Buying a car for you and your family is an important consideration and an important financial milestone. So how do you know which one is the right car for you?
Here, we’ll share some of the most important things to look for in your next car.
The first thing you should consider is safety. This is the most important thing when buying a car for you and your family, especially with kids. Check the safety ratings of the vehicles you’re considering and analyze features such as airbags, backup cameras, lane assist, and many other important safety concerns.
Like safety, dependability is important for you and your family on the road. J.D. Power does a comprehensive Dependability Study, which is the industry leading source of car reliability ratings for over 25 years. The organization analyzes issues reported by original owners of 3-year-old vehicles to determine which are the most reliable and dependable cars. This year, Toyota, Hyundai, Audi, Buick, Dodge, and the new Kias were all represented in the top award recipients.
Obviously, price plays a big factor in choosing your next car. Especially when you have kids, you need to consider other expenses and savings goals when considering your car payment. If you decide to purchase your next car, try to put down as large of a down payment as you can afford, because the more you put down upfront, the less you will have to finance. Also, examine your credit before purchasing a new car. If possible, work to improve your credit score so you can secure a better interest rate on your loan.
Also remember, new cars aren’t your only option. Buying a used car can not only save you money, but it’s a smart financial decision because the car has already depreciated with its previous owner. Most car dealerships, including used Hyundais, Toyotas, and Volkswagens, offer Certified Pre-Owned warranties, meaning that you get the peace of mind of buying a new car, without the price tag.
Buy or Lease
When considering your next car, you should also consider whether you want to buy or lease the vehicle. How long do you plan to keep your next car? If you enjoy getting a new car every few years and don’t want to worry about maintenance, a lease might work. If you want to own your car outright and plan to drive it for longer than its financing terms, buying might be better.
Do you want to worry about unexpected repairs? If you lease a car, you don’t have to worry about unexpected breakdowns or repairs because they’re covered in your lease. But, you pay a premium for this luxury. If you don’t mind paying for regular maintenance checks as your car ages, or can work on it yourself, buying could be a good bet.
Lastly, size is an important factor, especially with kids. You’re going to want enough room to pack the whole family in, as well as bring all the gear along for sports games, activities, and road trips.
Finding the right car for your family is easy when you consider these important factors.