Essay Steps For Buying A Car
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About a year and a half ago I found myself in the market for a car. I had moved from Baltimore to Austin car less. In Texas, I found it to be extremely difficult to get around without a car. This brought me to the purchase of a 2005 Toyota Corolla. The five steps in the decision making process needed to decide what to do in my situation includes; 1) Problem recognition, 2)Information search, 3)Evaluation of alternatives, 4)Product choice, and 5)Post purchase evaluation. I was tired of the poor mass transportation in Texas, a car would give me more freedom and time. I needed a car! During my information search, I asked my friends in Austin (Rebekah and Dan) why they chose the cars they have. We looked online at car maker websites…show more content…
What am I thinking? etc. After this purchase though I had a very positive post purchase evaluation. I would be lying if I said I was worried about the money, but this was a realistic need. I found myself looking out the window to look at the car. I would even go outside to get a better look at my car. I found myself offering to run errands for people just so I can take my car for a drive. I was exceedingly happy with my purchase. There were many internal influences in the decision making process of my purchase. Perception: I was under the perception that Toyota made high quality, reliable, long lasting, low maintenance automobiles. Motivation: I wanted to buy a car so that I could attain more freedom and stop relying on others (mass transportation, friends, or family). A car could get me to work, I could run errands, spend time out by myself, etc. The old Corollas were not very attractive to me. Learning: I had learned however that the car was redesigned in 2004 and became a much more attractive car with updated styling. This ruled out however buying a Corolla in 2003 or earlier. By the time I was ready to buy, I could not find a 2004 that fit my criteria. Personality: I guess my personality assisted in the selection of the car to buy as well. I like to try new things but I also find comfort in the known. I am not a very sociable person. I tend to look at practicality over flashy for the most part. I also prefer to hold off on buying
Should you buy or lease?
While a majority of consumers choose to purchase a vehicle by securing a standard auto loan, others prefer the aspect of leasing. In this section, we outline in detail the vehicle leasing process, including some of the advantages and disadvantages associated with various lease programs on the market today. We weigh the positive and negative aspects of buying versus leasing to assist you in making the best car purchasing and owning decision possible.
Advantages of Buying
There are many advantages to purchasing a vehicle. First, you can modify your car in whatever manner you choose, including painting the vehicle and adding any after market accessories you'd like. What's more, some would argue that buying a vehicle versus leasing a vehicle is a more economical avenue from a dollars-and-cents perspective in essence, you may pay less for a vehicle during the lifetime of a loan than you do if you lease multiple vehicles over a cyclical period of years.
To continue, there are no mileage restrictions associated with buying a car like there are when you lease a car. You can drive as many miles as you'd like without ever having to pay penalties in mileage overage costs. Finally, when you purchase a vehicle outright, you have the flexibility of selling the car whenever you want.
Disadvantages of Buying
While there are many advantages associated with buying a car, there are also some disadvantages. If your warranty expires and you experience mechanical problems with the vehicle, you're responsible for the repair costs. As your vehicle gets older, you can expect to incur repair and maintenance costs. What's more, you're responsible for the logistics involved with selling or trading in your car at the end of your loan term.
Finally, unlike standard investments that appreciate over time, cars depreciate in value while depleting your liquid cash in the process.
Advantages of Leasing
For the most part, leasing provides an opportunity for people to drive more expensive vehicles for less money each month. Additionally, leasing allows consumers to drive a new vehicle every few years depending on the length of the lease program. Moreover, most leased vehicles are comprehensively covered under a manufacturer's warranty during the length of the lease, allowing consumers to own a more expensive vehicle without the worry of large maintenance and repair bills.
Finally, unlike owning a vehicle outright at the end of a standard automotive loan, leasing helps consumers avoid the hassles often associated with selling their used car to an independent third party or trading in their vehicle to a local dealer. Instead, you simply turn in your vehicle at the end of the lease term and begin a new lease on a new vehicle, if that's the route you choose to take. It's a simple method some consumers find more attractive than the traditional used car sales or trade-in process.
Disadvantages of Leasing
To begin, most vehicle leasing programs have a yearly mileage limit. This means that you can only drive your vehicle a certain amount of miles every year without paying a penalty at the end of the lease term. Obviously, these mileage limitations wouldn't work for someone who drives their car long distances on a frequent basis or someone who doesn't want to be limited to the amount of miles they drive in any given month during any given year.
Another disadvantage to leasing is that at the end of the lease term, you don't own the vehicle. For some people, this is OK. For others, it doesn't make sense to make monthly payments for two, three or four years for a car they may never own.
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