Summary of Vehicle Acquisition
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Summary of Vehicle Acquisition
Buying a car or truck involves some of the same steps as buying a home. There’s financing to deal with, there’s insurance and warranties, and there’s the question of whether to buy used or new. There is also the question that more and more young people are asking, which is, "Do I even need a car?"
This tutorial covers some important things you should know before you begin searching for a vehicle. One’s means of transport will be one of the biggest single purchases made in life.
To help you on the road to getting a vehicle, here are some things you can do.
Things to do
- Write down all the features you would like in a vehicle. Research some vehicles online.
- Decide on a realistic price range for a vehicle and stick to it.
- Consider the pros and cons of auto leasing, and decide if that’s a good option for you.
- Plug in some numbers into a buy/lease calculator to get a sense of what works best for you.
- Talk to a dealer or someone at your bank or credit union about getting a loan for a vehicle.
- Estimate your monthly car expenses. Add them to your monthly budget.
- Set up a separate emergency fund at your bank or credit union for car repairs. Add a little to it every month.
- Look for vehicle reports at www.carfax.com.
- Research all auto insurance companies that you are interested in. Consult your state’s insurance department.
- Work with an agent to determine suitable levels of coverage for your vehicle.
What you have learned
- Preparing to Buy a Vehicle
- Leasing a Vehicle
- Building Your Vehicle Budget
- Choosing a Vehicle
- Insurance and Maintenance for Your Vehicle
