After vehicle shortages in recent years, experts say the market for new vehicles should reach pre-pandemic levels in 2024. That’s good news if you’re in the market for a new car and don’t want to wait forever (or pay an inflated price).
But there’s more to consider when buying a car than price and availability. At this stage of life, your decision process is different than when you were itching to get on the road at 16 or adding a car seat to the back row of the station wagon.
Whether this is your first new car purchase in decades or the first since becoming a grandparent or caregiver, determine what you’re looking for before you start shopping or test driving.
This can be tricky, especially if you have a fixed income or other family members with strong opinions on what to buy. Here, we’ll walk through 20 questions to guide your thought process and help you find the right car for this season of your driving life.
There are no wrong answers to these questions; they’re simply a guide to help you narrow down your options—or to broaden your horizons. You may decide that now is the time to go for the car that’s fun and flashy instead of the one that’s sensible and practical!
Establish Personal Preferences
Your budget has changed. The way you spend your time has changed. The way your body feels after a long drive or since your knee replacement surgery has changed. Start the conversation about your next car by thinking about your current priorities.
- If you have a partner, is this a car you’ll both drive?
- Will any of children or grandchildren be driving the vehicle?
- Do you want something new or used?
- Will you drive this vehicle often?
- Is this a vehicle you want to drive until the wheels fall off, or do you think you’ll purchase something else in a few years?
Review Budget and Costs
Whether you’re retired, still working, or some combination of the two, cost is a key factor in the decision-making process. Maybe you’re on a fixed income; maybe you have more income than ever, but you’d rather spend money on traveling abroad or spoiling grandkids than a new car. Consider the financial aspects before hitting the showroom.
- Will you be trading in a vehicle? If so, will you do it at the dealership, or will you sell it privately?
- Will you use this car for a business (think tax deductions)?
- Do you want to purchase the vehicle online or in person? Do you want to shop at a big dealership or a smaller local lot?
- Do you have a down payment ready? If so, how much do you want to put down?
- How do you want to finance the vehicle? Are you open to a lease?
