How Much Should I Pay for a New Car? What to Pay for a Vehicle | Valley Chevy

What Should I Pay for a New Car?

Valley Chevy - Man Buying a New Car Your car offers you freedom. You drive it to work, school, the grocery store, to visit the doctor, or to spend time with your friends and family. You rely on it every day. Buying a new car is a significant financial commitment. According to Kelley Blue Book, the average price of a new car is $33,453.'s Used Vehicle Report shows that a reliable used car can be expensive too, with an average price of $18,100. It may seem expensive but the fact is technological advances have given us cars that can reliably run smoothly for over 200,000 miles. That said, when you're considering a new (or used) car purchase, you need to take a look at the actual cost beyond simply making payments, to determine how much car you can afford. Thanks to low interest rates, your local Valley Chevy dealers can offer you great financing rates. But you also need to consider factors beyond your monthly payment like gas, parking, maintenance, repairs, insurance, taxes and fees, which – added together – are the real cost of vehicle ownership.

4 Key Factors to Consider When Buying a New Car

Here are a few key factors to consider before you head off to your local Chevrolet dealership.

1. Your Needs

Valley Chevy - Woman Thinking About Buying Car Can you get by with a compact car or do you need the space or towing capacity of a truck or SUV? Is safety more important, or are you looking for better gas mileage? First step, define your needs to narrow your choices.

2. Consider Resale Value

Valley Chevy - Used Car for Sale Your new vehicle will lose some value the minute you drive it off the lot, but some hold value better than others. Consider certain features like sunroofs or leather seats that can add to resale value. Kelly Blue Book and AutoTrader can help you compare features and values.

3. New or Used

Valley Chevy - Car Lot with Used and New Vehicles Sometimes a good, low mileage used car can provide what you need at a substantially lower cost. Consider a certified used car for a better price.

4. Buy or Lease

Valley Chevy - Man Thiking About Buying or Leasing Car When you purchase a vehicle, you come up with a down payment and make monthly payments until the loan is repaid. At that point, you own the vehicle and can sell or trade it at will. When you lease, you are making a smaller down payment and generally lower monthly payments. At the end of the lease, you return the car to the dealership. You may owe nothing, or you may owe additional money for damage or excess mileage.

How Much Does it Cost to Own a Car?

Valley Chevy - True Cost of Car Ownership Infographic Source:

Your Valley Chevy Dealers

The bottom line is that you need to take all of your financial needs into consideration before you visit you buy a new car. Whether you choose to purchase or lease your next vehicle, make sure to take all of the costs of ownership into account. And, of course, visit any of your local Valley Chevy dealers for great deals on quality Chevrolet vehicles.

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