Two years have passed since the COVID19 pandemic swept the world. This impacts our social, economic and environment. Globally, we are all in the process of recovering and adjusting to these changes but still facing a lot of dilemmas in our day to day lives.
Based on the news COVID-19 cases are still rising. However, compared to the first stage of pandemic, we now have preventive measures such as vaccines, booster shots and other effective ways in which to be protected. I assume this is the reason why most people are now comfortable going outside and even traveling abroad. Some companies have required their employees to return to the office at least once to thrice a week to work. In addition, even students prefer to come to school in person in the U.S. (source:https://www.pewresearch.org).
Thus, we are back to the struggles of daily commute like traffic congestion, fuel hikes, transportation fare increase. As of March 2022, U.S. driving has attained greater levels compared to pre-pandemic time according to the Federal Highway Administration data (source: https://www.fhwa.dot.gov). I believe many still choose to drive their private vehicles for transportation due to safety and comfort and as for me it’s still practical to buy your own vehicle these days. Here’s a list of things you need to consider if you’re thinking in buying one:
Budget
The rule of thumb is always buy what you can afford. Some people can afford to pay with cash, whereas others prefer to finance with a car loan or even lease CarPaymentCalculator.net can help you calculate the costs which can help you plan your budget. Be guided by the 20/4/10 rule in buying a car. According to the formula, with a four-year car loan, you pay 20% down payment and then you should only spend not more than 10% of your monthly income in commuting expenses which includes maintenance, gas, insurance and loan.
Maintenance
The full cost of owning a vehicle doesn’t stop at the acquisition price or the monthly amortization. Fuel consumption is one amongst just ought to take into account as this will be your most frequent expense. This calculator http://carpaymentcalculator.net/calcs/gas-budget.php will help you compute your annual gasoline cost based on the type of car you drive, your mileage and price of gasoline.
In addition to gasoline, you need to consider the cost of insurance, taxes and fees, regular maintenance, repairs, and depreciation. With this you may also want to consider electric or hybrid vehicles. You won’t be spending money on gas, oil changes, filter changes and emissions every year which can be a good investment in the long run..
Purpose
When choosing a car, you should always consider its purpose. Do you want a car that stands out like a sports car? Or maybe you need a much bigger car to accommodate a family? Or would you like a vehicle that will help you carry loads up to anywhere even in the mountains? Make a list of what you really need in a car like safety, good fuel economy, etc.and focus your search on cars that meet these requirements. Once you have decided what style of car will work best for you, do some research on the car brands and models available. Be sure to also read car reviews on specific models and years to get all the inside information.
Used or New
In line with your purpose, will you be getting a new or a used car? A brand new car always has an edge over the used one. Aesthetically wise the exterior and interior are still at it’s best. Aside from the cosmetics, there are other benefits to a new car. Moreover, you will have the advantage of the manufacturer’s warranty. In addition, new cars have the latest technologies that will help improve and secure your driving and passenger experience.
On the other hand, used cars have their own advantages as well. For many years, in fiscal matters was to go for a low-mileage used vehicle – one thing 2 or 3 years old that is in good condition. Used cars typically provided reliable transportation at a great discount. Cars depreciate in value every month and every mile, but the steepest decline is immediate; Some models can lose 40 percent or more of their value in the first year. There is no depreciation in the value of a used car once it drives off the parking lot.
Source of your car
You can buy a car, thru dealerships and direct sellers. When you buy a car from a dealer, you can view and test drive multiple vehicles in one day, access financing and sometimes even helpful services like free oil or tire changes. Some dealers offer trade-in old cars, and used cars in exchange for a new one. Make sure you do your research and read reviews from previous customers especially on the after sales support for finding a good dealer.
If you are opting to buy from a direct seller, keep in mind that they are not covered by the Federal Trade Commission’s (FTC) used vehicle regulations. When you are ready to view the car, you should meet the seller in a public place during the day. Ask the seller why it is being sold and if there is anything wrong with the car. Keep in mind to check all maintenance records and manuals as well as the title and all warranties. Be sure to let the seller know that you want your mechanic to fully inspect the vehicle before you buy it. Then make this appointment. in advance. Before handing over any money, you need to create a bill of sale and secure the title and registration of the vehicle.
The most effective move for buyers is to research and check carefully. Make sure you inspect and do a test drive. It will be helpful to bring a trusted mechanic or car enthusiast to be sure that you never missed any details.
