8 Questions Couples Should Ask Before Leasing A Car
All couples reach a point where they decide to be together for a long time. At this point, considering whether to buy a car together makes sense. However, the type of car the couple purchases really depends on several factors. What questions should a couple be asking before buying a car?
Question 1-What Does The Future Hold
Younger couples tend to have unstable futures. Job changes, additions to the family and other future variables need to be taken into consideration. That sports car may seem cool at the moment. However, would it still be useful if a child was brought into the equation?
Question 2-Who Needs The Car More
Couples may share many things in common. Their driving habits may not be one of the those things. One person may drive 40 miles a day to get to work while the other works at home. It might be a waste of money to buy a car that won't see a lot of miles. Also consider where the car will be driven. A nice car may not be worth buying if one person has to take dirt roads to work on a farm.
Question 3-Are We Making A Social Statement
Determine what the car is really being used for. Do you need to impress anyone with your latest purchase? Don't buy a car simply to prove you two are financially stable or to send any other message. Stick with a purchase that fits your needs and budget.
Question 4-How Much Can We Afford Per Month
A shorter loan term will cost you less in the long run. However, a longer loan term lowers your monthly payment. Consider how much you can afford each month. Leasing a car may be a better option for couples looking for a new car at a used car price. Taking on a loan that is longer than 60 months may need to be refinanced at some point. Consider variables such as future income potential, depreciation of the car and whether you could increase your monthly payment at some point.
Question 5-What Kind Of Deal Can We Get
Buying a car is not as simple as buying a loaf of bread. Clean up your credit before thinking about buying a car. Contemplate putting the loan in the name of whoever has the best credit. Come up with an agreement as to who gets the car should the relationship go sour. It may be time to consider a joint bank account if you and your significant other are making such a large purchase together.
Question 6-What Extra Costs Are Associated With The Car
What is the true cost to own the vehicle you are interested in? Repairs, gas and other costs need to be considered as well. New cars will come with a five year warranty as well as better gas mileage. It can cut down on the other costs of owning your car until your financial situation stabilizes. Insurance costs will also be lower if you purchase a new car that comes equipped with safety features.
Question 7-Would We Customize The Car
Many people enjoy customizing their car. If this sounds like you and your girlfriend, you are better off buying an older car. New cars come with features that are powerful just the way they are. You could void your warranty just by adding a new stereo. Purchase an old Accent if you are looking to mess around with the car. You can also forget about leasing a car if you plan to make major changes to it.
Question 8-How Does This Impact Our Finances
A joint car payment is a very real responsibility. Money issues are the biggest reason why couples break up. Make a budget before purchasing any car. Make sure that both sides are in agreement as to who is going to pay for what. Don't ruin your relationship over something that doesn't have to be an issue yet.
Purchasing a car is a commitment no matter when you buy it. Make sure each person in the relationship is on board. Have a plan in case the relationship ends before the car is paid off. Leasing a car may be easier because the lease will only last for 36 months at the most. It could serve as a good test run before jointly purchasing a car.
When purchasing a car, you should go online to shop around to see which insurance provider can offer you the lowest car insurance rate. Getting a cheaper rate on your insurance could mean a difference in hundreds of dollars every year. Go online to Kanetix.ca today to do a quote comparison.