Q:

How do you choose the best new car for your needs?

A:

Quick Answer

To choose the best new car, consider specific driving requirements, budget, and whether to buy or lease. Looking into a number of different car sellers helps to find the best deal.

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Full Answer

First, consider specific driving needs such as the length of the average commute, number of people being transported, type of driving, type of transmission and features. Safety features are also important, especially when buying a family car. Other special considerations include cargo capacity, and if the car is used for towing.

Next, set a budget and stick to it. Find out the total monthly car payments required, and compare it to the monthly take-home pay. Factor in the purchase price, length of loan, interest rate and down payment in determining the total cost of purchasing a new car. Also consider the cost of ownership in maintenance, fuel costs, depreciation and insurance before committing to purchase.

Determine whether to lease or buy a car. The main advantage of leasing is driving a more expensive car for less money. However, it makes more financial sense to purchase rather than lease, as long as the interest rates are low. Lastly, look at other vehicles in the same class, and compare price, features and specifications before making a final decision.

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