So far, 2022 has been somewhat disappointing for car dealerships. Every month this year has seen fewer sales than in 2021. June’s new car sales were down by 11% from the same time a year ago, and predictions for this year’s total sales have been revised downwards.
However, 14.4 million new cars are still predicted to be sold by the end of this year. There are clearly plenty of individuals and families keen to purchase a new vehicle this year.
The way buyers choose cars can vary. Younger buyers might choose a car because it looks impressive, or because it is fast. Someone else may buy a car based on brand loyalty. And others simply on price and because it will get them from A to B.
A new car can be something of an investment when it comes to financial outlay. So, it would make sense to take some time for a little research before spending hard-earned money.
What should you compare when looking at different new cars?
If you visit a showroom you will be presented with a number of polished impressive new vehicles. Showroom representatives will be happy to let you test drive the car and explain the numerous modern features that each one has.
Modern dealerships like Lum’s Auto Center let you shop for cars online as well as in person at a showroom. While you can get plenty of information from a website or a sales representative, there are several factors that rarely get discussed during a car sale.
Below are some areas you should consider when purchasing a new car. Taking these factors and using them to compare against other vehicles will help you find the most efficient, reliable, and the best value-for-money car you can.
Depreciation
All cars, new and old, depreciate. From the minute you drive away from the showroom to the day you either sell it or scrap it, your car is depreciating. There are of course some exceptions to this statement. If you are lucky enough to own a Bugatti for instance the value has probably risen since you bought it. For the majority of the population, the opposite is true.
During the first year of owning your new car, it will lose up to 20% or more of its value. After five years it may have lost up to 60% of its initial value. This is one of the factors causing some people to trade in cars every couple of years.
Some other factors determine depreciation, however. Brand name and model can make a difference here. A car depreciation calculator can give you a more accurate comparison between different models.
However, these calculators don’t take into consideration other reasons why some cars depreciate quicker than others. Color is an issue with depreciation for example. White, grey, silver and black cars depreciate slower than brown, purple, or gold. So keep this in mind.
Reliability
How do you judge if your car will be reliable? Well, if you have 3 or 4 car choices in mind you can search online for car reliability charts and then compare them. These charts list many of the most common manufacturers and popular models.
Toyota regularly features as one of the most dependable vehicles. How reliable your new car is will also affect its affordability.
Fuel efficiency
This is a comparison well worth making. When looking at different new cars it should be very easy to find out the fuel economy of each vehicle. This will be shown in km per litre or miles per gallon.
In June this year, gas prices hit a record high of $5 per gallon. Now, if you consider that the average 35-54-year-old male will drive an average of 18,858 miles per year, fuel efficiency becomes very important. Knowing how to pick a car to match your lifestyle could help you save money on gas.
Depending on what type of driving you do the most, it is worth checking out the overall mpg as well as city mpg and highway mpg. Compare all the vehicles you are considering.
Affordability
Is your first choice within your budget or do you need to take out finance to buy it? Toward the end of 2021, something occurred that shocked many looking for a new car. The average price for a new car hit record levels and went over $48,000 for the first time.
When you compare the affordability of different cars you need to look at the purchase price, reliability, and fuel economy. You can also compare different features to adjust for value for money.
Speed and handling
How fast your new car can go shouldn’t be too much of a factor unless you are planning on breaking the speed limit regularly or using it for racing. However, it is worth understanding how much horsepower your car has, how quickly it can accelerate, and also how well it handles at higher speeds.
Warranty
This is an important aspect when comparing vehicles. It could also affect how affordable your new vehicle will be over the next few years. Check how long the warranty lasts, and importantly, what areas it covers.
Many warranties are barely worth the paper they are printed on, and this goes for extended warranties too. Take the time to look into this area and compare each vehicle.
Safety features
One of the main things you should know before buying a car is what safety features are installed as standard. Features such as autonomous emergency braking (AEB) can help keep you, your family, and other cars’ passengers safe.
When comparing different cars, decide how many of the following features are important to you and see which are installed.
- Autonomous emergency braking
- Brake assist
- Anti-lock brakes
- Shatter resistant glass
- Traction control
- Automatic crash alert system
- Stability control
- Collision warning and detection
- Four-wheel steering
- Lane departure and blind spot warning
- Pre-collision technology
There are plenty of other safety features that you may wish to research and understand, but these are some of the best. Nonetheless, not all features are the same in different cars. For instance, some AEB systems only work at city speeds while others will work when driving at higher speeds on highways.
Other/custom Features
Certainly less important than safety, but there may be certain features you would like to see installed in your new car. Compare your shortlist against each other to see what comes as standard and if there is the possibility of adding custom features.
Comfort
If you are planning on traveling at least the average amount of miles each year then comfort should be a concern. You can look at what materials are used, and check consumer ratings online for each vehicle. Front and rear legroom should be listed in the technical specifications for the car. As standard, the front legroom should be a minimum of 40 inches.
To fully understand how comfortable a car is though, you may need to test drive it.
Summary
Finding the perfect new car might not be entirely possible, but you can find something close to it by comparing all these factors. Decide on which safety features are most important and compare your choice of cars against each other. Reliability, warranties, and fuel economy are all critical factors and will affect how affordable the car is overall.
Take into account depreciation too. Some BMWs depreciate up to 63% over the first five years. If you are planning on trading in your new car in a few years, this should be a consideration also. As should be the color.
With some careful comparison, you should soon be able to enjoy your new car knowing that you have chosen the best option available.
