Whether you are considering a new vehicle or a “new to you” car, here are some things to keep in mind.
- Need vs. want. What is the primary reason you’re looking for this vehicle? Do you have a long commute and need something that gets better gas mileage? Are you looking for a new toy to take on weekend trips? Have you had a life change and need to trade in your small sports car for a family-size car or SUV? Are you now an empty nester and ready to trade the SUV for the small sports car? Maybe you need to upgrade so you have the latest technology with Bluetooth and heated seats? Whatever your reason, take some time to really think about what you need and weigh your options before getting too excited about which car looks like the next big thing.
- Monthly payments vs. total price. Take a close look at your budget. Consider what is more important to you: the price per month or the overall price of the car. Take time to factor in what a new vehicle will do to the cost of your insurance. Ask your agent for a couple of quotes for different vehicles. Think about gas mileage and if the newer vehicle will save you money each trip to the pump or make a bigger dent in your wallet. Oil changes, tires and preventive maintenance are important things to consider, as well. Make a list of the different increases and decreases based on the vehicles you are considering to determine if this new vehicle will really fit into your budget.
- Know the car before you buy. Do your research. Check reviews and see what others are saying about it. Did they just purchase and still have that “new car glow,” or have they had it for a while and still love it? TEST DRIVE, TEST DRIVE, TEST DRIVE! More than just around the block. If it is something you’re really considering, ask to keep the car overnight, or even for a couple of days. Get to know the car and see how it truly rides on your typical routes.
HealthNet Federal Credit Union has several resources to help with your research. We have calculators to estimate your monthly payment, online pricing and trade-in guides, and knowledgeable, friendly loan officers to help guide you through the process. The credit union can provide pre-approval checks, so once you’re ready to make that deal, all you have to do is sign on the dotted line! Check out our website for the latest promotions, most current rates, and to apply for financing.
For more financial tips, visit your local credit union. HealthNet Federal Credit Union has proudly served Baptist Memorial Health Care employees and the health care community throughout the Mid-South for more than 60 years.
For information about the credit union, please call 901-226-1111 or visit www.healthnetfcu.org.
