The ABC's of Buying the Right Car for You

When you're in the market to get a new or used car, there are many things to consider before you make your final choice. It's important to prioritize your needs and then consider your wants when choosing a car that's right for you. Think about these seven factors before making your final car buying decision.

1. Affordability – Before thinking about shopping for a new car, it's important that you set a budget. Determining the affordability of your next ride will not only help decide your price range, but also what kind of down payment you will be able to offer and the monthly payments you'll feel most comfortable with. You can even use an auto payment calculator to help you estimate the monthly loan payment you can expect to budget for.

1. Bartering – Some call it haggling, bartering or negotiating. Whatever you call it, this aspect of car buying can play an important role in your car shopping experience. While not all dealerships and sellers are willing to negotiate, it's important to do your research beforehand to see what price you should be paying for the new or used car you have your eye on. That way you can use that information as leverage if you decide to make an offer.

1. Cargo room – Whether you have a backseat full of kids already or hope to in the future, deciding on a car that will work for you now and in the years to come is an important factor to keep in mind. And if you're not thinking about having kids anytime soon, it's just as important to find a vehicle that has the space you need for the travel you do, the sports you play and the gear you tote around town.

1.  Duration – Consider the duration of time you think you'll have the car you're thinking about buying or leasing. Do you plan to drive it until it eventually dies, or would you consider trading up in a year or two? What term length will work best for you? If you plan to lease, consider the intended mileage you expect to put on the car annually, otherwise you may get charged for extra wear and tear when you turn in the lease. Whatever duration you plan to keep the car, it's important to think about lease length, payment terms and other variables before making your final car choice.

1. Efficiency – With so many advancements in car technology these days, energy efficiency is a hot topic. So before you walk onto a dealer's lot, you should decide how interested you are in electric cars, hybrid models and other types of energy and gas efficient cars. While some makes and models promise to save you money in gasoline over the years to come, they may be more expensive to finance up front, so consider all possible factors first.

1. Financing – Before signing on the dotted line, you must decide which borrowing option is right for you. Whether you're thinking about buying or leasing, it's important to consider the interest rate, terms, down payment and other factors to see which auto loan financing option will work for your situation.

1. Gut feeling – Lastly, never underestimate a gut feeling you may have about a certain car, dealer, private seller or another aspect of the car buying process. If something feels wrong or “fishy” it just may be. It's better to be safe than sorry when it comes to making an important purchase such as buying or leasing a car.

There are many factors that go into deciding on the car that's right for you. From affordability to your gut feelings, you now have the tips you need to find the car that suites your needs, your budget and your lifestyle. And once you buy or lease your next car, don't forget to protect your new purchase with affordable car insurance.

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