Ownership of anything requires a certain level of responsibility. This is especially true when you purchase a vehicle. The average age of individuals that purchase a new vehicle is 53 years old, but the biggest demographic of individuals purchasing a new vehicle falls between 25 and 54 years old. The average American will then own their vehicle for 12 years.
Finding Your Car
Finding and purchasing a new car can be an exciting yet stressful endeavor for many individuals. There are many things to consider before purchasing your vehicle. The first debate is whether to purchase a new or used vehicle. The age of the average used car purchase is about 6.5 years old.
If you decide to purchase a used car, it is important to consider a couple of key elements, among them the mileage on the vehicle. This helps to ascertain the true life of the engine of the car and the wear and tear.
Another important aspect includes the car’s history. It is recommended that you do an analysis on the vehicle to determine if proper maintenance has been done and that the vehicle hasn’t endured any accidents.
If you choose to purchase a new vehicle, it is important to consider the gas mileage your vehicle gets, the safety rating of the vehicle, and how you will be using your vehicle. When you make these considerations, it will be easier to determine what vehicle would be best for you and your needs.
Securing a Loan
Before you even go car shopping, talk with your bank or another lender to see what kind of car loan you qualify for. This will help to determine what kind of purchasing power you will take into a negotiation with a dealership or private seller.
Knowing the total out-the-door cost of the vehicle is an important consideration, but it is also important to know what the monthly payments on your loan will be. This number will help you to evaluate your monthly finances and spending habits, enabling you to see if you can fit the monthly payment into your budget.
Additionally, if you are purchasing a new vehicle, look into any warranties that your dealership or car manufacturer may offer. These warranties can help give you peace of mind, as they will cover most issues that may arise within a given amount of years or mileage.
Almost all states require a certain amount of coverage. This coverage typically entails liability insurance for both the property and bodily injury.
The recommended insurance for most car owners is the 100/300/100 rule. This is where $100k covers one person’s bodily injury, $300k is the amount covered per accident for bodily injury, and $100k per accident for property damage.
Unfortunately, many individuals fail to have adequate insurance coverage. As a result, it can be important, especially if injury or severe damage has occurred, to meet with a reputable car accident lawyer to discuss different options to pursue in order to make sure that you receive the compensation and care that you need.
Other important aspects of car ownership include the proper upkeep and care of your vehicle. Once you have purchased your vehicle, maintenance should be performed on an annual, if not more frequent, basis. In order to remain a well-functioning vehicle, this maintenance is key to the longevity of your car.
Aspects of car maintenance include routine oil changes, tire rotation, and tire pressure checks. These routine aspects do not even include replacing material and parts that wear out with time, like brake pads, transmission (or other) fluid(s), battery, windshield wipers, etc.
Car ownership is a wonderful thing for many individuals as it helps to create independence and produces responsibility. It is important that you consider these variables before, during, and after the purchase of your vehicle so that you can maximize your purchase.
In doing so, you will be able to prolong the longevity of your vehicle.