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Ten commonly asked questions and answers related to saving money on transportation. |
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Ten commonly asked questions and answers related to saving money on transportation. |
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Q and A for Saving Money on Transportation
Busch provides ten commonly asked questions and
answers related to saving money on transportation.
1. Why does it make sense to consider buying used
vehicles?
Transportation is a depreciating asset that loses
value, especially during the first three years of
ownership. Buying a 2- to 3- year-old used
vehicle will provide about a one-third reduction
in the cost. Additionally, the initial owner will
have "test-driven" the vehicle for the second
owner.
2. What is a common error than many people make
when buying transportation?
A common error when buying transportation
involves buyers not thoroughly identifying their
transportation needs and then purchasing a
vehicle that does not entirely meet their needs.
For example, a buyer might choose a mid-size
family sedan that satisfies many of his or her
needs. However, six-months after the purchase,
the buyer realizes that another vehicle in the
same category provides a softer ride, better
fuel economy, etc.and would have better
satisfied his or her driving needs.
3. After identifying transportation needs, what
should buyers do next?
It is worthwhile to visit a local public library to
research which vehicle(s) will indeed satisfy
specific transportation needs and then identify
those that have good reliability ratings.
4. Is it best to buy a vehicle from a specific source?
Each transportation source has certain advantages
and disadvantages. However, the important thing
to keep in mind is that a number of vehicle sources
should be considered (i.e., private owners, rental
car companies, company vehicles, off lease vehicles,
new car dealerships, bank repossessions, used
vehicle lots). When buyers inform a vehicle source
that they are also considering the other sources,
better deals are usually obtained.
5. What questions should buyers ask by telephone to
better determine if a vehicle is worth their time to
investigate?
- How many miles has the vehicle been driven
(the average is about 11,000 to 12,000 miles
per year)?
6. What if the owner is lying when answering questions
about a vehicle?
It is worthwhile to obtain as much information
about a vehicle as possible. The interior and exterior
inspections, and vehicle test-drive help to verify the
information provided by the owner.
7. How long should the vehicle test-drive take?
It is worthwhile to test-drive a vehicle for a
minimum of 20 minutes on two separate occasions.
The test-drive should include a variety of roads that
buyers will drive day-in and day-out.
8. Should buyers take a vehicle to a mechanic before
making a purchase?
A mechanic should confirm what buyers have
concluded after they have inspected and test-driven
a vehicle. Buyers should request that the vehicle be
raised on a lift for the mechanic's inspection and that
the mechanic test-drives the vehicle.
9. Of course buyers what to save money, but what
protection do they have when purchasing a 2- to 3-
year-old vehicle?
Most vehicles have manufacturers' bumper-to-bumper
warranties of three years-36,000 miles or four years
50,000 miles in addition to five years-50,000 miles
on the drive train (i.e., engine and transmission). The
warranties are transferable to buyers who purchase
the vehicles. The warranties begin on the date that
vehicles are first purchased from new car dealers.
Buyers best interests are also served when they
have performed research to identify vehicles that
have favorable reliability ratings
10. What is a long term benefit of saving one-third
when buying vehicles?
The average new vehicle costs about $15,000
to $18,000. Most 2- to 3- year-old vehicles will
easily provide five or more years of trouble free
driving. If buyers invest the savings (i.e., $5,000
to $6,000) and they are able to add $800 per year
toward transportation, after a five-year period, they
will have the money needed to purchase another
2- to 3- year-old vehicle without straining their
budget.
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