The Educational Series, Part 2 - Don't forget to factor these costs in!

Educational Series:  Tips for Buying a New Vehicle

Part 2 –Before you buy your new vehicle, make sure to factor this in!

The SVG Motors Auto Group family of dealerships is committed to providing Superior Value on every vehicle purchase. Value means more than a good price, though. Value means you get true, tangible benefits from our Superior Value Guarantee such as 3 years of free oil changes, one year of free paintless dent removal, and more. Bringing our customers value also means providing them with facts and sharing our automotive knowledge. We work hard to educate you so that even if you don’t buy your vehicle from an SVG dealership, you’ll have received an insider’s view on how the automotive world works so that you know how to negotiate a fair deal when buying your next vehicle.

Of course we certainly do want you to be our customer, so we invite you to check out any one of our six locations when you’re shopping for your next vehicle. Since a new car, truck, or van purchase is a major investment for most people, we’ve put together a list of some of the best tips you can use when it’s time for a new vehicle to ensure you’re getting the best value. This series of tips will be presented over the next few days, so be sure to check back often for more Vehicle Buying Tips.

Don’t Forget These Costs

In our previous blog post, we demonstrated an example of how to figure out a budget to see what kind of payment you can afford. In it, we mentioned that you should always factor in costs for your vehicle besides the loan payment (things like insurance, maintenance, etc.) In this blog post, we show you how these costs can vary so that you can more accurately figure out what you can afford.

  • Car insurance Did you know that your insurance costs depend on several different factors? These factors include your credit rating, where you live, the make and model of vehicle you drive, and whether your vehicle is parked inside or out. Other factors that heavily influence your insurance premium include your age, gender, driving record, how many miles you drive per year and much more. Before you commit to buying that new vehicle, always call your insurance agent to get a customized quote based on your individual needs and circumstances. Different vehicles have very different insurance premiums and you want to make sure you’ll be able to afford the insurance rate and the car payment. A good rule of thumb is that the more expensive the vehicle, the steeper its insurance cost. This is not always the case though! For example, a vehicle with an extremely high safety rating given by the IIHS with a cost of $40,000 will often have a lower insurance premium than a vehicle with poor IIHS safety ratings that cost $25,000. This is why it’s very important to get a quote from your insurance agent before committing to a vehicle purchase.
  • Maintenance and repair — Vehicles require regular maintenance. While all vehicles purchased at SVG receive 3 years of free oil changes (which will definitely save you money!) there are other consumable items that need replaced on a regular basis. These items include brake pads, filters, fluids and more. Your vehicle’s owner manual will outline specific timing for replacement of parts. These timings could be based on mileage or chronological time, depending on the part. A Triple A study conducted in 2018 concluded that the average medium-sized sedan can count on an average cost of 8.58 cents per mile for maintenance and repair expenses.

It’s important to remember that the type of vehicle you purchase will affect your monthly operating expenses. In general, larger vehicles cost more, while  smaller vehicles usually cost less.

When you’re ready to commit to the purchase of a new (or new-to-you!) vehicle, visit us at SVG Motors. We’re always ready to help you find the perfect vehicle that will not only suit your needs but also your budget. Plus, don’t forget – every vehicle sold at SVG gets the Superior Value Guarantee!

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