Shopping for a car? Here’s a checklist

Everyone remembers the first time he or she bought a car. Here are some tips to make the experience -- and the car -- more pleasurable.

* Do your homework: There are newspapers, books, magazines and websites that will guide you on information, including price, safety ratings and EPA mileage.

* Use common sense: If the vehicle is for the family, the number of doors, seats, access to those seats, trunk or cargo hold capacity are key concerns. If the vehicle is going to be a commuter for work, mileage may be important, as well as its ability to maneuver.

* Take a test drive. Put the car through the paces you usually would -- over train tracks, on the highway, in stop-and-go traffic. That’s the only way to know whether you work well together.

* Buying versus leasing: Leasing typically will lower your monthly payments, but leases also typically have a per-mile charge if you exceed a pre-determined mileage. There’s also a “use and abuse” fee at the end of the lease to fix nicks or dents acquired in the lease period.

If you buy, you’ll have equity in your vehicle so you’ll be able to reduce the cost of your next vehicle with the trade-in. Rule of thumb when it comes to buying versus leasing is to ask your accountant. No accountant? Buy, don’t lease.

* Paying up: Shop lending institutions to learn rates and terms. It helps to get pre-qualified for a car loan; otherwise you’ll have to accept whatever rate the dealer can secure.

Own a home? Consider a home-equity loan rather than a conventional car loan. Interest paid on a home-equity loan can be written off on taxes; the interest on a regular car loan can’t.

* Are you covered?: Call your insurance agent to learn not only how much it will cost to insure the vehicle you want, but which vehicles carry a premium discount and which come with a penalty based on accident, repair and theft records.