More recently, I made the biggest purchasing decision of my life thus far and bought a brand new car - a 2017 Hyundai Elantra that would serve the purpose of getting me to and from school and/or a future co-op placement/job. As there are numerous different cars on the market that would meet my needs, my research was extensive and a decision was not easily made. Translated into writing, my thought process looked something like the following:
Problem
-
Relying
on a ride every morning at 6:30 AM from my parents is unfair to them
-
Public
Transit is affordable, however a one way trip to the campus takes just under 2
hours, equating to 4 hours in total out of the day spent travelling
-
If
applying to a co-op placement, will need a method of transportation as it might
not be within a reasonable proximity to my house
Information Search
Information Search
-
Prior
knowledge of the automotive industry and manufacturers was useful as I knew
what was available
-
Visiting
dealerships would allow me to inspect features, prices
-
Contacted
prospective insurance companies to get estimates on rate
Evaluation of
Alternatives
-
Created
a list of potential “candidates”
-
Calculated
the relative cost of ownership for each car, taking into account estimated
depreciation, fuel costs, annual insurance cost
Purchase Decision
-
Decided
to buy a 2017 Hyundai Elantra
-
Decision
was made based on testimony from family friends who own Hyundai vehicles
-
Low
fuel and maintenance costs à having worked at a shop before, I have experience working
on Hyundai vehicles and recognized the limited time and monetary resources they
require to maintain
-
Low
insurance rate
-
Stellar
reputation within the competition segment (compact cars)
-
Specific
model level had an abundance of safety features that would benefit a young
driver
Post-purchase
Behaviour
Having owned for only a week, highly satisfied so far
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