Gone are the days of driving from dealership to dealership, hoping to find something among the local inventory that suits your needs and car-driving desires. We live in a digital age that makes it easier than ever to purchase a car. With the ease of online loan approvals and nationwide shopping, the anxiety of finding the vehicle you want within budget has never been less stressful. To ensure stress and anxiety have no place in the purchasing process, here are some tips for controlling your anxiety when buying a car.
Determine the purpose of your vehicle
What is the purpose of your vehicle, and how many passengers do you need to transport? If you’re a parent of school-aged kids, you might find a minivan is best for carting kids around town. On the other hand, if you are a real estate agent, you don’t just need a car to get to the office, but there are times when you need to host clients to see homes.
What type of drive system do you need? Do you live in a place where all-wheel (4WD) is necessary? Or, are snow, ice, and rough terrain uncommon, so two-wheel drive (FWD) could suffice? Knowing what type of system you need will help you narrow down what to purchase. Depending on the make, FWD vehicles tend to cost less and can be more fuel-efficient. However, if you live in an area that demands 4WD, it’s best to purchase an all-wheel drive vehicle to prevent costly accidents later down the road.
Figure out how much you can afford before you shop
How much can I afford each month? It’s best to start by looking at how much money you have left in your budget to pay a car payment. This is especially important if you’re not paying cash and have no vehicle to trade in. After you figure out how much you have to pay monthly, consider the cost of insurance on a newer vehicle. A simple phone call to your auto insurance agent can give you a good estimate on what to plan for compared to what you’ve been paying. Finally, consider interest rates, loan terms, and monthly payments against your budget. Getting prequalified for a car loan will help you understand how much you can actually spend on a vehicle, and you can do this online with just a few clicks through national online lenders like Lendingtree or Carloans.com.
Say you get approved for a vehicle loan amount of $40,000. Depending on the age of the vehicle, your interest rate and the term of the loan are really what can make or break the bank. If the vehicle is brand new, you might get a rate of 1-3% for a term of up to 72 months, whereas if the vehicle is more than 10 years old, you could be looking at an interest rate of 10% with a term of 36 months. Just keep in mind that you could end up paying more per month for an older vehicle.
Shop more options as an informed, prepared consumer
After you’ve considered all the factors for buying a car to suit your needs and budget, it’s time to shop. Don’t let this stress you out! You’ve got your list of criteria, you know what you can spend, and now, more than ever, retailers have made shopping for a car easy. Here’s why:
- Dealership hopping and salespeople not your thing? No problem! You can literally buy a car from a vending machine with little to no human interaction! Find out how Carvana has made purchasing a car as simple as buying a candy bar.
- Want a 360-degree view before you test drive it? Car dealerships understand consumers don’t have a lot of time to shop in person. That’s why dealers across the country invest in the technology that makes viewing every nook and cranny, inside and out, easy for you. From anywhere and on your device, you can access a dealership’s mobile-friendly site where after just a few clicks, you’ll be looking under the hood, around the trunk, and out the sunroof. Click on any vehicle for sale by Carmax to get a 360-degree look now.
- Okay with dealership hopping but finding your local offering is limited? No worries. Not only do companies like Carvana and Carmax offer national inventories, but Driveway is also another great resource through which you can shop coast to coast to find the perfect vehicle for you. With all of these retailers, test-drive and return periods are staples of their customer-satisfaction model.
Believe it or not, purchasing a vehicle can be one of the easier, less-stressful financial decisions you make in life. By planning ahead — determining what type of system suits the roads you’ll travel, getting prequalified, and deciding the purchase approach that suits your consumer interests — anxiety will have no place in the process. So, heat up your tea kettle or pour a glass of wine, then sip, relax, and allow yourself to enjoy the process of shopping for your next car.
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