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Set your holiday budget, and stick to it. There are a variety of different expenses that come with getting a car—the purchase cost, insurance, maintenance and fuel being a few of them. Knowing how much you can afford, especially if you plan to pay for it over time, is key to avoiding a car bill that stretches your finances. Look for access to different budgeting tools and tips that can help you save for your purchase. Look for the best holiday deals. Like many other items, vehicles have a price cycle—the end of the year tends to be when you can find a better deal, as dealers may need to meet quotas or clear out inventory. Generally, make sure you are considering multiple vehicles and shopping around at several dealerships to get the best price. Test drive the vehicle to make sure it fits your needs. This is your time to see how the vehicle looks and feels, try out the interior systems and figure out if the vehicle fits your needs. Schedule test drive appointments to ensure the car you want is still available, ideally a few in the same day or week to keep your impressions fresh in your mind. It’s also helpful to simulate your daily driving conditions as much as possible, such as bringing any car seats or equipment you may have in your car daily. After your test drive, you can ask about the car’s warranty and fuel and maintenance requirements, as well as the possibility of getting an extended test drive or bringing the car to your own mechanic for a second opinion. Determine whether you are financing or leasing. There are benefits of both a lease and a loan. With a loan, there is no mileage limit and you are free to customize and change the car as you see fit. After completing your finance payments, you own it. Leases typically have lower upfront costs than loan payments, and at the end of the term you can return, purchase or trade the vehicle in. But keep in mind that most leases have a mileage limit, so it might not be the best option if you travel often. How to know if an electric vehicle is right for you. With so many major manufacturers building EVs, there are more options than ever before. However, cost, maintenance, range and charging logistics are all key factors to consider. For maintenance, EVs typically require less maintenance than traditional cars. EV batteries tend to be covered by 8-10 year warranties (outlasting the amount of time most people own their cars) but EV tires degrade faster due to the weight of the battery. And just as gas prices vary, so do electricity costs based on your location, your driving style and the size of your battery.
