A buddy just bought a cherry red sports car. He doesn’t need one, but his fortune cookie message said, “Buy the red car!”. He wanted to make some sort of statement even though he can’t afford It. But, he is happy!
There was some sort of strategy at work, some personal drive that made him ignore the rising cost of fuel, his family needs for comfort and space, and his ability to pay. But, my buddy is happy!
Too many car shoppers have no strategy behind their shopping plans. They fall for looks, commercials, and showroom models even though there are plenty of resources to support your shopping strategy;
Building your car purchase strategy
- Configure your dream car. Automakers help you build a car on their websites. You can begin with a basic and add the trim package various trim packages until you see what you want and need. As you design the vehicle, you can study the changes in total cost.
- Check the dealer inventory. Your local or preferred dealer display their inventory online, so you can see if your ideal vehicle is in stock. If they don’t and if you have the time, you sign up for their waiting list. Or, you can travel to the dealer that does have the car in inventory.
- Have some flexibility. You should have some flexibility in your expectations. You should have a fallback position on price, color, and configuration. Some models are popular and harder to find. And, your budget needs a limit you must stick with.
- Prepare to wait. If you have a car-buying strategy, you might prefer a custom order. A strategy lets you virtually design the car you want and need and then order it. You may have to wait for weeks for the delivery. It may come from the manufacturer, but it may also come from another dealer. A customer’s custom order is one way of getting what you want.
- Stick to your budget. Your budget for a cash purchase or installment loan should have some flexibility on limits. But, you owe it to yourself to honor your commitment. Anytime you increase your limit in an installment loan, you increase your monthly payment and ultimate investment cost. Even when you plan to purchase with cash, you must resist sales pressures to upgrade the trim, add features, or finance the purchase. And, as Nerdwallet warns, “And remember that you will also have to pay sales tax, registration and insurance.”
- Drive the car. Whether you buy the car through a local dealer or not, you should test drive the car you have in mind. You should test drive each of the different trims available. You need the experience, the physical feel, the practical reach of controls, and the level of comfort for your physical build.
- Price the insurance. Your insurance premium is partially based on the make and model of the vehicle. A new car will increase your premium, and some makes and models will increase it significantly, so you should contact your insurance company to discover how the purchase will affect the insurance affordability.
- Factor your down payment. You will probably trade in an older model, but you are smart to also make a down payment if you can. The value of your trade-in plus the down payment will reduce your loan principal and monthly payments.
With enough online shopping at sites like https://www.car-buying-strategies.com/new-cars.html, you have the data and tools to figure out your options and design a strategy to buy,
Sporty or sedan: Which style best suits your wants and needs?
Wants and needs are not the same thing. You try to teach that to your children at an early age. They want the bells and whistles, but they don’t need them. They want the color, action, and noise, they don’t need it.
Adults are still pulled in those same directions. Give some time to thinking about you want and need in a vehicle.
What Kind of Car Do You Want?
As US News points out, “Cars tend to be extensions of our personalities, so you’ll probably gravitate toward cars that fit yours.” Buyers have preferences they cannot deny:
- Color
- Style
- Safety
- Comfort
- Convenience
- Environmental Impact
Your buying strategy should not throw out these wants. In fact, they may be the starting point or limit to your final decision.
What Kind of Car Do You Need?
However, your best car buying strategy would balance your needs and wants. Your lifestyle and budget finally shape your needs. You may or may not have a family. You may or may not live an active life. You may or may not have the discretionary income to spend as you want. Your needs all come down to the purpose the car serves.
Sporty or sedan?
Your research into wants and needs should settle on something that proves satisfactory. Satisfaction is the core value here, so it could go sporty or sedate.
Sporty – A sports car puts you behind the wheels of a status symbol. It conveys the image of class and fortune. A convertible says the owner is adventurous, independent, and unconcerned with day-to-day issues. For the driver, it means speed and power performance And, you will find the sports car is recession proof.
On the downside, sports cars are expensive to buy and repair. They require specialist care and hard-to-come-by spare parts. The market price and power performance drive up insurance premiums. And, sports cars guzzle gas and are rarely comfortable or passenger friendly.
The limitations usually make a sporty car the owner’s second or third vehicle. You protect the car, use it irregularly, and display it as a status symbol.
Some people want sporty cars to satisfy their ego or passion. But, the investment is costly and best made by those who can afford something exceptional but impractical.
Sedan – The sedan is a more practical option. It seats a family comfortably, holds baggage for a trip, and looks good enough for business purposes.
The family may grow into a needs for an SUV or Minivan, but a sedan is a good multi-purpose choice for the modest-sized family. Sedans sit four to five people comfortably. Many of today’s sedans have back seats that fold forward to expand cargo space.
Sedans come in various sizes and trims, from a compact to a luxury model. They vary in fuel efficiency, and many makers offer electric or hybrid engines for the environmentally-conscious buyer. The luxury models usually have powerful engines that add fuel cost.
Buyers usually want space and comfort. They may need to install baby car seats, or they just might want more head, leg, and shoulder room. Most manufacturers offer sedans in compact, full-size, and luxury models, each with several trims. This creates and inventory where you should fill your wants and needs.
Sporty or sedan: Which style best suits your wants and needs?
There’s no easy answer. Customers will buy what they want more often than they follow their needs. Taste makes the decision. But, it you want to make a better grounded decision, you need to develop and practice a car-buying strategy.
