Getting the keys to a brand new car can be an intoxicating experience. That beautiful new car smell. The latest design that will make your friends and neighbors jealous. It’s untouched, it’s shiny, it’s not (yet!) filled with random junk, crumbs, and coffee stains. No wonder that many of us rush to drive that glorious new vehicle out of the lot as soon as humanly possible.
Before you sign on the dotted line, however, consider these harrowing stats: according to Which! survey, a staggering 31% of drivers regret their new car purchase within minutes. 1 in 8 admits to not doing enough research before buying their new vehicle (and we reckon the real figure is even higher!). Considering a household’s second-largest expense is transportation, it really pays to think about the following 5 factors before looking at Lincoln cars for sale.
Vehicle Reliability
There’s not a single driver out there who doesn’t want a reliable vehicle. Most consumers put reliability at the top of their wish list when buying a new car. But how far do we actually go to ensure we buy a car we can count on? These are the factors you need to watch out for:
- The frequency of failure. Fortunately for the modern-day consumer, there are plenty of sites out there that will tell you how often a specific brand and model tends to fail.
- Vehicle tests. Not all vehicle tests are created equal. Some manufacturers will test till the cows come home, while others stick closer to the legal minimum.
- Warranty. No matter how much research you do, some cars will break down. It’s inevitable and happens to the best models. As long as you have a decent warranty package, however, it’s not a huge problem. Look for the longest possible warranty period or an extension of the existing manufacturer’s offer.
Safety
Even more important than reliability is the safety of your vehicle. Whilst new technologies like Autonomous Vehicles and Intelligent Transport Systems are promising to potentially reduce road fatalities as much as 90%, we’re yet to see the technology get a widespread release in everyday vehicles. Until then, we’ll still have to rely on the usual suspects (ABS, stability control, airbags) to provide you and your loved ones with a safe drive. When you’re looking for a new vehicle pay attention to the following:
- Reinforced structure. Accidents happen. If your car has a reinforced structure, you’re likely to be fine in most collisions.
- ABS/EBD – Working in tandem, these systems make sure you’re not going to lock up your wheels during an emergency braking maneuver by distributing the load accordingly and will keep your vehicle composed during the same.
- Airbags. You want front and side airbags, if possible. The more, the better.
- Hill Start Assist. In places like San Francisco, where the incline is just ridiculous, you need this feature. It keeps the brake pressure for a couple of seconds, giving you time to maneuver.
- Seat belts. Go beyond the average and look for seat belts with force limiters and pre-tensioners.
Design
When it comes to design, our vote goes to smart and practical over swanky and cool. Yes, it’s nice to have a car that looks like something out of an Italian movie, but you’ll be kicking yourself when you notice the design features you’re missing.
Our advice is to think about your daily routine and how your car can help make things easier. For example, do you have to take your kids to school? If so, a larger SUV may be the answer. Or perhaps you commute to a busy city where parking is at a premium and the streets are overcrowded? If that’s the case, a small and nimble ride will be far more practical than a luxury sports car.
Price
While a car isn’t the biggest financial decision you’ll make in your life (let’s face it, a new home probably takes that crown), it’s still a huge investment. And most people make the mistake of overspending.
It’s understandable. Car salesmen have a bad reputation for a reason. The entire industry is built on the consumer stretching their budget just that little bit more. I mean, we all need that sound system, right? We recommend setting a limit and sticking to it. If you need financing, get it before you even set foot at a car dealership. If they can’t give you the car you need, be prepared to walk away.
In terms of the price you pay for a new car, go frugal. Spend around 10% of your gross annual income on a new car and you’ll have a worry-free time on the road. Sure, you won’t be turning heads on the freeway, but what’s the point of that anyway?
Cost of Ownership
The ticket price you pay for your new vehicle is paid once and that’s it. Unless you’re financing your purchase, you don’t have to think about it again. The cost of ownership, however, is something that can linger (painfully, if you don’t account for it!).
Running a car is expensive. And we’re not just talking the ‘normal’ costs, such as gas, insurance, registration fees, and taxes. According to a 2017 AAA survey, as many as 64 million Americans would not be able to pay for unexpected car repairs (that equates to roughly a third of total drivers!). This is often due to the cost of parts. If you get a small failure every once in a while on an inexpensive part, no biggie. Some car manufacturers, however, have ridiculously priced parts that will set you back hundreds if not thousands of dollars.
Be aware of the average running costs. For a typical midsize sedan, you’re looking at around $9,000 a year. For a larger vehicle, such as an SUV, expect to go into five figures. If you’re in the unfortunate position of having less-than-stellar credit, you’ll have to crank up that amount even further.
We’re not going to sugarcoat it: buying a car isn’t easy. Car salesmen can be sharks looking to extract as much money out of you as possible (not all of them are, however!), cost of ownership requires you to dust off your high school calculator, and understanding the finer technical details of a new vehicle isn’t always straightforward. But if you keep these top 5 factors in mind, you’ll be well ahead of the rest of the pack.
