Consumers today are spoilt for choice given the sheer range of options for new family cars on the market, but this comes with its own share of complexity, and the added propensity to make wrong choices that can severely undermine the finances, and quality of life for middle-class families. A perfect car can add substantial value, while a wrong one can cause plenty of friction and heartache.
Being an expensive, big-ticket item that is likely to stay in use for at least 8 to 10 years, selecting a new family car requires extensive planning, and a thorough analysis of the requirements, priorities, and financial resources of a family. It would be a grave error to just try and wing it, and let the dealership coerce you into splurging on something that doesn’t best suit your needs, or address your concerns.
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Often referred to as the paradox of choice, being presented with too many options leads to indecisiveness or decision fatigue, and as such a quarter of shoppers in the US would rather have a root canal, than choose and negotiate a car deal. This problem can be overcome with a systematic approach, and decision support systems to take off the pressure, and objectively choose between alternatives.
After going through reviews, and the tales of regret by American family car owners, we’ve compiled a list of critical factors to consider before arriving at the perfect car for your family. With the help of this framework, and by taking some time to research and analyze, you can be the proud owner of a car that continues to deliver value, create memories, and enhance your lifestyle for years to come.
What Size & How Much Space Do You Require?
The first key consideration is your size and space requirements, depending on the number of members in your family, and how often you travel together. SUVs, and minivans have long been a staple for families given their versatility, stability, and spaciousness, however they might be unnecessary for a two-member, or three-member family.
There is no shortage of options, with mini-SUVs coming with just four seats, to 8-seat giants, all available with different specs, and features, across various price points. You should ideally even plan for the future, will there be more members joining your family? Can a baby seat fit seamlessly in the back? And How much storage do you require?
Does The Price Suit Your Budget?
Once you’ve narrowed down to the type of car that best suits your requirements, the next step would be to understand your financial standing. This goes beyond just the price tag, to the financing options available, the overall mileage, maintenance costs, and other factors that can impact your finances after you drive out of the lot.
Selecting a car solely based on its price is just as big a mistake as selecting one based on its looks, and aesthetics. A cheap car might end up costing you a fortune with constant breakdowns, and maintenance, not to mention a low fuel economy, whereas premium cars can go the extra mile, remain a lot sturdier, and last longer than a decade with proper care and upkeep.
Does It Offer The Necessary Specs & Features?
Cars today offer a wide range of features that can fundamentally enhance experiences for both the driver, and the passengers. With operating systems such as Android Automotive, Windows Embedded, and MacOS going all-in with their offerings for cars, there are a lot of features and functionalities that come into consideration, with use cases beyond just entertainment, recreation, and navigation.
Beyond the operating system, and apps, there are other premium offerings such as heated seats, or air-conditioned seats, electronic stability control, and side-impact airbags. While there is utility for some of these features such as headlights, and windscreen wipers adapting to road conditions, things go off the deep end fairly quickly, with frivolous options such as heated steering wheels, and motorized mirrors.
Understanding Fuel Efficiency
With perpetually high gas prices and growing environmental concerns, buyers can no longer afford to give gas consumption a pass. Even small variations in the overall efficiency can make big differences in the long run as the 1,000s of miles start to pile on. Middle-class families are right to lay emphasis on the rate of gas-guzzling, but need to take an objective look at what fuel efficiency figures often imply.
Green and fuel consumption ratings that auto manufacturers love to advertise are often based on tests conducted in a laboratory setting, which aims to mimic real world conditions, but may not always hold true. It is best to keep these figures as the best-case scenario, but in reality, you will have to account for adding excess weight to the vehicle, driving conditions, speed, and a number of other factors.
What Type of Warranty Will You Have? E.g. Bumper-To-Bumper Warranty
As a standard practice, most new vehicles come with a basic warranty covering any defects, or trouble caused by poor workmanship, or mechanical failures ranging up a certain number of miles.
Depending on the manufacturer, it ranges from 3 to 5 years, and up to 36,000 miles for newer models. The coverage will also extend to the engine, in-built audio systems, and air conditioning which comes with the model.
Basically all mechanical and electrical parts of a car are included components of a bumper-to-bumper warranty, which as the name suggests, covers all parts between the car’s front and rear bumpers. There are, however, extended warranties sold by dealerships, mainly pertaining to drivetrains, engines, or certain gadget addons which have been installed separately onto the vehicle, which can be availed based on requirements.
What Is The Expected Resale Value?
All vehicles depreciate, even from the time you get in and drive out of the dealership, the car has lost a bit of its value, and is unlikely to fetch the same price that was paid mere minutes ago. As a result, the expected resale value is a critical factor, especially for middle-class families who might look to trade-in their vehicles for a newer model every few years.
Just a quick research on current prices of the used car for the same model in question should give some insights regarding the yearly, as well as the mileage based depreciation. This of course is just the ballpark figure, and what might actually be realized a few years down the road, is entirely dependent on the conditions at the time, value of the brand, and demand for the particular model.
What Are The Entertainment Options Available?
While we’ve already covered aspects of entertainment and recreation while discussing features and specs, given the diverse range of offerings in this regard, this deserved its own section. Music players for radio and CDs have long been a companion on the road, for regular daily commutes, and long road trips alike, but the humble music system has undergone substantial evolutions in recent years.
With Apple CarPlay and Android Auto, your car radio or head unit can do a lot more than just stream music, with a wide range of apps, services, and entertainment options at your disposal. This can be quite a distraction while driving, especially if your teenage kids are planning to drive using the same car, which is why road-safety experts are far from thrilled regarding the latest developments in this area.
Internal Combustion Engine Vs Electric Vehicle
A key consideration with even a medium-term view for most car buyers is whether they should consider opting for an electric vehicle. While this option was most suited for rich professionals in the recent past, owing to the price of the car, and the lack of sufficient charging infrastructure, they’ve both become increasingly accessible to the masses over the past few years.
Electric vehicles still remain prohibitively expensive in most countries, however, they continue to gain an upper hand against their ICE counterparts, especially in regards to charging costs, with extensive subsidies, tax exemptions, and more being offered by various jurisdictions the world over. EVs are definitely a hassle, but they are unlikely to be going forward, so objectively seeing, it remains a tough bet for most people.
The biggest pain-point of EVs is the high initial outlay, with the cheapest option being the Nissan Leaf, priced at $27,000, offering a range of just 150 miles on a full-charge. This, coupled with the constant battery and range depreciation means that EVs still have a long way to go before they can become the vehicle of choice for American middle-class families.
Final Thoughts
Buying a new family car can be as exciting and rewarding, as it can be frustrating and confusing, it ultimately depends on the approach you choose to take, and how you narrow down your options to the most preferred choice.
A car still remains critical to family life, given the value it adds, the convenience it provides, and the number of hours families spend together within its confined corners. Whether it’s the regular commute to work, pick-ups and drops from school, or long road trips, a car is essentially a second home, and should be given the same care and consideration.
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