Buying a vehicle can have a significant effect on both your budget and your overall peace of mind so it’s no wonder why so many people feel overwhelmed by the task. But taking the time to ask yourself the following useful questions before you even begin your search, can lessen the burden and help lead you down the right path for you, your lifestyle and your wallet.
Should I buy a new or used car?
Buying a brand new vehicle versus a quality pre-owned vehicle can literally cost you thousands of dollars more but that shouldn’t immediately turn you away from buying a new car, nor should the possible issues that could arise from buying a used car leave you running for the hills in fear of purchasing a lemon. There are clear benefits to buying new and purchasing used, and only by considering all the pro’s and cons of each, can someone decide which is the right choice for them.
Some benefits to buying a new car, truck, SUV or minivan over purchasing a used vehicle are the reduced risk of mechanical issues with the vehicle, receiving a longer warranty coverage and newer options and features in the vehicle. While those are great, it’s also to remember the upsides of buying used and the downside of new. Some benefits to buying a used car, SUV, minivan or truck are the significant reduction in price, far less immediate depreciation once you own the vehicle, cheaper insurance rates for coverage as well as more prior owners input on the specific make and model vehicle you’re considering buying. Only by considering which benefits you are most interested in receiving, can you begin to choose whether a new or used vehicle is right for your needs.
Am I in shape to purchase a vehicle right now?
There are certainly times where it becomes vital to purchase a vehicle sooner rather than later, like if your current car dies on you unexpectedly or if you have the unfortunate event to be involved in an auto accident. But barring the absolute need to purchase immediately, buyers should ask themselves if their credit and if they are financially in the best shape to be making that purchase. Knowing your credit before approaching a dealership can help you understand what financing options you have independent of the dealership so you don’t end up with a higher interest rate than necessary. In addition, waiting until you can put a decent down payment on a vehicle is always a smarter option over financing the entire purchase. Take the time, if you have it, to honestly evaluate where you are at with your finances to decide when the best time to buy might be.
How much should I spend?
Budget is the word no one likes to spend time thinking about but one that most of us need to focus on closely when purchasing a vehicle. The questions… ‘how much can I afford to spend’ and ‘how much am I actually willing to spend’ are critical to understanding where you should begin your search. While buying a vehicle tends to involve a rather hefty price, the simple fact remains that they depreciate very quickly over time. In fact, experts estimate that new cars lose up to 19% of its value in its first year of ownership!! Wow! While some may prefer to buy a brand new car, it’s easy to understand why so many prefer purchasing a quality, used car, truck, van or SUV instead.
When considering how much you can afford, decide if you are planning on paying cash for it entirely or if you’ll need to finance some or all of the purchase. If you are planning on paying cash, how much money is available to you? And if you’re financing, you’ll need to look not only at what you’re approved for but also at the bottom line. Remember that taxes and other fees, such as registration and license plate, will add to that grand total. Beware of overstretching yourself in your purchase as owning a vehicle comes with its own cost of maintaining it and keeping it insured.
If you find yourself searching for your next used SUV, minvan, truck or car to fit your needs and your budget, we invite you to check out our current inventory of Used Trucks, Vans, SUVs and Cars. At Broadmoor Motors, we specialize in finding the right used minivan, truck, SUV or car to fit your personal or business needs, all while giving you the best deal we can on both your purchase and trade in. Our family has been in the car business for over 60 years and continues to be family owned and operated in all of our Caledonia, Hastings and Wayland locations with financing available to those who qualify. We will find you the right vehicle to fit both your budget and your needs in a pressure free environment.
Check out our reviews online and buy with confidence!! Family Owned & Operated and with Financing Available, we stand behind our Vehicles and our Warranty so you can be assured your used Car, Truck, Van or SUV will be reliable! Broadmoor Motors is your local choice for Car Sales in the greater Hastings, Middleville, Caledonia, Grand Rapids, Wayland, Byron Center, Dorr, Hopkins, Kalamazoo, Battle Creek, Lansing, Lake Odesa, Kentwood, Holland, Zeeland, Moline, Cutlerville, Wyoming, Hudsonville, Grandville, Jenison, Hamilton, Ionia and Allegan. Ask about our BMG Protection Plan, this is not an aftermarket product! area. Let Broadmoor Motors save you time and money when buying your next quality, Pre-Owned Car, Family Minivan, All Wheel Drive SUV, Commercial Van or Work Truck. Whether you need to replace your current car, minivan, truck or SUV with a great used vehicle, we can help you out. Broadmoor Motors is here for all your Car Sales, and Auto Service needs in the Byron Center, Kentwood, Caledonia, Middleville, Hastings, greater Grand Rapids, Wayland and Barry County area. With three locations to serve you in Wayland, Hastings and Caledonia, we’re here for all your Sales & Service needs. Give us a call at 616.698.9595 in Caledonia, 269.397.2400 in Wayland or 269.320.6304 in Hastings to see how we can get you back on the road!