From the average mileage of the car to trunk space and car seats, there’s a lot that needs to be considered when it comes to buying a new car. Investing in a car is an important financial decision that requires thorough consideration. This is especially true when you are a parent because you need to find a car that not only fulfils your requirements and suits your budget but is also perfect for travelling with children.
This is why parents, especially single mothers, find it difficult to make the right choice when it comes to buying a family car. If you are also having a hard time finding the right car, keep reading to check out some tried and tested tips for single mothers that will make sure you buy the ideal car.
1. Determine the True Cost
While it is not the most desirable solution, sometimes, it is okay to buy a car that may not be in optimal condition but can easily be fixed. If you are buying a car that requires some fixing, make sure you calculate the total cost accordingly. You don’t want to end up with a ride that drains your funds in the name of “fixing cost”. If you are not sure about the condition of the car, it is advisable to seek help from someone who has a better understanding of automobiles. You can also hire a mechanic to take a look at the car before finalizing the deal.
2. Don’t Go For the Looks
No matter how classy or tempting a car may look, it is never a good idea to make a purchase solely based on the aesthetic appeal of the car. The car you purchase needs to be highly functional for your family. For example, if you are a family of six, it doesn’t make sense to invest in a 4-seater. Instead, it is better to look for 7-seater cars that will be able to accommodate everyone comfortably. More importantly, look for reliable dealers to make the ideal purchase.
3. Reliability is Crucial
It is crucial to make sure that you can rely on the car even during long trips. Keep in mind that depending on the age group of your children, you are likely to plan short and long trips. Therefore, opt for a car that wouldn’t leave you stranded on the roadside.
4. New vs. Used Car
So you have decided to buy a car but are now confused about whether to buy a new or a used one? It is important to understand there are certain pros and cons to purchasing both types of cars. It is up to you to make the right choice and choose a car that fulfils your needs in a better way.
The advantage of going for a brand new car is that it often comes with a low-interest rate on financing. Furthermore, it is less likely to need fixing anytime soon and you will also enjoy an extended warranty. Apart from that, you will also have the liberty to choose the model and colour of your own choice. However, there are certain one-time fees for new cars including Documentation Fee, Vehicle Registration Fee, Sales Tax, etc.
Used cars, on the other hand, are typically less expensive. You can also avoid the new-car depreciation hit as is the case with purchasing a new car. However, repair and maintenance cost may be higher.
5. Keep a Check on Your Finances
Are you going to pay upfront for your car? Will you apply for a loan? Make sure you know your payment options before you start looking for a new car. Also, keep in mind that your monthly car expenses should not exceed 20% of your monthly income.
Single mothers usually have a lot on their plate. However, with these basic tips, you will be able to find the right car for your family without any hassle!