Thinking of buying or leasing a new car and don't know where to start? What aspects are important when it comes to acquiring a new car? What are the essential tips to get it right when buying or leasing a new car?
If you have bought a car for a long time (or never before): how do you find the perfect car that is adapted to the millimeter to your needs for the next few years?
You just need to do some research and planning. When you find the car you want, you can decide whether to buy it new, lease a car, or buy a second-hand car.
Assess your needs
Depending on who you are and what you expect from a car, there will be a suitable model for you. Some people like to have their car talk about them ("I am rich and modern" or "I am earthy and flat"). Some like to go out for a walk and have everyone look at them ("I'm loud and loud"). So practicality plays a big role when it comes to how a car makes you feel.
If you simply need a car for your day to day, focus on making it practical. Start by answering a few basic questions:
- How many people will normally travel in your car?
- What type of driving do you do (road, city, off-road ...)?
- Do you take long trips and do you care about fuel economy?
- Do you need four wheel drive?
- What do you consider essential in your car?
- What security aspects do you consider important?
- Looking for a blind spot monitoring system, lane departure warning and automatic emergency braking?
- What load capacity are you looking for?
- Will you use child seats?
- Will you use a trailer?
- Where will you normally park your vehicle?
Set your budget
At this point you have to think about whether you will pay your car in cash, if you are going to finance your purchase or if you are going to lease it. How much can you pay per month for that car?
Generally, people choose a monthly fee that does not exceed 15% of the income that comes to your account each month. A second-hand car will be cheaper, but the same logic should apply. If you opt for a lease or lease, try not to exceed 10% of your income. Also you need to take into account the cost of insurance and fuel. Knowing your maximum budget will help you during the negotiation of the purchase of your new car.
If you are not sure about the costs of a car, you can read this analysis of the cost of a car in Mexico. Keep in mind that the price of a car will change based on the level of compensation, options, taxes, and finance charges.
Decide if you are going to rent or buy
Between leasing and buying there are several advantages and disadvantages that are important to consider.
A lease or lease almost never requires a down payment, and the monthly payments are usually cheaper. However, when the lease ends, you run out of vehicle and need to find another one again.
On the other hand, buying a car is usually more expensive at the beginning and have higher monthly payments. But when you finish paying it, the car will be yours and you can drive it whenever you want.
Please note the following:
The conditions of renting a car
- You can choose a more expensive car for less money
- You can drive a new car with the latest technology every few years
- Most repairs are covered by factory warranty
- No end-of-lease exchange issues
The conditions of buying a car
- Offers more flexibility to sell at any time
- You can modify the car to your liking
- There are no mileage penalties if you drive too much
- Your car expenses will be lower in the long run (as long as you pay for the car and keep it for a while)
Consider other cars of the same class
Do you already have a specific car in mind? It is normal, but the market today is much more dynamic than a few years ago. Take a look at a comparison, visit review websites and read a consumer magazine to find and compare similar cars, and find the car that best suits you.
Check out other models in the same class to make sure you haven't overlooked an option that suits you best. Once you locate an alternate candidate, you can easily verify detailed information on pricing, specs, and features. You can also more easily compare and choose based on features and specifications.
Weigh the costs of ownership
Some cars may be cheaper to buy, but more expensive to maintain. Even two cars with the same price could have big differences in the rate of depreciation or the costs of insurance and maintenance.
Before you go for one car or another, estimate the long-term costs of ownership. This includes depreciation, insurance, maintenance and fuel costs.
Find a car for sale
In the old days, it was necessary to visit dealerships in person to view inventory and find out if the available models offered the solutions the buyer was looking for.
Now, you can use online tools to quickly discover the terrain and save money. Once you have an idea of the car you want, you can easily check its availability.
If you can't find it in your area, you can select a greater distance to search. You can also filter your search to find a specific color, different options, and special offers.
Run a test drive
Now that you know what car you need, it's time to contact the dealer to schedule a day and time to run a test drive.
By making the test appointment you make sure that the car will be waiting for you when you arrive. Try at least three different vehicles so you don't limit your options.
What to look for during the driving test
Although the car may seem to have everything you are looking for, the real test takes place when you get into the driver's seat. Try to do the test as if you used your car in daily life.
If you are traveling by car, try to drive the car both in stop-and-go traffic and at highway speeds. If you drive up the mountain, check if you can find some nearby hills to drive. Drive over bumps, take sharp turns, and test your brakes in a safe place.
Get in and out of the car a few times and try the back seat, especially if you plan to transport passengers. Take a look at the trunk. If you are using a child seat, bring it in to test fit and ease of installation. Take photos of the cars for later reference.
Concentrate on the car test. Take a peek at it all and experiment with the car, focusing on the driving experience.
Choose your car
After testing various candidates, the car you are going to choose should be clear. If not, keep reflecting until you have the finalist. If you can't find it, you may need to go back and test new vehicles. You already know that it is better to take time in the shopping phase than to have regret after the purchase.
Although you want to make the right decision, it is good to know that there is no perfect answer. Today's cars are safer than ever, they are fuel efficient, their services are cheaper than before. That is, you can have several options, but in the end it all depends on individual taste.
Buy or lease your new car
Now that you've done your research, you feel confident that you've found the perfect car for you. It is time to become the owner of a new car!
