The purchase of a vehicle is not once-and-done—it’s a decision that will affect your wallet for many months and years to come. Even though folks often think of vehicle cost in terms of monthly payments and weekly paychecks, it’s much more than that. Think cost of ownership—past those tax credits and manufacturers’ rebates.
After all, it’s what it comes down to, right? Don’t we all make many decisions each day based on our current financial situation? The way you handle your money not only affects your lifestyle, it determines your lifestyle—yes, it is your lifestyle.
Here’s some food for thought on the factors that a smart money manager pays attention to—beyond the initial vehicle cost, monthly payments, tax credits and attractive financing options.
Take this quiz to find out where you stand—before you head out to look for any new car—alternative or not, tax credits or not.
Please note: This is not a scientific analysis, it is meant to be fun, and to get you thinking about the cost of vehicle ownership.
- Your car is in for inspection and your mechanic just called and said it needs new brake pads and rotors. The car has 65,000 miles on it and is completely paid for and reliable, yet is starting to show signs of its age. What do you tell him to do?
A. You knew it was coming—forget the repairs. It’s time for a new car—yes, you’ve been waiting for a good excuse to get one.
B. Bummer, but it’s a good, reliable car and you like it. You approve the repairs and plan to keep driving the car for many more years.
C. Why does this always happen to you? You’re not sure what to do and tell the mechanic you’ll have to talk to your best friend and get back to him.
D. What’s a brake pad and rotor? Those mechanics are always taking advantage of you—it’s time to find a better garage. You pass on his suggestions and try the new place down the street—perhaps they will pass it as is.
- Gasoline prices are on their way down for the second week in a row. You’ve had your eye on that big new SUV the dealer just marked down. There’s nothing wrong with your current car and it really does suit your needs. But . . . you feel like rewarding yourself after that big promotion—plus, the kids are planning all those camping trips next year.
A. It must be a sign. You leave work early and place a new order on that SUV. You deserve it.
B. You don’t take much notice. With the volatility of fuel prices, it’s probably just a temporary dip and everyone will be upset again in a few weeks. At least your car is getting 35 mpg, and that adds up to some serious savings at the end of the month.
C. Why are these decisions so hard to make? If only you made more money, all your problems would be solved. Maybe it’s time to look for a new job.
D. Party on, dude. You call your buddies and they agree to meet you at the dealership and check it out.
- It seems like you’re always rushing. Not only that, but beating those red lights through town can make all the difference between being late or on time. There just aren’t enough hours in one day to get everything done.
A. True
B. False
C. Maybe some of the time.
D. What’s the big deal about being late?
- With work and school commitments, who has time to research and worry about some weird electric or flex-something vehicle. Really, I’ve been driving a gasoline vehicle my whole life and everything’s been fine. Why change now?
A. Yes, I agree.
B. No, I don’t agree.
C. Well, I do wonder what all the fuss is about sometimes.
D. Hey, me worry? You’ve gotta be kidding!
- Bio-what? Why do people keep making such a big deal about this new-fangled diesel fuel? Really, I’m just going to wait until the auto manufacturers figure it out—they’re sure to come up with a solution that’s easier than all this confusing fuel and energy lingo.
A. Yes, I agree.
B. No, I don’t agree.
C. Maybe—I’m just confused about what’s best.
D. Why worry about what you can’t change?
Now tally up your answers—did you have more A’s, B’s, C’s or D’s?
Go to page 2 for your quiz results.