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Buying a new car? Purchase the car you NEED, not the car you want.

presented by Attorney Mory Brenner

Buying a new car can be a very emotional experience. Don’t make the same mistake many auto purchasers do when buying a car by getting carried away with all the “neat stuff” the car has or selecting a new car model for your eyes or ego and not your finances. Car buyers become so emotional they forget about the real reasons they wanted to buy a new car in the first place.  The fancy auto options are fine and dandy so long as the car still fills all your needs and keeps your budget in line. Don’t limit your car buying quest to what makes sense for just today either. Make sure the car not only fills all of your present auto needs but also the foreseeable future auto needs as well. To help achieve the proper new car purchase you should ask yourself these questions before signing the dotted line at the auto dealer.

What are the things I like the most about my present car?

What are the things I like the least about my current car?

Which options do I use and enjoy every day in my car now?

Which car options do I never use or find annoying? 

Will the car options I am considering for a new car be important next year or the year after?

Will I need more vehicle passenger space in the next few years? Less?

Do I need auto cargo space?

Does the car fit everyone’s needs or just mine?

Will the car be used for work? Pleasure?  Both?

Based on where I live will there be several months out of the year when I can’t use a particular car or specific features I need?

What are the auto insurance costs?

Will I be spending a lot of time in the car? If so, will it be comfortable, even after many hours (maybe some of the added options are appropriate here)?

What car safety features are important now?

Will more car safety options be appreciated in the future (growing family)?

You should be able to answer all of these questions before making a large and important commitment like a new auto purchase. Too many times, a new car is purchased for the bells and whistles and not the function. That two-door sports car could be a real inconvenience next year with the arrival of a new baby or in a snow storm. A new auto by nature loses value quickly in the first few years. As a consequence, expect a significant loss if you have to replace it with a more suitable car after just a short time. That custom paint job or special aerodynamics could be “cool” to you but render the car unmarketable. When resale or trade in comes you may find some of those expensive options selected when you purchased the car new add little or no residual value. If you financed the vehicle without a substantial down payment you may be in an even more perilous situation. You will be in what’s called in the industry, “upside down”. This occurs when you owe more money on the vehicle than what it’s worth. The only alternatives may be to live with the wrong car, sometimes for years or roll the deficiency into your next car loan and pay for your mistake over the life of the next car too.  And who wants to do that?  Those “cool” options that felt good at the time may only wind up costing you money and aggravation. That kind of grief can be avoided.  Some new car options you need to think twice about and other options and car accessories should be completely rejected unless you don’t care about money at all. Just remember to choose your new car and car options carefully. By considering your most important needs first and you should enjoy driving your new car for many years and not regret your decision when the time comes to trade or sell the vehicle as a used car.    

 

For a directory of lenders, dealer networks and loan submission services visit:
Alternative Financing Sources - Car and Truck Loans

To find a used car visit our
Used Car Meta Search Page

 

Other sites for those with debt or bad credit by Attorney Mory Brenner:

Bankruptcy Alternatives / Debtor's Options
FAQs examining the debt itself, personal issues and many resolution options including workouts, payment and bankruptcy. 

Debtor Links
Sites for debtors on bankruptcy, workouts, credit counseling, IRS, credit rebuilding, and more! US, UK and Canada. 


Alternative Mortgage Sources USA
Links to lenders and mortgage brokers throughout the United States offering home loans to individuals with credit problems, bankruptcies or foreclosures. Apply On-Line service available.  


Alternative Finance Sources USA -Car Loans
Links to lenders and finance companies throughout the United States offering refinancing, new or used car loans to borrowers with credit problems, bankruptcy or foreclosures on their credit report. Includes a nationwide used car search engine.


Alternative Finance Sources USA -Credit Cards
Links to lenders and credit card companies granting credit cards to those with credit problems, bankruptcy or foreclosures on their credit report. Debtors-Please use this page to help rebuild your credit, not incur more debt!


For information on retaining or consulting with
Attorney Brenner please visit the contact page

Nothing contained herein should be construed to constitute advice for your personal circumstances. This is intended as a peripheral exposure to the various options available, but by no means is this a comprehensive or exhaustive analysis of the bankruptcy laws or their alternatives. Whether or not you should file a Chapter 7, Chapter 13 or any bankruptcy, will vary depending on your personal circumstances and should only be undertaken after careful consideration, analysis and after consultation with an attorney experienced with such matters. These pages may contain information and rules peculiar to the Commonwealth of Massachusetts.

This material may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. Web site design by Mory Brenner. This page, and all contents, are Copyright (C) 2001, all rights reserved, by

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