Choosing a new car can be an exciting yet overwhelming process. There are so many options to choose from, not to mention figuring out how you will be financing the purchase.
But how do you ace the most difficult part of the process- picking the right car? While the most obvious place to start is the price, you also need to focus on three key factors: reliability, quality of the vehicle, and cost of ownership.
Read on to find how why these factors mean and how they affect your buying decision:
Factor 1: Quality
When we say quality, we are referring to the durability and workmanship of the car, its parts, and accessories over time. Decades of trial and error have made vehicles more durable, leading to fewer hardware problems such as paint peeling, rattling noises, rubber seals wearing, and others. Drivers face more problems with tech features like navigation, reverse parking assist, adaptive cruise control, and telematics systems. Statistics show that new owners report more tech-related issues within the first 90 days of ownership.
Given the number of new or redesigned vehicles being introduced into the market each year, it is wise to grant the manufacturers a few rounds of production to perfect the car and remove unforeseen production errors. This is why we recommend waiting until the second year of production before buying a new car. Doing so can help you save money, and experience fewer quality problems.
Factor 2: Reliability
If you’ve previously owned a vehicle that needed constant repairs, you understand the need to find a reliable car. While the vehicles currently in the market are very reliable with good warranties ranging from 3years or 36,000 miles to 10 years/100,000 miles, it never hurts to be sure of what you are buying.
The best way to check the reliability of a vehicle is by reading customer reviews and professional ratings. Be sure to check out Consumer Reports. They survey car owners each year to help potential buyers understand what to expect. TrueDelta.com updates its vehicle reliability ratings every quarter.
Factor 3: The Cost of Ownership
The long-term cost of owning a car tends to exceed the amount you paid for the vehicle. These costs can include fuel, repairs, maintenance, depreciation, and insurance. Experts claim that foreign cars tend to hold onto their value a little better than domestic brands.