Are you in the market for a new car? Owning a car is an exciting milestone, but it can also be overwhelming.
There are many tasks to complete between researching financing options and choosing the right make and model. Since purchasing a car is one of the most significant investments, you need to approach it with intention.
Creating SMART goals can allow you to stay organized and on track throughout the buying process. In this article, you’ll find examples of how to set SMART goals when purchasing a car.
What is a SMART Goal?
When purchasing a car, you must establish goals in tandem with the SMART (Specific, Measurable, Attainable, Relevant, Time-based) method.
Here is a deeper dive into each SMART criterion:
- Specific: You should be as detailed as possible when setting your goals.
- Measurable: During the car-buying process, ensure your goals are quantifiable; this component is vital for a smoother journey.
- Attainable: Make sure your objectives and goals are achievable while also challenging enough.
- Relevant: You must align your goals with your core values. That way, you’ll be motivated to stay the course.
- Time-based: Have a completion date to encourage you to stay accountable for meeting your goals. Otherwise, you may fall into procrastination and lose motivation.
By fulfilling these 5 SMART components, you’ll make the car-buying process more smooth sailing. You will also take the required steps to invest in the right car.
13 SMART Goals Examples for Buying a Car
Below are 13 examples of SMART goals for buying a new car:
1. Determine Budget
“I will determine my overall budget for buying a car in two weeks, considering all my monthly expenses and savings. This goal will help me stay within my means and ensure I don’t overspend on a car that may be out of my price range.”
Specific: This goal outlines what you need to do (determine the budget and consider all expenses) and when it needs to be done (in two weeks).
Measurable: You can assess your budget by calculating your savings and expenses.
Attainable: This is achievable as long as you take the time to calculate your expenses and savings.
Relevant: Knowing your budget is essential to ensure you spend your money wisely on a car.
Time-based: Goal completion is expected in two weeks.
2. Research Different Vehicles
“I’ll research car types and narrow my list to three options within two weeks. I will compare the features of all three vehicles and their pros and cons to make a more informed decision.”
Specific: The statement is well-defined, stating precisely the objective and how to reach it.
Measurable: By researching different car types and narrowing down a list, you can monitor the progress of this goal.
Attainable: This is attainable using resources such as car reviews and comparison tools.
Relevant: This goal is relevant to purchasing a car because it will help you make informed decisions.
Time-based: There is a two-week timeline outlined in this particular goal.
3. Consider Financing Options
“I will evaluate financing options for purchasing a car within three months. This way, I can ensure I’m not overpaying for my car or getting a loan that comes with unfavorable terms.”
Specific: The goal states that the individual wants to evaluate financing options for purchasing a car.
Measurable: They will have to evaluate their options within three months.
Attainable: This is achievable given the individual has the resources and time to properly research and compare car financing options.
Relevant: The person is taking the necessary steps to ensure they don’t overpay for their car or get a loan that comes with unfavorable terms.
Time-based: The SMART goal will be met within three months.
4. Compare Insurance Rates
“Over the following month, I will compare insurance rates to get the best coverage and price for my car. I want to get quotes from at least three different insurance providers. I’ll also look for discounts that may be available.”
Specific: You will research and compare at least three insurance providers.
Measurable: Ensure you check the rates of each provider and look for discounts.
Attainable: This is a reasonable goal to achieve in the given time frame.
Relevant: It’s crucial to get proper insurance coverage for your car.
Time-based: You should have the quotes and discounts covered within a month.
5. Negotiate Price
“To save money on my new car purchase, I will practice and master the art of negotiation within 6 months. By properly utilizing skills such as listening, questioning, and problem-solving, I’ll work to get the best deal possible.”
Specific: This goal is evident in that the individual will practice and master the art of negotiation.
Measurable: The person can test their understanding and knowledge of negotiation tactics.
Attainable: Negotiation is an achievable skill that can be mastered with practice.
Relevant: Negotiating is an integral part of purchasing a car and can help to get the best possible deal.
Time-based: Six months is required to accomplish the statement.
6. Get a Car History Report
“I will use a car history report service to check for any major issues with the vehicle I want to purchase by the end of three weeks. This information can help me make a more informed decision about the car I want to buy.”
Specific: The goal states what will be done and the timeline for completing it.
Measurable: You can check if you have completed the task by seeing if you have received a car history report and used it to make an informed decision.
Attainable: This is feasible as long as you have access to a car history report service.
Relevant: This goal is appropriate because it will allow you to make an informed decision about the vehicle you want to buy.
Time-based: The goal has a timeline of three weeks for completion.
7. Purchase Extended Warranty
“I want to buy an extended warranty for my new car, ensuring I have coverage for mechanical issues and other repairs beyond the standard manufacturer’s warranty. I’ll research the best options and purchase an extended warranty within the next month.”
Specific: This goal is about buying an extended warranty for a car.
Measurable: This can be evaluated by researching the best options and purchasing an extended warranty within a month.
Attainable: Purchasing an extended warranty is a feasible goal.
Relevant: An extended warranty will protect against mechanical issues and other repairs.
Time-based: There is a deadline of one month to attain success.
8. Look Into Tax Benefits
“In order to save on future car expenses, I will investigate any tax benefits associated with purchasing a new car within two months. I plan to maximize my savings and get the most out of my purchase.”
Specific: The person wants to research any tax benefits of buying a new car.
Measurable: You can evaluate your research and determine if any potential savings are found.
Attainable: This is an achievable goal because there are a variety of resources to help individuals understand the tax benefits of purchasing a car.
Relevant: The goal is pertinent because it will help the person save money in the long run.
Time-based: You have two months to achieve the SMART statement.
9. Check Safety Ratings
“I will research the safety ratings of all cars I’m considering purchasing for 60 days. I’ll compare 5 different cars before making any decisions and prioritize safety ratings when making my decision.”
Specific: The aim is to research the safety ratings of 5 different cars before deciding.
Measurable: You can measure this goal by comparing the safety ratings of 5 cars.
Attainable: This is achievable because ample resources are available to research cars’ safety ratings.
Relevant: The goal is appropriate because it prioritizes safety when deciding which car to buy.
Time-based: There should be a 60-day window for success.
10. Consider Maintenance Costs
“Over the course of a month, I will research the make and model of my car to determine the estimated maintenance costs for the years ahead. This will help me to budget correctly and plan for the cost of regular maintenance over time.”
Specific: This goal is evident in that it outlines explicitly what needs to be done for the research.
Measurable: Track your research of the make and model of the car to determine estimated maintenance costs.
Attainable: Researching the make and model of the car to determine estimated maintenance costs is absolutely doable.
Relevant: This is suitable because it lets the person know what they should budget for in regular car maintenance.
Time-based: This goal should be completed within a month.
11. Take a Test Drive
“To ensure that I make an informed decision, I will test drive at least three cars from my preferred model before making my final purchase by the end of two months. I want to make sure I’m getting the best deal and most reliable car for my needs.”
Specific: The goal is explicit because it outlines the steps to take a test drive.
Measurable: A person can count the times they have test driven a car.
Attainable: Taking a test drive is an achievable goal for anyone buying a car.
Relevant: Test driving is necessary to make an informed decision.
Time-based: The person wants to reach this goal within two months.
12. Transfer Title and Plates
“I will transfer the car title and plates to my name within one month of buying the vehicle. I’ll ensure I have all the right paperwork and documents ready beforehand to make the process smoother.”
Specific: This goal outlines what you need to do (transfer the title and plates) and when you need to do it (within one month).
Measurable: You could count how many days it’s taken for the title to get transferred.
Attainable: Transferring the title and plates is possible for anyone.
Relevant: Transferring the title and plates ensures that you are a legal car owner.
Time-based: Goal completion should take place within one month.
13. Prepare for Unexpected Problems
“To be prepared for any bumps along the way, I will research common challenges that come with buying a car and create an emergency fund to cover sudden expenses within 5 months.”
Specific: This goal is straightforward because the person will research common car-buying challenges and create an emergency fund.
Measurable: Success can be measured by how much money is saved for the emergency fund.
Attainable: Creating an emergency fund is feasible if the person budgets and saves money consistently.
Relevant: Having an emergency fund is essential in case of unexpected expenses when buying a car.
Time-based: Goal achievement is anticipated after 5 whole months.
Final Thoughts
Developing SMART goals when planning to buy a car will guide you and give you a better chance of success. Taking the time to create and follow your goals can result in a smoother car-buying experience.
Don’t forget to set realistic goals, be more flexible, and anticipate roadblocks along the way. Remember—purchasing a car is an investment in your future, so make sure it fits in with your current lifestyle.
