This one is straightforward. How much did you pay for the car? I could include another to the list and make it eight. How much did the interest cost if you financed the automobile? Because you paid $25,000 for the purchase price, you may ultimately pay close to double that amount over the next five to seven years, including finance charges. This question applies to new or used vehicles.
Read more: 7 Costs to Own and Operate a Vehicle You Should Consider
If you're shopping for a new automobile, here are a few safety features you should request. Not all cars have them.
If you decide to purchase a reconditioned or reconstructed vehicle, find out the nature of the impact that led to it being totaled. Was it a cosmetic dent or scratch over several parts, or a severe impact that compromised the structure’s integrity? Did the airbags deploy? Was the frame bent, or did the suspension or braking system receive damage? These are all questions you should answer before making a purchase. I’ve seen fantastic body mechanics pull the imploded parts out and make them look brand new with Bondo, sandpaper, and paint. But the interior, the part that keeps passengers safe, went untouched. Scary!
Read more: 3 Reasons Why You Should Avoid a Reconstructed Automobile
Even though Oregon is boasting about low unemployment rates at the time of this writing, businesses, such as body shops, are struggling to find qualified labor. Once ordered, OEM parts can take months to arrive, especially if they are sourced from a foreign manufacturer. Even after-market parts are challenging to find. No one is calling it price-gouging yet, but the cost of parts is skyrocketing.