Things to Consider Before Buying a Car in Missouri

The U.S. car ownership rate is on the rise. According to recent data, around 92% of U.S. households owned at least one car in 2022. In terms of car ownership, the U.S. consistently ranks in the top 5 countries. And anyone who owns a car will vouch that sliding into the driver’s seat of a new car is undeniable.

Some U.S. states even have 95% of vehicle ownership among households. For example, Missouri has around 1250 vehicles per 1000 licensed drivers. However, the road to car ownership is fraught with multiple options and regulations. 

In this article, we will discuss things to consider before buying a car in Missouri. 

car owners in the US

1. Financial Consideration and Hidden Costs

Before walking through the doors of a car dealership, you need to have a clear financial roadmap. You have to consider the price of the desired car and other costs associated with buying a car in the state. These include the 4.225% sales tax, registration, and insurance costs. 

Also, remember to explore financing options when considering buying a new car. Whether you secure a loan, a lease, or pay in cash, each choice will have a different impact on your financial health. If you are considering a loan, experts suggest making a 20% down payment to lower the loan amount. 

Additionally, hidden costs can quickly add up in Missouri for new car owners. Apart from the aforementioned sales tax, car owners also need to factor in registration fees and annual property taxes based on the new car’s value. Moreover, if you are considering investing in a used car, set aside a budget for potential expenses related to inspections, repairs, and emission testing. 

According to data, the annual cost of owning a car in Missouri is around $25,000, including at least $2,000 on gas. Additionally, Missouri is the fourth most expensive state in the U.S. when it comes to car insurance premiums, with an average of $2,100 yearly. By addressing these costs upfront and setting a budget accordingly, you can pick a car that fits your requirements without any financial bumps.

2. Choosing the Right Car: New vs Old

Once you have set a budget, the second fork in the road is to decide between a new or used car. While new vehicles come with the allure of mint condition and warranty, used cars offer a pocket-friendly price with slower depreciation. However, used cars may require inspections and research of their history.

Where you buy the car from also makes a huge difference. While reputable dealerships also offer pre-owned options with warranties, Missouri has a robust used-car market with around 700 used car dealers. These used car dealers also provide deals and warranties but require extra diligence. 

Choosing the right car also involves understanding your needs vs. wants. When considering which car to buy, consider your daily commute, family size, and lifestyle. Pay attention to the safety ratings, reliability, and fuel efficiency of various make and models in the market. Remember that the perfect car is not the one that looks the best but the one that fits the best in your lifestyle and budget. 

3. Lawyering Up for Any Mishap

It would be best to seek legal counsel when buying a new car, especially a used one. Missouri has a unique Lemon Law, which protects big-ticket purchases, including used cars. The buyer might be entitled to a refund or replacement if the car has a substantial defect that impacts its usage, value, and safety. A professional attorney will help you understand these rights and the specific timelines for seeking remedies. 

You must also consult a personal injury lawyer and understand all the implications of a road accident. According to TorHoerman law,  24% of all fatal car accidents in Missouri take place in St. Louis. If you were involved in a car accident in St. Louis, you would want a professional to provide the required advice.

A professional car accident lawyer in St. Louis will help you investigate the incident and recover the cost of damage to your new car if the other party is at fault. They will thoroughly inspect the incident, collect evidence, interview witnesses, and negotiate with the insurance companies to get you the compensation you deserve. 

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If you can afford it, having an attorney will also make the whole ownership transfer process, choosing the right insurance plan, and other technicalities smooth sailing. Moreover, depending on your car purchase, you might need safety and emissions inspections. For this purpose, your lawyer can suggest contacts from their network in different departments. 

Buying a car in Missouri requires careful consideration of finance, the car market, and the legal landscape. Take advantage of online guides and tools, along with legal help, to make an informed decision. With the right preparation, buying a car in Missouri can be a smooth ride.

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