Points to Consider when Purchasing a New Vehicle

August 14, 2013 at 9:45 AM | Posted in Auto, Insurance Policy, Personal Insurance | Leave a comment
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There are several things to think about when purchasing a new vehicle…  Which vehicle is right for you?  Should you buy new or used?  Is it better for you to Purchase or Lease? Are you really ready for that sporty two-seater? …And so on.

Additional items you want to considered are:

  • Average cost of repairs – If the vehicle is more expensive to repair, if replacement parts are not easily accessible, or if there are not many after market parts available for it, the cost to insure the vehicle could out weigh the value.
  • High theft vehicles – Vehicles on the high theft list are more expensive to insure. Data from insurance theft claims from 2010 to 2012 placed the Ford F250 at the top of the high theft vehicle list. Following the Ford F250 is the Chevy Silverado 1500, Chevy Avalanche, GMC Sierra, and the Ford F350. Click here to see more:  http://www.mass.gov/ocabr/docs/doi/companies/checklists/pandc2012-a.pdf
  • Fees and taxes – Title, registration fees, and sales tax will all add to the cost. Excise tax is one more cost to consider. The excise tax is a percentage of the value of the vehicle charged by the city or town you live in. When you transfer a plate to a newly purchased vehicle and have already paid the excise tax for the year for that vehicle, you can apply for a Town Abatement when you get your tax bill for the new vehicle.
  • New technology – Technology is changing very fast, and the latest technology is no longer available to just luxury vehicles. Soon you will see technology such as cameras that check for pedestrians, radar that stops you from drifting out of your lane, and engines that turn off automatically at traffic lights to conserve fuel. In some cases, safety features result in discount options.
  • Customized installations – If you have any customized installations you want to be certain they are listed on your auto policy.

Be pro-active when shopping for your next new vehicle. Start the process knowing your financial situation and exactly what you must have to fit your needs. Take everything you can into consideration to avoid unwelcomed surprises.

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