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A new buyer’s first step is to determine the sort of vehicle they need, and their budget. Selection takes some thought. A small sports car might work for a single person or couple, but not if they’re planning on starting a family. A large SUV might be great for camping and road-tripping with friends but isn’t likely to be much fun when it comes time to fuel up, pay for insurance, or find street parking.
“Think about your actual needs, how long your commute is, how much you have to carry, and if you enjoy driving and might want something sporty,” said Ronald Montoya, the senior consumer advice editor, and content strategist at Edmunds. “Avoid overbuying – you can probably get by with a smaller vehicle for most of your needs, and just rent something bigger once or twice a year when you need it.” These days, nearly half of the auto shoppers choose crossovers – tall vehicles based on passenger cars that have an open back area (like a station wagon or SUV) rather than an enclosed trunk. Crossovers blend most of the efficiency and driving characteristics of a traditional car with a bit of the off-road and foul-weather capabilities of a four-wheel drive SUV.
If you don’t need a tall driving position and rarely travel in deep snow, a traditional car might be a better choice, however. Whether in the form of a sedan, coupe, convertible, or station wagon, cars tend to be lighter and have a lower center of gravity than crossovers, which aids efficiency and handling. Finally, those thinking of getting an electric vehicle might need to plan for a long search. Battery-powered transportation may represent the future, but the vast majority of vehicles sold still use gasoline–electric vehicles accounted for only 3.4% of total vehicle sales in the fourth quarter of 2021, which is lower than diesel sales (4.6%, mostly pickups). Hybrid vehicles, which combine gas and electric power, made up another 7.5%. Manufacturers are trying to ramp up battery production, though, and some new electric vehicle purchases can still qualify for federal tax credits of $7,500 on top of state and local subsidies. Once a shopper has a particular type of vehicle in mind, they should read professional reviews (e.g. Car and Driver, Jalopnik and Edmunds) and search owners’ reviews to determine which particular models interest them, then arrange for test drives. For many years, the fiscally smart move was to buy a low-mileage used vehicle – something two or three years old and in good condition. These might lack the latest infotainment equipment and a full factory warranty but generally provided reliable transportation at a steep discount since vehicles would typically depreciate about 20% in the first year, and 10% annually for a few years after that. The Covid pandemic has muted depreciation, however, and prices for used cars are growing faster than for new. As the price gap narrows, buying new becomes more appealing because the vehicles are in better condition, plus, they have a full warranty and can be financed at a lower rate. Used Teslas have done particularly well of late, as gas prices have risen, spurring more interest in EVs and the economics of recharging versus filling up. The popular all-electric vehicles are now averaging $65,000 on the used marketplace, coming close to their cost when new. The best move for consumers is to look around because paying almost as much for use as new doesn’t make sense. Used shoppers should also consider looking for a certified pre-owned vehicle, which most manufacturers offer through authorized dealers. CPO vehicles – generally low-mileage and of recent vintage – are thoroughly cleaned and inspected, then repaired if necessary. They offer a manufacturer-backed warranty on top of what’s left from the original coverage, and some include additional perks such as roadside assistance or trip insurance. CPO vehicles cost more than other used cars, but they can provide peace of mind. “Paying cash is usually your best option because it limits how much you have to pour into a depreciating asset,” said Greg McBride, the chief financial analyst at consumer finance site Bankrate.com. “But don’t deplete your emergency fund just to buy the car.” Besides paying cash, shoppers can also turn to leases or loans. With leasing, consumers generally make lower monthly payments, but don’t own the vehicle at the end of the term – typically three years – unless they pony up a big lump-sum payment. “Leasing is often a treadmill of payments,” McBride said. “You’re essentially renting the vehicle and at the end of the lease you return the car and start over on a new one.” Since leasees don’t own the car during the term of their lease, they can run into trouble if they make modifications such as sound systems or engine upgrades. They also have to pay a penalty for excessive wear and tear, terminating the lease early, or driving more than a set amount (usually about 12,000 miles annually, though some newer leases are down to 10,000). Besides cutting mileage allowances, lease providers have also been limiting the incentives they used to offer (such as cash rebates or subsidized interest rates). For these reasons, most people currently in the market for a vehicle should look to loans if they can’t pay cash. Loans usually end up costing less than leases – especially for consumers who hold onto vehicles for years. Also, those with loans don’t have to worry about mileage or wear or pay a penalty for early termination. Most importantly, at the end of a loan term, the consumer owns the vehicle. Loan terms can run for 84 months, or even longer. But most experts recommend sticking to shorter loans with lower interest to keep overall costs down.

CHOOSE FROM OUR WIDE VARIETY. CHOOSE FROM OUR WIDE VARIETY.

Espag Automotive. Espag Automotive.

Espag Automotive was established in 2006 and has since been a growing force in the Pre-Owned Vehicle industry.