Is it Financially Possible for Me to Change Cars?
Are you considering purchasing a new car, but feeling unsure about whether this is a financially feasible decision or not? Check out our tips to get a handle on your options!
- Okay, so can you afford a new car? This one is actually pretty easy. You can only afford a new car if your income is at least 10X the value of the car you wish to purchase. This is known as the Financial Samurai 1/10th rule. If you make less than 10X the value of the car, then you are hurting your finances.
- How much could you potentially save in gas? If your old car guzzles gas like nobody’s business, it’s time to upgrade! Research the current price of gas and compare the various gas mileages and miles per gallon that your car gets.
- What percentage will the costs be compared to the value of your car? Maintaining a car gets relatively more expensive as time goes on because the value of your car is always decreasing while costs generally increase due to labor and component inflation. If a fix costs more than 30% the value of your car, and you can afford a new car, consider buying a brand-new car! Why not?
- Do you have any debt or other big expenses on the horizon? Think property taxes, income taxes, trips, credit card bills, student loans, and other debt. If you have debt or any big expenses coming up, it may not be the best time to buy a new car.
Taking the Leap
If you think through the questions above and decide that it is feasible to buy a car, your job isn’t over. There are good and bad ways to shop for cars. Keep the following do’s and don’t’s in mind to avoid spending more than you need to:
- DO complete some online research. Do not stop at a dealership without having done any research on the kind of car you might like. This is a great way to feel easily overwhelmed – tons of car types are out there. Do some preliminary online research beforehand.
- DO get the best vehicle for your specific needs. It’s important to make sure that you get the right used car for you. Here’s our pro tip: make a list of all the things that you’d like your car to have. Are there special features that are important to you? Do you need a significant amount of space, to cart around family members? Would you like your car to get decent gas mileage? All these factors, and more, are important to consider. Don’t just buy a car because it looks good? Buy it because it makes sense for you, and your lifestyle.
- DON’T buy the first car you see. By trying to escape the decision-making, you’ll miss some great deals.
- DO know when and where the deals are. Every dealership offers special deals, depending on the season. For instance, if you can wait until the end of the year to purchase your new vehicle, this is a fantastic time to get a great deal, because most dealers will be itching to get their older models off the floor.
- DO take a test drive. Hopefully this goes without saying, but never walk away with a brand-new car without taking it for a spin around the block first! It’s important to see how the vehicles operates, when on the road.
- DON’T overspend. What’s the best way to keep from overspending on your used vehicle? One word: budgeting! Creating a budget is important – before you even begin searching for a car, take the time to sit down and craft a budget. Think about how much you can spend, what you’d like to spend, and what your threshold is. Then, make a firm commitment to stick to that number!
- DO know how to negotiate. If you really feel there’s a reason you should be getting a better deal on a car, make this clear. For instance, if you’ll be purchasing another car in the future with the dealership, use that bit of info to your advantage when negotiating.
Contact the Experts at PUBLIC!
Did you know? For over 24 years, PUBLIC has been helping good people get the transportation they need and deserve. Regardless of past credit challenges and financial transgressions, we at PUBLIC feel that our customers deserve respect. In fact, our primary goal is to provide people with a superior customer service experience, and give them the royal treatment they deserve. Our inventory selection is better than ever – we have over 900 vehicles to choose from! Every vehicle we sell undergoes a rigorous 70-point inspection by one of our 10 certified mechanics; PUBLIC vehicles also go through a third-party inspection, to ensure that we are giving our customers a quality vehicle. We back all our vehicles with a FREE 6 month, 6000-mile warranty (whichever comes first, based on sale date).
Providing excellent customer service has always been our highest priority – after all, our customers are the reason we’re in business. Our team of Account Managers is dedicated to helping each of our customers achieve their dreams of vehicle ownership! We also have an excellent service department, staffed with knowledgeable and qualified experts to help facilitate any mechanical concerns you may have throughout the course of your contract. Have you have been turned down by a car dealership? Stop by any one of our 11 dealerships – PUBLIC has been helping customers finance high-quality used cars for over 24 years! Call us today at 877-810-4555. We’re always happy to offer our assistance!
If you’re feeling overwhelmed by the car-buying process, give us a call. We can answer any further questions you may have about your purchasing options. We’re always happy to provide personalized assistance. Regardless of your past credit challenges or financial problems, we at PUBLIC want you to get the transportation you need and the excellent service you deserve. Our inventory selection is better than ever, with more than 900 vehicles to choose from. Contact us today to learn more — we’re always happy to help.