Those who are in poor financial standing may have a difficult time securing a car loan, although a bad credit auto loan is a good option. A car loan can be excellent way to either establish credit or improve your credit. You must keep the loan in good standing. However, CNN published a list of the best money moves that consumers can make, including several related to car shopping.
Consider Other Costs Including Fuel Economy
Opting for a car that gets great gas mileage is a smart decision. The best compact vehicle the source recommends is the Chevy Cruze Eco, which has an $18,000 price tag, but offers up to 42 miles per gallon. Others that perform well in the coupe category include the Honda Civic and the Fiat 500 As for a mid-size vehicle, the Hyundai Sonata runs as low as $19,000 and receives up to 35 miles per gallon. The hybrid Toyota Prius model has an impressive fuel economy of 51 city and 48 highway miles per gallon. The latter vehicle costs anywhere between $22,000 and $28,000. As more and more manufacturers offer hybrid vehicles the choices are expanding. It is recommended that you figure the break even the gas savings will save compared to the extra cost of the vehicle. If you have a family consider a minivan. They can be a great option. One that does well on fuel economy, has a decent amount of power and is available in a hybrid is the Chrysler Pacifica.
Options Including GPS
While purchasing an eco-friendly auto is a big investment, make sure to avoid adding pricey bells and whistles to the cost. Many like a built in GPS. They can add upwards of $450 to your bill. Portable navigation systems cost much less, especially ones you are able to download and use on a mountable iPhone or Android. Google and others provide excellent maps and driving instructions. It is always best to decide what features are important and if there are cost effective ways to get them.