The views expressed in Economy Matters are not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System.
Editor's note: Throughout Economy Matters, "Southeast" refers to the six states that, in whole or in part, make up the Sixth Federal Reserve District: Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee.
Financial Tips from the Atlanta Fed: Car Considerations
Nota del editor: Este artículo también está disponible en español.
Various considerations, from supply chain constraints to higher gasoline prices, could have an impact on whether you keep your current vehicle or look at making a change. Being an informed owner makes it easier to navigate vehicle-related decisions.
- Whether buying new or used, do your homework to understand the full cost of the vehicle, related warranties, other add-ons, and payment options. Additionally, before purchasing a used car, you might want to obtain information about the vehicle’s history.
- Be aware of recalls that may affect your vehicle. Vehicle owners can also file a complaint if they feel the vehicle has a safety defect.
- Although ensuring that your automobile receives routine maintenance can help avoid more expensive repairs in the future, selecting the right repair shop or technician can certainly have an impact on your repair experience as well as your pocketbook.
- Understanding the basics of car insurance can help vehicle owners know which vehicles and coverages are right for them. Your driving record, location, the type of vehicle you drive, and other factors can affect the price of your automobile insurance.