We here at Kernersville Chrysler Dodge Jeep and Ram, consider purchasing a new vehicle to be one of the biggest financial investments that you could possibly make. Therefore, making an informed decision based on your individual needs is the most important thing to consider before making the clear assessment of whether or not your ready to purchase. That said, are you ready to purchase a new vehicle? Let's find out. Here are 5 questions that you should ask yourself before purchasing a new vehicle:
Why Do I Need To Buy This Vehicle?
Regardless of wheather your purchasing a vehicle to get the kids to and from soccer practice, or you simply just need a more convenient mode of transportation that will get you to and from work, everyone has a reason as to why they need to purchase a new vehicle. While this may seem like a simple question, it's important to know the why behind a big purchase. Here is an example:
Example Question: "I am purchasing a new vehicle because _____."
Example Answer: "I am purchasing a new vehicle because my current vehicle is because I need more space for my kids."
What Are My Needs V.S. My Wants?
After establishing why you are purchasing a new vehicle, it is important to establish your priorities. This would mean distinguishing a need verses a want. Not only will this help you justify your "why", but it will also help you not stay away from the very purpose of coming to the dealership. That said, distinguishing at least 3 needs and 1 want should give help. Here is an example:
Example Question: "I need ____ , ____ , and ____ because _____. However, while I do want ____, it is not a requirement."
Example Answer: "I need a navigation system, a wifi hotspot, and heated seats because I travel a lot. However, while I do want a sunroof, it is not a requirement."
What Is My Budget And Can I Afford This Vehicle Comfortably?
Understanding and having a solid budget that is not up for negotiation is vital to any big purchase.
That said, not negotiating based on a monthly payment as well as knowing how to calculate your monthly car payment is very important. We also recommend getting pre-approved. This forces the dealership to stay in line with your budget, without talking you into going over. That said, here is a great example for understanding your budget:
Example Question: "I have been pre-approved for ____, but I will only be purchasing a vehicle for ____, as this price comfortably fit's within my means."
Example Answer: "I have been pre-approved for $50,000, but I will only be purchasing a vehicle for
$42,000, as this price comfortably fit's within my means."
How Will This Vehicle Fit Into My Lifestyle?
Choosing a vehicle that will fit into your day to day life is crucial to being satisfied with your purchase. It's important to look at your current and even future plans, when choosing your next vehicle. While you may not know the future, at least you can say you are ready for it. Here is an example:
Example Question: "A ____ would better fit into my lifestyle because ____."
Example Answer: "A New Ram 3500 Chassis would better fit into my lifestyle because I own a construction business."
What Are The Longterm Costs Of Ownership?
Believe it or not, people rarely consider the longertm costs that come with the purchase of a new vehicle. In fact, studies suggest that 40% to 60% of vehicle buys consider long-term costs such as maintenance, fuel efficiency, and even vehicle depreciation. That said, you'll want to do your research and see what kinds of longterm costs you'll be looking at with your vehicle in the future. Here are the examples.
Example Question: "If I buy a ____ , I will be spending ____ on gas every week."
Example Answer: "If I buy a Jeep Wrangler, I will be spending $40 on gas every week."
Why Do I Need To Buy This Vehicle?
Regardless of wheather your purchasing a vehicle to get the kids to and from soccer practice, or you simply just need a more convenient mode of transportation that will get you to and from work, everyone has a reason as to why they need to purchase a new vehicle. While this may seem like a simple question, it's important to know the why behind a big purchase. Here is an example:
Example Question: "I am purchasing a new vehicle because _____."
Example Answer: "I am purchasing a new vehicle because my current vehicle is because I need more space for my kids."
What Are My Needs V.S. My Wants?
After establishing why you are purchasing a new vehicle, it is important to establish your priorities. This would mean distinguishing a need verses a want. Not only will this help you justify your "why", but it will also help you not stay away from the very purpose of coming to the dealership. That said, distinguishing at least 3 needs and 1 want should give help. Here is an example:
Example Question: "I need ____ , ____ , and ____ because _____. However, while I do want ____, it is not a requirement."
Example Answer: "I need a navigation system, a wifi hotspot, and heated seats because I travel a lot. However, while I do want a sunroof, it is not a requirement."
What Is My Budget And Can I Afford This Vehicle Comfortably?
Understanding and having a solid budget that is not up for negotiation is vital to any big purchase.
That said, not negotiating based on a monthly payment as well as knowing how to calculate your monthly car payment is very important. We also recommend getting pre-approved. This forces the dealership to stay in line with your budget, without talking you into going over. That said, here is a great example for understanding your budget:
Example Question: "I have been pre-approved for ____, but I will only be purchasing a vehicle for ____, as this price comfortably fit's within my means."
Example Answer: "I have been pre-approved for $50,000, but I will only be purchasing a vehicle for
$42,000, as this price comfortably fit's within my means."
How Will This Vehicle Fit Into My Lifestyle?
Choosing a vehicle that will fit into your day to day life is crucial to being satisfied with your purchase. It's important to look at your current and even future plans, when choosing your next vehicle. While you may not know the future, at least you can say you are ready for it. Here is an example:
Example Question: "A ____ would better fit into my lifestyle because ____."
Example Answer: "A New Ram 3500 Chassis would better fit into my lifestyle because I own a construction business."
What Are The Longterm Costs Of Ownership?
Believe it or not, people rarely consider the longertm costs that come with the purchase of a new vehicle. In fact, studies suggest that 40% to 60% of vehicle buys consider long-term costs such as maintenance, fuel efficiency, and even vehicle depreciation. That said, you'll want to do your research and see what kinds of longterm costs you'll be looking at with your vehicle in the future. Here are the examples.
Example Question: "If I buy a ____ , I will be spending ____ on gas every week."
Example Answer: "If I buy a Jeep Wrangler, I will be spending $40 on gas every week."
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