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WOMEN'S & CHILDREN'S | Family Maternity Center | Pregnancy Resource Center | Pregnancy Library | Finances | Get Smart: Buy your car before baby comes home
Get Smart: Buy your car before baby comes home
Ah, the feeling of the wind tousling your hair as you hit the road in your sporty little convertible. Now that you're expecting, it may be time for a trade-in on that lifestyle and the car, too. It's become a cliché, but when baby comes home from the hospital, you're going to want a safe, sturdy car with plenty of room for a car seat in the back seat.
One of the best things you can do to make your financial road easier is to make the trade and pay off the car while you're both working full time. If you're buying a new or used car, consider the benefits of financing for the least months you can rather than the most. Car payments can make a tight income even tighter after baby comes. Here are some pointers about buying a family car: - Make sure the car meets your driving needs for the future. Are you planning more children? If so, be certain the car can accommodate two car seats.
- Think about buying a practical car that you can drive for 200,000 miles. Plan to keep the car 10 to 12 years to get the most value for your money.
- If you can, sell your old car yourself instead of trading it in at a dealership. You'll probably see more cash by doing it this way.
- Consider buying used. A new car depreciates most in the first two years. Let the first buyer take the hit. You can save up to $2,000 a year by buying used, and the interest rate may be lower.
- Get pre-approved financing before you shop, and then challenge the dealer to make a better offer. Remember, dealers have a strong desire to make the sale. Make that work to your advantage by walking on the lot as a "certified" buyer.
- If you're considering leasing, remember that leasing involves perpetual monthly payments. If you buy instead of lease, the car will be yours free and clear. Understanding leasing terminology isn't always easy. Be sure you know what your obligations are before you sign a lease.
- Check with the National Traffic Safety Administration and the Insurance Institute for Highway Safety to see how various cars performed in crashes. This will help you put safety first when choosing a car.
- It's probably a good idea not to share your enthusiasm about car buying or the baby that's coming with a car dealer. Your enthusiasm can be used to your disadvantage to sell you something you don't want or need.
- Before you choose a car, do several scouting trips to dealerships. Take test drives and see what vehicles work for you. Do you need flip-down seats and extra storage? How about a conversation mirror so you can watch the children without turning around? Some minivans have soft footlights called sleeping-baby lights instead of dome lights so that baby will stay asleep more easily; is this important to you?
- If you're choosing among several makes and models, check with your insurance company before you buy to see which one correlates to the best insurance rate.
Date last reviewed: October 2002.
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