Shopping for a car can be exciting and overwhelming, all at the same time. The sheer number of factors to consider—type of vehicle, brand, fuel, technology, colors and more—make it one of the more complicated purchases we make.
The idea that we are likely to use the vehicle we buy almost every day, and that it will be one of our larger assets, makes the decision even more important.
As today’s vehicles become more sophisticated, offering electric or hybrid fuel options, onboard technology and other features, the decisions only grow.
But there are some simple ways to narrow choices, beyond the purchase price, and come to a solid decision. To help you navigate, here are three important—and practical—factors to consider when buying a car:
The Most Important Factor: Usage
Many people consider a vehicle part of their identity, like the clothes they wear or the neighborhood where they live. And there’s nothing wrong with that. But when making a vehicle purchase, it can help to ask some practical questions—and nothing is more practical than how you will use the car, truck or SUV.
Ask yourself honestly, “what will I actually do in this vehicle?” The answers may seem obvious, but there’s often more to consider than you may think.
For example, perhaps you commute to work each day, making fuel economy and the ability to fit into smaller parking spaces a requirement. But will you also take the car on longer trips? If so, perhaps four doors is an important consideration. That might also influence whether an electric vehicle is an option.
Another example might be someone who lives on several acres and requires a truck to do regular hauling. Will they also carry multiple passengers? That could determine whether they need a two-door pickup, or a more expensive four-door model.
What about a couple who is planning to have children? Or one that is planning to downsize now that the nest is empty? Your life situation, now and in the future, will impact your vehicle needs. How you will actually use that vehicle is arguably the most important factor to consider when buying a car.
Vehicle Quality and Reliability
The quality of a vehicle is determined by its durability and workmanship. High-quality vehicles typically have fewer maintenance issues such as rust, peeling paint, engine problems, and mechanical breakdowns. For newer vehicles, quality also includes technological features, such as navigation, cruise control and Bluetooth capabilities. Focusing on the quality of a vehicle during the shopping process is important.
Of course, quality and reliability go hand in hand. Generally, the quality of a vehicle (how well it performs its function) determines its reliability (how well it maintains its original level of quality over time). When buying a new or used car, research on vehicle reliability ratings can be helpful. Consumer Reports surveys thousands of car owners to provide a gauge on reliability.
The Real Cost of Ownership
The cost of car ownership extends beyond the selling price and the monthly payment. It also includes depreciation, interest on the loan, fuel, insurance, maintenance, repairs and other factors.
The point is clear: the total cost of ownership is an important factor to consider when buying a car.
Thankfully, there are tools available to help calculate these costs. The Credit Acceptance Monthly Car Payment Calculator can give buyers a more clear picture of their monthly payment which is one of the largest costs most buyers face and that information can facilitate better comparison across brands and models. Considering factors such as usage, quality, reliability and the real cost of ownership in your research can facilitate a solid decision when buying a car.
If you would like to learn more about auto financing or want to see what you might prequalify for, check out our Credit Acceptance Car Buyer resources or get prequalified today!
The cost of car ownership extends beyond the selling price and the monthly payment. It also includes depreciation, interest on the loan, fuel, insurance, maintenance, repairs and other factors.
The point is clear: the total cost of ownership is an important factor to consider when buying a car.
Thankfully, there are tools available to help calculate these costs. The Credit Acceptance Monthly Car Payment Calculator can give buyers a more clear picture of their monthly payment which is one of the largest costs most buyers face and that information can facilitate better comparison across brands and models. Considering factors such as usage, quality, reliability and the real cost of ownership in your research can facilitate a solid decision when buying a car.
If you would like to learn more about auto financing or want to see what you might prequalify for, check out our Credit Acceptance Car Buyer resources or get prequalified today!
