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Will I Save Money if I Don't Buy the Most Popular Vehicles?

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When cars, trucks or SUVs are popular, it is because they are in high demand. Because of this, many people may think that they will save money by going with a less wanted vehicle --but that's not always the case. Here at Heartland Auto Loans, we have helped many people find the auto financing they need with our quick and easy online application. Once they find out how much they are approved for, the hard part comes in having to pick out the best car for their needs. Surprisingly, a lot of people feel that they are going to save money in the long run by choosing a vehicle that is lower in demand. These vehicles are often older models and thus they are much cheaper. However, the results of buying these types of cars are usually quite costly when you take into consideration maintenance, fuel economy, repairs and safety.

What Makes Cheap Cars More Expensive?

Vehicles made in just the past few years have been made to be much more durable, economic and safe than they have before. They're built to last and save you money too. You should take into consideration several important details when looking at a vehicle that is priced much cheaper than others. Sometimes cars are priced cheaply for a reason.
  • AgeCar in motion with shiny finish An automobile's age can carry a good deal of information or at least provide a foothold to finding more details. Often, vehicles that are more than four or five years old are going to be worn down a bit; it will be crucial that you keep up the maintenance or your vehicle will begin to wear out quite quickly and you may face more costly repairs in return.
  • Condition A vehicle that looks like it has been through a lot already is probably not going to be the best buy if you want a car that's going to last a while. Just like older models of autos, a vehicle in poor condition may need to have repairs often that could be costly and time consuming.
  • History History is important for any pre-owned automobile. It is often suggested to avoid vehicles that have been in major accidents. Even if they have had all the repairs and bodywork to fix any damage, there can often be additional repairs needed down the road that can come at a surprise at times as well as cost you more.
  • Fuel Economy The vehicles that have come out recently in past years have had some of the greatest fuel economy we've seen yet. Let's face it, gas is expensive and that's not likely to change any time soon. So having a vehicle that uses less to get you from point A to point B is going to save you a lot at the pump and keep more money in your wallet.
Another important spec to take a look at is the safety features. Modern vehicles have many more features to keep the most important things safe on the road: you and your loved ones.

Thinking About the Future

Happy Family in the Future Often when we are buying a vehicle, we are thinking solely about how much we are spending and saving in the here and now. But it is a smart tactic to think about what you will do with your vehicle in the future as well. Here are some things you should ask yourself.
  • Am I going to be able to pay off this car quickly?
  • Do I plan on selling it myself; or using the vehicle as a trade in?
If you plan on being able to quickly pay off the vehicle then perhaps a cheaper vehicle will save you in the long run. However, if you are interested in having a longer loan you should be very cautious and look at the whole picture. Often in those situations, a buyer will end up paying more in interest charges than the vehicle is worth. If you plan on selling or trading in the vehicle, you may have a difficult time with an older, less popular model. You will likely be able to sell it or trade it, however you will not get much return either way; often much less than what you paid at least. Vehicles that are more highly demanded will have a higher ticket price, both when you buy and sell.

As We See It

Buying a cheap car may save you more now, but in the future you're likely to be paying more for taking care of your vehicle than you would with a newer one. Plus, when it's time to get another car, you'll likely get a better value out of a car, truck or SUV that many other buyers are wanting. Not to mention, once you have your pre-approval by completing our online financing application, you'll know exactly what you can afford to buy. This means you can buy a vehicle that is in a higher price range and save money in the long run.

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