A guide to budgeting, researching and choosing a vehicle that fits your life and wallet
LOS ANGELES, April 28, 2025 /PRNewswire-PRWeb/ -- Shopping for a new or used vehicle requires a great deal of research encompassing many different considerations. Due to a number of factors — and according to PBS — the average length of car ownership has accelerated to almost 13 years, making your search for a new ride a rare and important "life experience."
To assist consumers who are in the market for a new vehicle, Mercury Insurance is offering some guidance to help choose a vehicle that best fits their needs and budget.
One of the first things to consider is the category of vehicle you need, the powertrain type and then a feasible budget. Most consumers are likely familiar with traditional gas-powered vehicles, but there are also hybrid and electric vehicles, each with their own pros and cons.
"When purchasing a vehicle, it is important to factor the 'total cost of ownership,' which includes variables beyond the purchase price like insurance, repair costs and fuel consumption," said Justin Yoshizawa, Director, Product Management, State, for Mercury Insurance. "Many consumers tend to buy more car than they need, which is both wasteful and costly, so I would encourage all shoppers to be practical and realistic before pulling the trigger. Bigger does not always mean better."
Here's a more detailed breakdown of considerations to keep in mind when buying a new or used car:
1. Define Your Needs and Budget:
- What type of car do you need? Consider factors such as size, fuel efficiency, cargo space, new or used, and intended use (commute, family duty, etc.).
2. Inspect the Vehicle (Used Cars):
- Check the exterior and interior: Look for signs of damage, rust, and wear and tear. Examine the engine and undercarriage by looking for leaks and rust, or damage to hoses, belts and other components.
3. Research the Vehicle's History (Used Cars):
- Check the vehicle's history report on Carfax or similar sites: This can reveal information about accidents, damage and maintenance records.
4. Negotiate the Price:
- Get preapproved for a car loan before you start shopping, so you know what you can afford and can negotiate better.
5. The 20/4/10 Rule:
- 20% down payment: Your goal should be to make a 20% down payment on your new or used car.
"Doing your due diligence during the research phase of the buying experience can reduce the likelihood of ending up with a vehicle that you regret," emphasized Yoshizawa.
For more tips when it comes to buying a new or used car, visit Mercury's blog.
About Mercury Insurance
Headquartered in Los Angeles, Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier offering personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury also writes business owners, business auto, landlord, commercial multi-peril and mechanical protection insurance in various states.
Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service, through nearly 4,100 employees and a network of more than 6,500 independent agents in 11 states. Mercury has earned an "A" rating from A.M. Best, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit http://www.MercuryInsurance.com or follow the company on Twitter or Facebook.
Contact: PCG – Shane Smith (424) 903-3665 ([email protected])
Media Contact
Shane Smith, Mercury Insurance, (424) 903-3665, [email protected], http://www.mercuryinsurance.com/
SOURCE Mercury Insurance
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