Despite its name, the Buy a Car Path is really about addressing the cost of transportation – which may or may not include buying a car.
Start by identifying your transportation needs. Your custom action plan will focus the steps toward your goal, whether it’s to repair/replace your vehicle, buy/lease a new vehicle, or find alternatives.
Guiding Principle for the Buy a Car Path
Find the lowest-cost option that meets your needs.
How the Path Works
Learn it.
- Learn to identify the specific vehicles that meet your needs and finances.
- Discover how to research a vehicle’s value before purchase.
- Know the market – learn how dealerships and online purchases work.
Plan it.
- Use our comparison tools to evaluate which vehicle best fits your criteria.
- Research maintenance costs and car repair cycles.
- Explore financial options – paying with cash, leasing, trade-ins, and loans.
Do it!
- Develop a negotiation strategy for price and maintenance agreements.
- Budget for incidental costs like insurance premiums, registration fees.
- Take delivery, register the vehicle, and secure auto insurance.
TIP: Buying a car is not always a necessity, so this path helps people identify effective financial choices easily.
Topics Covered
Just about everyone has transportation needs, but controlling the cost of transportation can be an issue.
The interactive process works within your priorities no matter which route you decide to take:
- Repair or replace an existing vehicle
- Purchase or lease a new vehicle
- Manage alternate transportation or work-from-home needs
The most common topics are explored:
- How to spot a lemon.
- Should I buy a car that’s gas-only, hybrid or electric?
- Can my mechanic do an independent inspection of the vehicle?
- How much can I get for my trade-in, and what financing terms are available?
- What subsidies are available if I use public transportation?
Frequently Asked Questions
How do I find a good mechanic?
Beyond the 5-star reviews you find online, here are a few other things to look for when shopping for a mechanic:
- A clean shop or facility
- A warranty on their products or services
- A clear explanation and quote before work is done to your car.
What are the alternatives to driving a car?
If you’re exploring alternatives to driving a car, here’s a list of the most popular options:
- Public transit – train, subway, bus, or streetcar
- Carpooling and ridesharing
- Taxi service
- Car rental (by the hour or day) or carsharing
- Delivery services
- Walking or riding a bike
When is the best time to buy a car?
Planning when you purchase a car can give you a bit of an edge in terms of how much you’ll spend if you understand how the industry operates. For example, October through January 1 is generally acknowledged as the best time of year to buy a car (new or used).
What is the average monthly payment for a new or used car?
The average monthly payment for a new car was $734 in Q2 2024, and the average monthly payment for a used car was $525, according to Experian[1], one of the major credit-reporting companies.
Sources:
- Average Car Payment in 2024
Jennifer Brozic, Experian
10-28-24 | Accessed: 12-05-24
