Life changes rapidly. You have so many daily responsibilities and activities and are constantly moving in many directions. It’s time to achieve greater success in all aspects of your life with reliable and comfortable new transportation options.
With the new year just beginning, look to equipping yourself with a new car. The Hyundai Elantra is a great option for everyone, regardless of their family makeup. It has been awarded the Insurance Institute for Highway Safety (IIHS) 2020 Top Safety Pick. It also has a great sticker price with some high-tech options such as Bluetooth, smartphone integration, connected in-car apps, and in-car entertainment systems.
Why buy a new car? It is well known that the simple act of driving a vehicle off of the dealership lot instantaneously depreciates the value; however, it is also well-known that when you take care of a car throughout its entire life cycle, you know the history, of course. You know how well you’ve cared for the car, whether or not you’ve followed all of the recommended maintenance schedules, and whether it has been involved in an accident. There’s certainly something comforting about that information. A new car is both an investment and a solid piece of mind in an often hectic world.
Whenever you’re on the path to purchasing a new car, the topic of how to pay for the vehicle is right around the corner. There are three main options to consider.
Finance
Financing a vehicle is the most typically used avenue to bring home a new car. Use an online car loan calculator to estimate your monthly loan payments. A common rule of thumb is to spend 20% or less on all car-related expenses per month. Keep your loan length at a five-year or 60-month maximum so that you aren’t paying more in finance fees than is reasonable for your budget.
Lease
When considering the option to lease a vehicle, be sure to look at the fine print. You must follow the maintenance schedules listed in the contract so that you are not in violation of the contract. Your monthly payment on a leased car generally differs in dollar amount from when you finance. The biggest difference between these two options is that at the end of a finance period, you’ll own the vehicle. Whereas at the end of the lease period, you will either turn in the vehicle or have the option to purchase it. Generally, leasing a car involves getting a new car every three years and never owning it outright but continuing monthly lease payments.
Cash
Working hard and saving up your money to pay for the purchase in full in cash is always worth considering. While this is a viable option, it is not an option for everyone. If this is something you plan on doing, look into high-interest savings accounts to earn more interest on your dollar versus standard checking accounts. Utilizing budgeting apps and spreadsheets will help you track your spending and keep you on track to reach your goal. With this choice, it may take you longer to purchase your car than if you had gone the route of financing or leasing.
Go ahead and have an adventure. It’s time. Get out there and experience all that life has to offer. Learn something new and make new memories on a road trip in your comfortable new vehicle.
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