What New Car Should I Buy
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And shop around for the best rate. \"People are being charged more for interest rates than they should be based upon their creditworthiness,\" says John Van Alst, a lawyer with the National Consumer Law Center.
\"Concerning the extended factory warranty, you can always buy it later,\" says Reed. \"So if you're buying a new car, you can buy it in three years from now, just before it goes out of warranty.\" At that point, if you want the extended warranty, he says, you should call several dealerships and ask for the best price each can offer. That way, he says, you're not rolling the cost into your car loan and paying interest on a service you wouldn't even use for three years because you're still covered by the new car's warranty.
\"The golden rule is that all of your car expenses should really be no more than 20% of your take-home pay,\" says Reed. And he says that that's total car expenses, including insurance, gas and repairs. \"So the car payment itself should be between 10 and 15%.\"
You should also take the time to test-drive multiple vehicles and shop around with a few sellers, getting quotes from several auto loan lenders. Ensure that you get the lowest monthly payment and most competitive financing terms to keep more of your hard-earned money in your pocket.
It is no secret that vehicle troubles are less than ideal. The worst-case scenario for many drivers is finding themselves with a blown engine. So can your engine problems be repaired Is an engine replacement worth it Or should you invest in a new vehicle The mechanics at Chapel Hill Tire are here to answer all of your engine replacement questions.
That depends on the make and model of the car, along with other factors such as mileage. If you can swing it, however, try to find a car that's at least two years old. Cars depreciate by a third of what they cost new after just 18 months. Buying cars that are around five years old can be an affordable option, because they are typically still in good condition, have already taken a big hit in their depreciation, and should have well under 100,000 miles on them.\"}},{\"@type\": \"Question\",\"name\": \"How many miles should a used car have\",\"acceptedAnswer\": {\"@type\": \"Answer\",\"text\": \"A used car should have around 12,000 miles per year on it, and no more than 15,000 miles per year.\"}},{\"@type\": \"Question\",\"name\": \"How long does a warranty last on a new car\",\"acceptedAnswer\": {\"@type\": \"Answer\",\"text\": \"The average new car has a three-year or 36,000 mile warranty. A powertrain warranty is usually five years or 60,000 miles.\"}}]}]}] .cls-1{fill:#999}.cls-6{fill:#6d6e71} Skip to contentThe BalanceSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.BudgetingBudgeting Budgeting Calculator Financial Planning Managing Your Debt Best Budgeting Apps View All InvestingInvesting Find an Advisor Stocks Retirement Planning Cryptocurrency Best Online Stock Brokers Best Investment Apps View All MortgagesMortgages Homeowner Guide First-Time Homebuyers Home Financing Managing Your Loan Mortgage Refinancing Using Your Home Equity Today's Mortgage Rates View All EconomicsEconomics US Economy Economic Terms Unemployment Fiscal Policy Monetary Policy View All BankingBanking Banking Basics Compound Interest Calculator Best Savings Account Interest Rates Best CD Rates Best Banks for Checking Accounts Best Personal Loans Best Auto Loan Rates View All Small BusinessSmall Business Entrepreneurship Business Banking Business Financing Business Taxes Business Tools Becoming an Owner Operations & Success View All Career PlanningCareer Planning Finding a Job Getting a Raise Work Benefits Top Jobs Cover Letters Resumes View All MoreMore Credit Cards Insurance Taxes Credit Reports & Scores Loans Personal Stories About UsAbout Us The Balance Financial Review Board Diversity & Inclusion Pledge View All Follow Us Budgeting Budgeting Calculator Financial Planning Managing Your Debt Best Budgeting Apps Investing Find an Advisor Stocks Retirement Planning Cryptocurrency Best Online Stock Brokers Best Investment Apps Mortgages Homeowner Guide First-Time Homebuyers Home Financing Managing Your Loan Mortgage Refinancing Using Your Home Equity Today's Mortgage Rates Economics US Economy Economic Terms Unemployment Fiscal Policy Monetary Policy Banking Banking Basics Compound Interest Calculator Best Savings Account Interest Rates Best CD Rates Best Banks for Checking Accounts Best Personal Loans Best Auto Loan Rates Small Business Entrepreneurship Business Banking Business Financing Business Taxes Business Tools Becoming an Owner Operations & Success Career Planning Finding a Job Getting a Raise Work Benefits Top Jobs Cover Letters Resumes More Credit Cards Insurance Taxes Credit Reports & Scores Loans Financial Terms Dictionary About Us The Balance Financial Review Board Diversity & Inclusion Pledge BudgetingBuying a New Car vs. Buying a Used Car: Which Should You ChoosePrice and warranty coverage will be factors to consider
That depends on the make and model of the car, along with other factors such as mileage. If you can swing it, however, try to find a car that's at least two years old. Cars depreciate by a third of what they cost new after just 18 months. Buying cars that are around five years old can be an affordable option, because they are typically still in good condition, have already taken a big hit in their depreciation, and should have well under 100,000 miles on them.
While there are a variety of different makes and models of vehicles to choose from, the first question you should really be asking yourself is \"should I buy a new or used car\" It's wise to weigh the pros and cons of buying new and used vehicles to see which one better suits your current lifestyle and your future plans.
The big advantages if you buy a car that's new are threefold. First, you get to choose the exact specification you want. Second, you have the protection of a full manufacturer warranty should something go wrong. And third, there's no unknown history to worry about.
Dimensions and space are among the key things to measure when picking your next car. Below are some other key questions that you should think about before purchasing your new car in order to help make your decision a little easier.
It used to be the case that motorists covering high mileages would automatically choose a diesel saloon. However, the petrol/diesel binary is not as simple as it once was, while the arrival of new body styles has also added greater choice. An SUV, for example, may prove highly capable over long distances, but the strong aerodynamic benefits of a four-door coupé will make the latter a quieter option at speed. Meanwhile, those spending a lot of time behind the wheel should pay close attention to seat comfort, as well as thinking carefully about whether they opt for an automatic or manual gearbox.
Disclaimer: This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.
Any car will require a certain amount of regular maintenance to keep it in good condition, but sometimes that maintenance gets more expensive the newer the vehicle is. For example, if you are wondering if you should keep your old car or buy a new electric or hybrid vehicle for the increased fuel economy, the maintenance on that new hybrid car will be much more difficult and expensive to do. In some cases, you will even have to take it to a specialized repair shop or mechanic that works exclusively on these types of vehicles.
The question of whether you should buy a new car or keep your old one running is not just a financial one. It is also about your time and the amount of effort you will have to expend to get ahold of that new vehicle. Depending on your schedule and the amount of mental bandwidth you have, it may not be worth the trouble.
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