I used to commute to work every single day and that took me about two to three hours per way. Imagine, I was on the road for six hours. With that situation, getting a car would be the most ideal and convenient way to get to the office with lesser hassle. That’s absolutely true if we’re still living in 2019.
With businesses closed and public transportation systems operating at reduced capacity, having a car can make it much easier to get around. Cars are a significant investment — especially a comfortable Hatchback — and the value of a new car is not likely to drop significantly in the near future. Interest rates on auto loans are currently at historic lows, making it an ideal time to finance a new vehicle.
However, since the COVID-19 outbreak, the need for owning a car is not the same as it was before. Almost everything is virtual now — kids attend their lessons online, most employees are currently work-from-home — so if ever you’ll get a car in the middle of the pandemic, you’ll likely use it less frequently. But if you're already decided that you're ready to purchase one this year, here are some factors you need to consider before closing the deal.
Factors to Consider Before Buying a Car Amid a Pandemic
There are many factors to consider before purchasing a car. Here are some key points to keep in mind:
1. Budget
It is important to set a budget and stick to it. With so many options on the market, it can be tempting to overspend. However, it is important to remember that a car is a major purchase and should not be taken lightly. According to CNBC, about 16% of the average American’s total budget goes to transportation, including vehicle costs and fuel, making cars the second-biggest expenditure. With car and fuel prices soaring these days due to inflation, it is important to consider your budget. If you can’t afford it, you’ll definitely struggle in paying car loans. I suggest you compute your budget to determine how much or what type of car you can afford.
2. Needs
Consider what you need in a car. For example, if you are single or a couple, a two-seater sports car is the dream but if you have a family, you will need a car that has enough seats and storage space. If you live in a city, you may want a smaller car that is easier to maneuver. Another thing to think about is that, almost everything is virtual now so ask yourself: Do I really need this? Is this really the right time to buy a car?
3. Reliability
When purchasing a car, you want to make sure that it is reliable. Research the different makes and models to find one that has a good reputation for reliability.
4. Safety
Safety is always a priority when choosing a car. Look for stellar safety features such as quality airbags and antilock brakes.
5. Fuel Efficiency
With gas prices on the rise, fuel efficiency is an important consideration when purchasing a car. Look for a car that gets good gas mileage so you can save money at the pump.
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