The biggest waste is buying a vehicle that can’t do what you need it to. You will then either need to pay for alternatives or take it back later down the line when the depreciation value is at its highest. It is this very depreciation value that makes choosing the right vehicle so important. You can buy a starter home and live in it for a few years, then sell it for a larger family home and enjoy money back on your initial investment. With vehicles? You couldn’t even get the same price if you took it back to be sold the very next day.

Never waste your money, and instead choose the vehicle that will serve you faithfully for a decade by using these tips:

What Do You Need It To Do?

To help you choose the right type of vehicle for you, try answering these questions about your needs first:

1. Does it need to be able to pull a trailer?

 

If it needs to be able to pull a plant trailer, then the towing capacity of the vehicle must be greater than the total weight you expect to tow.

2. How many people do you carpool?

 

If you have a large family, then your vehicle will need to keep everyone in the car comfortably. For example, though you can have five people in a small car, you will only be courting disaster by forcing everyone into such small confines. By having a larger car, everyone can be far more comfortable, and you will have all the storage space you need.

3. How much storage space does it need?

 

If your family plays sports or has other interests that require a lot of storage space, your best choice might go from a car to a van really quickly. Further, you might want to have a high towing capacity or space to put a roof rack on the top.

How Far Does It Need to Go?

A car you will be using predominately in the city will be different than the one you will want to go cross-country with. A city car could, for example, be entirely electric nowadays, whereas long distance will need to be a hybrid at least.

How far and often you drive will also depend on whether you should buy new or used. A used car with high mileage won’t be a good fit if you drive for long periods of time on a regular basis. New cars also have a warranty, allowing you to enjoy free or reduced fees for services and repairs.

What is Your Budget?

Finally, your budget will depend on what sort of vehicle you can comfortably afford. You never want to go beyond your budget, or have a long repayment plan, as these can pinch your savings and result in you paying more than the vehicle is worth. You might also want to consider leasing your vehicle, depending on how long you need it for.

The trick is to choose the car that will suit your vehicle needs in the future, for the budget that you have now. If needs be, try saving up for a larger down deposit before you look at your financing options, so that you can pay a great vehicle quickly, without overpaying in interest.