Buying a car is not just about finding the right vehicle to suit your budget – it’s also important to love the car you wind up buying. This can be especially true if you are planning to use a car loan, because those monthly loan payments will just be a recurring reminder of the car you hate but are stuck with.
“You can cut an amazing deal, but its not an amazing deal if you hate the car,” Mike Quincy an automotive expert at Consumer Reports, told Forbes. “If it’s noisy, or you don’t fit in it comfortably, or it uses too much gas, it’s not a great deal.”
Forbes recommends that motorists research cars based on reliability and overall cost of ownership. Depreciation and fuel costs make up 46 and 26 percent of the overall cost of owning a car, respectively, and the rest is determined by auto loan interest, sales tax, insurance, maintenance and repairs. For instance, a new Ford Flex with an EcoBoost engine will cost the same as a Toyota Yaris, initially. However, the money drivers save at the pump over a five-year span can be as much as $14,000 in just five years, which makes the Flex less expensive in the long-run.