Is it wise to buy a car during the pandemic and while the fuel prices are continuously increasing?
The pandemic changed the way the people move. Considering the risks of using public transportation, more and more people are no longer using it or are using it less frequently.
As for the constant fuel price increase, studies show that it doesn’t have much impact on car sales. It only affects the types of car that consumers buy. People tend to buy smaller cars or more fuel-efficient cars. Some are even considering to buy hybrid or electric cars.
Are you one of those who are thinking of buying a car to avoid public transportation or are you one of those who has dreamed of buying your own car? How wise is it to buy a car these days?
Here are some factors to consider before buying a car:
Budget is the most important factor to consider when buying a car. It’s natural to want a brand new car but be realistic about what you can afford.
If you wish to get a car with affordable monthly payments, you may consider buying used cars which are usually available at significantly lower prices compared to brand new cars.
If you think you can afford to get a new car, there are online tools you can use to check how much you would need for the down payment and the monthly amortization such as CarPaymentCalculator.net. Sites like it allow us to calculate car price that fits a monthly payment or loan payment amounts, and offers printable amortization schedules, among others.
Just make sure that you won’t struggle in paying your other bills whichever type of vehicle you choose.
It is expensive to buy a car but it is even more expensive to own one because of the other costs such as fuel, repairs, and maintenance. You need to set aside a fixed amount for these costs on top of your amortization or loan payment.
While it may cost less to buy a used car, you might need to pay more for repairs and maintenance. It might also be challenging and expensive to buy spare parts for some car brands.
How durable is the car that you are planning to buy and how long will you be able to use it?
Buying a more durable car may cost more but in the long run, you won’t have to spend much on repairs and maintenance and you could even use it for years.
There will come a time when you will need to dispose your car. Knowing the resale value of your car can help you decide on what car to get.
There are a lot of things to consider when buying a car and these are the important factors to consider. Buying a car based on your needs is different from one based on your wants. It’s also important for you to be able to test drive the car before buying it.