![]() Due to these and other economic factors, 12% of car buyers surveyed noted that government incentives for EVs were an economic factor impacting their recent car purchase. But on the bright side, the feds and many state governments still offer decent incentives on EVs (including plug-in hybrids). Insurers may charge you a bit more, as EVs tend to be costlier to purchase and repair than internal-combustion models. But in general, premium models command premium prices for parts and labor.Ī few notes on electric cars: You likely won’t have to budget as much for maintenance, as their simplified powertrains need minimal attention. ![]() As for repairs, well, that’s going to depend on the vehicle and what kind of driver you are. Next, call around to find the best insurance rates-posing the same questions to each provider to make comparison easy-or ask a broker to do it for you. Check various online estimators to get a ballpark figure for the annual upkeep. Many models (particularly those from luxury brands) include scheduled service visits for the first year or two, but you’ll be on the hook after that. As for maintenance, that’ll depend on what vehicle you’re considering. You can estimate the cost of fuel easily enough using the Department of Energy’s Vehicle Cost Calculator. You’ll also want to contemplate how long you plan to keep the car, as that will inform your ancillary costs, including fuel, maintenance, insurance, and potential repairs-all of which you can calculate before handing over any money. ![]() Of course, the purchase price is only part of the equation. ![]() You’d be in good company: According to Capital One Car Buying Outlook, 25% of surveyed car buyers impacted by economic factors decided to purchase a cheaper car than they’d originally intended. This could mean opting for a lower trim level, buying used instead of new, or considering a different car. If the numbers don’t work for you, you may wish to delay your purchase until your financial stability improves-as 35% of surveyed car buyers impacted by economic factors did-or consider reducing the overall cost. Knowing the financial information upfront can help you determine your situation. Online tools like Capital One Auto Navigator can help you find a car and see your real rate and monthly payment on cars you choose. So, determine your maximum and don’t exceed it. In such circumstances, you might be tempted to up your car-buying budget, but it’ll do you no good to shop outside your means. Largely due to supply-chain issues and inflation, new-vehicle prices rose to an all-time high in 2022, and interest rates went with them. Equipping yourself with the tools and resources that can help make car shopping easier may wind up saving you money-and putting you behind the wheel of the new or used model that’s just right for you. If you’re looking for a new car in today’s market, it pays to be prepared. In January 2023, Capital One released the results of a survey that asked 2,210 car buyers and 400 dealers about the car-buying process in the 2023 Capital One Car Buying Outlook, and the responses show an obvious disconnect between buyer and seller opinion in areas of transparency and whether it’s a good time to buy. Fortunately, Car and Driver and Capital One share a similar approach when it comes down to the rigorous testing and methodology around what we choose to drive. If you’re not properly prepared, it can put a strain not only on your wallet but also your mind. For many if not most, it’s among the biggest purchases they’ll ever make.
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