The feeling is all too familiar. A car owner has considered for months or years whether or not it is yet time to finally get a new car.
The current one is getting a little old. Repairs and garage costs are beginning to be incurred far too frequently.
Then, the owner encounters a final straw. It can come in many forms. Another unexpected repair is needed. An accident occurs. The owner gets a ride in a friend's or colleague's new car and sees for the first time a nifty new technological feature that makes their old car seem hopelessly out of date.
So the decision is made. It is indeed time for a new car.
Now come the questions. What kind of car is best? Is it the right time to buy a new car or a used car? Is an electric vehicle practical at the moment? What's a better buy right now, foreign or domestic?
Taking a Look at Some Options
If a potential buyer is in the market for a truck, they might consider a popular Ford (F) F-Series model or GM's (GM) Chevy Silverado. Toyota's RAV4 and the Honda CR-V are bestselling SUVs. Toyota's Camry and Corolla are a couple of the leading sedans, along with Tesla's(TSLA) electric vehicles.
Regarding U.S. sports cars, Ford's Mustang is a consumer favorite, along with Dodge's Charger and Challenger models and Chevrolet's Corvette and Camaro.
Popular sports cars from overseas include models from BMW, Mercedes-Benz, Porsche, and Audi.
And then, another consideration inevitably emerges: whether to buy or lease.
This can often be a difficult decision. A lease is a seductive approach, with its smaller payments and accessibility to quality cars. But ultimately, a consumer who leases must eventually return the vehicle when the lease is over.
Buying, while not the best investment one can make because of the speed at which cars lose value, is still an investment. Eventually, you will own something of some value.
One Sports Car Company Has Been Testing a Different Idea
Porsche, a Volkswagen (VLKAF) subsidiary, is celebrating the fifth anniversary of its Porsche Drive app, which is an entirely different option for drivers that may have a need or desire to drive a sweet sports car for a day, a week, or a month at a time.
The subscription service allows consumers to rent cars, including the 911 and Taycan, and it includes features such as insurance and roadside assistance.
This allows drivers who otherwise may not have the means to buy or lease a Porsche to drive one anyway, for a short period of time and for a decent price.
It also benefits the car company, which aims to gain customers in demographic groups it doesn't ordinarily penetrate. It believes that once drivers get the feel of driving one of its sports cars, they will be more likely to lease or purchase one at some point in the future.
"We are all proud of the continued success of the program, with 80 percent of the customers of Porsche Drive being new to the brand," said Kjell Gruner, President and CEO of Porsche Cars North America Inc. in a press release. "Even if you haven’t owned a Porsche, the design and performance are unmistakable and experiencing that, often for the first time, is really something special."
Porsche says it is catering to the needs of consumers who want individual choices that are easily accessible on their mobile devices.
"What we hear is that subscribers like the versatility, both the choice of models and the option to rent or subscribe. It works whether you want a 911 for a special night on the town or a Cayenne for a trip up to the mountains," Gruner added.
