When planning to buy a new car for yourself, your mind suddenly becomes inundated with numerous questions, and indeed there are plenty of important decisions to take. A wrong purchase, after all, can cost you a lot of money in terms of maintenance and repairs on top of the original cost of the car over the long run.
Many customers nowadays are opting for electric vehicles but some are concerned about their maintenance, performance, mileage, etc., and rightfully so.
The concept of electric cars gained grounds a decade back and is still in the early stages. The main reason was the unstable gas prices and the growing concerns of environment enthusiasts. With the advancement in batteries and technology altogether, the general consumer is now looking more towards this option.
Many of the large automakers have directed sincere efforts in developing electric cars to cope up with the increasing needs. Governments of some regions are putting a ban on internal combustion engine cars and promoting the use of electric vehicles.
In the market, there are two types of electric cars available, each with their pros and cons. Battery electric vehicles run solely on batteries and possess no gasoline engine. The only drawback with this car is that it can drive up to 120kms before needing to be charged. These cars are recharged using external power outlets built in different parts of cities. These type of vehicles are preferred by drivers meaning to drive within the city only.
A more common type is called hybrid vehicle which utilizes both an internal combustion engine and an electric power. Hybrid allows the battery to be charged whilst on the road being driven on an internal combustion engine. This enables the drivers to be able to take long journeys without the fear of car ditching in the middle of the road. These type of vehicles, although require gasoline, but their electric battery makes them extremely fuel efficient.
Electric cars are poised to take a larger share of the market, which is why every large automaker is putting their foot in hybrid and electric vehicles. Additionally, the market for electric vehicles is also expanding. This shows that the price is likely to be reduced and the charging stations are likely to increase with the widespread use of electric vehicles.
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Tips For Picking The Right Dealership When Buying A Vehicle
Everybody looks for the best deal when purchasing a car, truck, or van, but buying a vehicle is a bit more complex than purchasing a new appliance. It is likely one of the biggest purchases other than a home or property that you will ever make, and is something you will regularly depend on to safely transport you and your family to places. For many people, the importance of a car cannot be understated.
Purchasing a car is a lot like forming a long-term relationship. It’s important to understand all that comes with bringing one into your life. What kinds of warranties are there? What is the reputation of the make and model? And so on…
It’s also very important to . After all, buying a car isn’t as simple as walking in, skipping the sales person, and plopping $35,000 down. It takes time and effort on the part of yourself and the dealer. Here are a few tips on identifying a great dealership who you will enjoy working with and who is likely to provide you with a vehicle buying experience that you won’t forget!
1. How do people on the staff behave?
This isn’t as simple as it sounds, but when starting the process, you need to watch the PEOPLE that work at the dealership. The business operates to sell you a car, truck, or van, so they are not likely to be rude, but are they pushy? Do they act nervous or jumpy? Notice if the people working around the lot look like they are happy and are enjoying themselves. A stressful work environment may mean that management ONLY cares about numbers and not people, and you may want to find another dealer. Happy employees mean a relaxed environment in most cases.
2. Look at the service department!
Check out service reviews before you go, and make sure they don’t have a negative history. Are the service members friendly and helpful, or do they have no personalities? You want a and will go that extra mile, a courtesy that will certainly mean a lot if you have an accident, there is a recall, or you simply care about your vehicle and take care of routine maintenance.
3. Check out the ownership
Of course, make and model are important. You need to be happy with the car and have the peace of mind that it’s well-built and cost effective. But, once you own the car how often will you directly deal with Ford, Honda, Toyota, Chevy, or any other car making company? You will deal with the dealership. Do the owners have several dealerships of different makes? Do they have a good reputation? These are questions worth getting answers to.
4. Look at the finance department
If the dealership only cares about money, they will have a straightforward dollars and sense finance department. as much about its clients as much as it does profits will have special programs, work with people that have credit issues, and push their finance advisers to go the extra mile.
Three Alternative Ways Of Financing Your Dream Car
Buying a new car will typically require a of its purchase price, according to Auto Cheat Sheet. Although most car dealerships commonly advertise a vehicle with a zero deposit, such a purchase can strain your finances as you try to pay down the loan.
Luckily, there are many ways to finance your dream car, some of which might actually have added advantages over a dealership loan. Here are three options to consider.
Home Equity Loans
Often, mortgage lenders are willing to hand over part of your home’s equity to you in the form of a home equity loan. While using your home as collateral, you can easily purchase your car. In fact, this option has a vis-à-vis using car dealership loans.
For instance, you will pay low-interest rates, which can be tax-deductible. On the flip side, such a loan can turn out to be a bad option in case you are not financially responsible. Unlike purchasing your car using auto loans which use your car as collateral, a home equity loan will use your home as collateral. This means that you might lose your home in case you default on the loan.
Use Credit Cards
In case you wouldn’t like to join the , then using your credit card is a wise option, as long as you have a line of credit that allows you to do so. This option can be quite beneficial, since making a big purchase on your credit card and fully commit to paying it up can help improve your credit score.
However, it is always crucial to assess your credit card details to ensure that your APR will actually allow you to pay back the purchase. Additionally, it is advisable to as they might easily make payments tough to achieve. In case there might be some unfair practices in billing your car purchase among other purchases, the fair credit billing act (FCBA) can easily protect you from any arising costs.
Use 401(K) Loans
Although a good number of healthy 401(k) accounts can easily help you make a car purchase, you should always check with your administrator to ensure that you are actually allowed to take money out of the account for the intended purpose. Some accounts restrict the withdrawal of money for making non-essential purchases like a car.
You will also have to repay the loan in five years or less, with the payments coming straight from your paycheck. And should you lose your job, most accounts will require you to repay the balance within 60 days, which can be quite stressful.
Top 3 Considerations Before Purchasing A Car
17.5 million vehicles were sold in the US in 2016, representing a 0.5% increase from the previous year. Honda, for one, sold 1.6 million cars, recording a 3.2 increase over the previous year’s record. The increased demand for vehicles has led to the introduction of new vehicles in the market, vehicles with the latest tech and convenience features that better meet the need and wants of our fast-paced world lives.
The saying “there are no bad cars” couldn’t be truer today. There are many great vehicles out there for the picking, but know the best one for your unique needs requires some thought.
Deciding On The Type Of Car To Buy
Determining the type of car that you want is largely down to budget. Thorough research is essential, and you can use the internet or visit car dealers to ask for any information. There are some factors to consider when choosing a car. Look at the reason you are buying that car, if you will be using it to go to your place of work which might take some time, then you should go for a Seban which consumes less fuel. Try to look at different and the expenses you will incur. This will enable you to select the type of vehicle that will work within your monthly budget.
Geographical considerations also matter a lot, if you are living in a place where roads turn muddy during the rainy season then you should look for vehicles that can withstand mud or snow like the SUV’s and the New Subaru Forester. This is because the four wheel drive will be able to withstand the mud.
Look At Your Financial Capability
After deciding on the type of car that you want, you should decide on the method of payment that you are going to use. If you have enough funds you may use cash, if you do not have enough you may opt for a loan. You must consider the condition of the car first before you pay for it. This is because older and used cars tend to be cheaper. It is best to go for an older one which is in good condition if you are operating on a small budget. If you have enough money it is best to buy brand new cars, they are more promising than the used ones but taking a test drive first isn’t a bad idea. However, in 2016, according to Beepi Consumer Automotive Index, 42% of Americans were okay buying without taking the test drive as long there was a guarantee.
Buying a car is one thing, but maintaining it is another. Having enough expenses of about 75% for car maintenance is essential according to experts at Texas A&M; University. This is because you will need to fuel the car, take it to the carwash and change tires among other things to maintain the vehicle.
Green Vehicles Consideration
Green vehicles have less of a harmful impact on the environment. When purchasing a car, one should consider a green car so as to preserve the environment. This type of vehicle uses hydrogen fuel cells; the electrons found in hydrogen are removed, which reduces the emissions since no combustion takes place. Electric vehicles are also surging in popularity. The plug-in electric vehicles made a growth of 40% close to 90,302 vehicles, this is according to a report written by Electric Vehicle News.
The thought of buying a new car might cause anxiety and that’s why it is important to do some research on the type of vehicle that you want. This will help you get the best car that suits your needs and also get a vehicle with a color that suits your personality.