The purchase of a new family can be a huge deal to any family. After your house a car can be one of the next big purchases you make in your lifetime, so it is important to not only make the right decision, but you also want to ensure that you choose the right vehicle for your family and for the future. After all, you don’t want to be having to purchase another vehicle too soon.
We all know that a car or multi purpose vehicle can be a depreciating asset, so while you may want to make the right choice for your family, you also need something that is practical for your lifestyle and where you live. You want to make sure that your vehicle holds its value, so when the time does come to change it again and upgrade, that you can get as much money back from your investment as possible. But, back to the purchase side of things. I wanted to share with you some of the things to think about when it comes to purchasing your new family car. I hope it helps you make the right decision for you and your family in the future.
Think about your budget and how you might purchase the car
One of the first considerations should be your budget and how much you want to spend. This could be using your savings and a total amount you want to spend on a car which you would then pay for in full, or it might be a monthly budget that you wish to set aside each month and use the benefit of a finance agreement or a lease. Both have their pros and, of course, the drawbacks, but it would all depend on your current financial status and situation. Buying outright is great, but it does mean using a chunk of your savings which on a depreciating asset you don’t see the full return of. A lease is another great option but you don’t have the ownership of the vehicle, and you also need to keep up with repayments. A dealer can discuss all of the options available to you and it would be advisable to consider all of them to ensure you make the right choice for you and your family. The budgets and way you purchase the vehicle could also determine whether or not you choose to buy a new car or a used car. Again both have their advantages and disadvantages and most of the tie this choice is down to affordability and even might be due to the type of mileage and usage. You also need to factor in servicing costs into your budget to ensure that you keep the car regularly maintained within the guidelines of the manufacturer.
Consider insurance costs
Insurance is another cost implication of car ownership that needs to be thought about head of shaking a hand on a deal. You may be looking at some amazing vehicles, and all seem to fit within your monthly budget or be affordable to buy. But, not factoring in the insurance costs could be a big mistake. The cost of insurance could be astronomical depending on the model and manufacturer. So while it is affordable to you each month to buy, can you also afford the extra cost of the insurance premium. Factoring in insurance costs into your budget ensures that the car you eventually choose is affordable on all levels. While on the subject of costs, you may also want to take a quick thought for your running costs. How much will fuel cost each month? How much will it cost for your daily or weekly commute? Knowing these figures ahead of time means you are making a wise and informed choice for the type of car you want to own.
Look at all of the options of manufacturers and models
Now that you are fully aware of your budgets now comes the fun part, deciding on the type of car and the vehicles you want to compare. Maybe you have a strong desire for a certain car, or maybe you know the type of car and are willing to consider different manufacturers that could suit. Whether you want something sporty while still serving its purpose like a Subaru Outback or want to consider something full of specification and extras like a Mazda CX-5, the options are endless and you may want to compare the Outback features versus the CX-5, or whichever vehicles you are looking to compare. On paper these cars may sound fabulous, but are they truly the best car for you and your family? Only a test drive will really answer that for you, so once you have your shortlist head out and test drive the cars, the various engine options and the models. Get a feel for them. When it comes to narrowing down your shortlist or even deciding on the perfect car for your family, the test drive knowledge will help you make the best decision.
Consider child seats and for the future
Knowing what you want might be the easy part, but will the car stand the test of time with your family? These days a child up to a certain height can still be required by law to have a certain type of booster or car seat, and we know these can take up the entire seat. So if you have one, two or more children, will they comfortably be able to sit in the back of the vehicle for as long as you intend to own it?
How long do you plan to keep the car
Finally, while thinking about the growth of your family the last thing to consider would be how long you intend to own the vehicle? We all are aware that a car’s valuation depreciates, so the truth is you either keep it until it is older, or you swap and change it to take advantage of manufacturer warranty, low running costs, and also low maintenance costs. No matter when you decide to upgrade, the value will have dropped since you bought it, but we all want to ensure we get the most bang for our buck.
I hope that these tips help you when it comes to purchasing your new family car.