family car, you may consider getting a suitable station wagon, a luxurious SUV, or even a smaller hatchback, depending on your family size. If making customer deliveries, an authoritative sedan or minivan might be in order, or a pickup truck if use is on-site only.

The aim is to ensure everyone can make themselves comfortable in the car and that provides the appropriate storage for its use.

2. Budget

The amount of money you wish to spend on your next car largely depends on the liabilities you need to look after and your income. You’ll probably need to take out a loan, and ideally, it’s advisable to maintain a healthy debt-to-income ratio while taking loans.

You can reach out to banks or you can consult a reliable credit union. For example, Valley Strong Credit Union offers a seamless support system. Their experts will advise you on the ideal down payment amount for your preferred vehicle, help you optimize your loan application, and pick the most suitable loan offer for your new car.

3. Maintenance cost

Anyone who has ever owned a car knows that this expenditure always comes along with ownership – maintenance cost.

While some cars have a high maintenance cost, others may be more friendly to your pocket.

The choice is yours to make.

For example, a Honda Civic may cost you around $420 to $450 in annual maintenance. On the other hand, a BMW 3 series may cost you between $1100 to $1700 yearly in maintenance.

Clearly, the difference is in significant multiples. So, if you are looking to get a low-maintenance car, you may have to drop some lavish options.

4. Span of use

Are you planning on using this car for another decade or two decades?

Or are you buying this car only because you need it for some time and may sell it sooner or later?

The purpose of your purchase can make a huge difference in the choice of vehicle and the loan tenure as well.

For example, if this is going to be your car for the next 15 years, paying the loan for five years will make sense. However, the price should also be considered while buying a car you may sell in the next two to three years.

Wrapping up

Anyone planning to buy a new car would want to ensure that the purchase is fruitful and turns out to be a good investment. The car you pick is the biggest determining factor of whether the purchase was right. That’s why being thoughtful while making a decision is crucial.

Published: May 30, 2023
1441 Views

Trending Articles

Stay up to date with
becky wilson

Becky Wilson

Becky Wilson is a writing enthusiast with a deep interest in topics related to Financial Institutions. Spending a good amount of time researching around the same, whenever possible Becky also likes sharing the useful information with people who may find it helpful.

Related Articles