What are the main factors you should consider when buying a new car?

A car is typically one of the biggest purchases a person can make, second only to a home. Buying one has a significant impact on personal finances, which is why the process needs careful thought.

Here are some considerations to keep in mind to ensure you make a smart, well-informed decision you are not likely to regret.

Main factors to consider when buying a new car

Budget

Before even going window shopping for your next ride, determine how much you can afford for all the costs involved, such as gas expenses and maintenance. Include down and monthly payments if you’re getting a loan to pay for it.

Consider the full purchase price, taxes, and any additional fees. Shop around at different institutions to figure out your financing options, including dealer financing, banks, or credit unions.

Don’t forget to take into account insurance premiums. Different vehicles can lead to substantitally different costs, depending on factors like make, model, and safety ratings.

READ ALSO: 3 lesser-known Social Security rules that can affect benefits

Your lifestyle

Look at cars that fit your lifestyle. Larger vehicles like SUVs or minivans may be better for families, while sedans and compact cars are the wiser choice if you commute long distances for work or travel. Find a suitable vehicle if you have a lot of off-road adventures.

Fuel efficiency

Check the car’s fuel efficiency, especially if you drive great distances or are concerned about fuel costs. Find out how many miles you will get per gallon.

Think about whether an electric or hybrid vehicle might be a better choice both for fuel savings and environmental impact.

READ ALSO: Florida to raise minimum wage in September

READ ALSO: How the drop in interest rates affects credit card users

Safety features

Safety is a priority especially if you will spend a lot of time driving the vehicle. Check safety ratings from organizations like the National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety.

Look for safety factors such as airbags, anti-lock brakes, stability control, and advanced driver-assistance systems like lane-keeping assist, adaptive cruise control, and automatic emergency braking.

Reliability and durability

Do research on the vehicle’s reliability ratings, reviews, and the manufacturer’s reputation for producing reliable cars. Review the automobile company’s warranty coverage, including the length of coverage and what it includes.

Technology and comfort features

When you’ve covered the basics, inspect other features the vehicle offers.  Assess the car’s technology, such as the infotainment system, navigation, Bluetooth, and smartphone integration (Apple CarPlay, Android Auto). Consider selling points like climate control, sun roofs, adjustable seating, interior materials, and cargo space.

Don’t forget to test drive

Take the car for a spin to assess comfort, handling, visibility, and overall driving experience. Make sure the car’s controls, seating, leg room, and ride quality all meet your personal preferences.