Car Buying Basics

Copyright @2012

Car Buying Basics APRfinder.com 1

Car Buying Basics

Copyright © 2012 APRfinder.com

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Table of Contents

Table of Contents Car Buying Basics ...................................................................................................................................... 1

Notice of Rights ..................................................................................................................................... 1

Notice of Liability .................................................................................................................................. 1

Trademark Notice ................................................................................................................................. 1

Table of Contents .......................................................................................................................................... 2

1) Planning for a New Automobile ............................................................................................................ 4

Where to start? ......................................................................................................................................... 4

Budget ................................................................................................................................................... 4

Credit ..................................................................................................................................................... 4

The Right Car ......................................................................................................................................... 4

2) Do Your Homework before Buying an Automobile .............................................................................. 6

Researching Prior to Heading into an Auto-Dealership ............................................................................ 6

Rebates & incentives ............................................................................................................................. 6

Invoice Price .......................................................................................................................................... 6

Crash test results ................................................................................................................................... 6

Available Options .................................................................................................................................. 6

Competing Prices .................................................................................................................................. 7

3) Buying vs. Leasing an Automobile......................................................................................................... 8

Should I Buy or Lease? .............................................................................................................................. 8

4) Leasing a Car ......................................................................................................................................... 9

Questions to ask when considering leasing a vehicle ............................................................................... 9

5) Buying a Car ........................................................................................................................................ 11

Dealer Tricks ............................................................................................................................................ 11

Common Car Buyer Mistakes .................................................................................................................. 11

6) Buying New vs. Used Cars ................................................................................................................... 13

Should I Buy a New or Used Car? ............................................................................................................ 13

Benefits of new car: ............................................................................................................................ 13

Drawbacks of new car: ........................................................................................................................ 13

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Benefits of used car: ........................................................................................................................... 13

Drawbacks of used car: ....................................................................................................................... 13

More New Versus Used Vehicle Considerations:.................................................................................... 14

7) Automobile Financing ......................................................................................................................... 15

Sources of Financing ............................................................................................................................... 15

How Interest Rate is Determined ........................................................................................................... 15

Questions to Ask the Financier ............................................................................................................... 16

8) Types of Automobile Insurance Coverage .......................................................................................... 17

Auto Insurance ........................................................................................................................................ 17

1) Bodily Injury .................................................................................................................................... 17

2) Personal Property Liability .............................................................................................................. 17

3) Personal Injury Protection (PIP) ...................................................................................................... 17

4) Collision ........................................................................................................................................... 17

5) Comprehensive ............................................................................................................................... 17

6) Uninsured Motorist......................................................................................................................... 18

How much coverage should I carry? ....................................................................................................... 18

9) How to Choose an Auto Insurance Company ..................................................................................... 19

1. Licensing .......................................................................................................................................... 19

2. Financial Stability ............................................................................................................................ 19

3. Service ............................................................................................................................................. 19

4. Comfort ........................................................................................................................................... 19

What Determines Price of Policy? .......................................................................................................... 19

10) How to Save Money on Automobile Insurance .............................................................................. 21

Tips for Saving Money ............................................................................................................................. 21

1. Shop Around ................................................................................................................................... 21

2. Choose Higher Deductibles ............................................................................................................. 21

3. Reduce Coverage on Older Cars ...................................................................................................... 21

4. Buy Insurance with Homeowners ................................................................................................... 21

5. Maintain Good Credit Rating .......................................................................................................... 21

6. Other Discounts .............................................................................................................................. 22

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1) Planning for a New Automobile

So it’s finally time to start planning for a new car, truck or SUV. While

it’s usually a very exciting time and familiar process for many of us;

when looking into a new vehicle, three seemingly innocent words can

still cause quite the headache:

Where to start?

From the get-go, trying to navigate the numerous options inherent in attaining a new car can be

tough. Do you buy or lease? Get a new or used car? How do you finance? What about auto

insurance? All together these questions can leave a person with their hands in the air and ready to

quit already. However, with a little background knowledge the decision is one that no person

should be intimidated by.

While you may be hot to pick out the make and model of your new vehicle, it is important to first

get a few things in order:

Budget

A word with little popularity with most shoppers is budget. However, first establishing a budget

for your new car is important out of the gate, and will save you time in the long run. It is

typically stated that less than 15%-20% of take home household income should be spent on

transportation. Keep in mind however, by transportation this does not mean merely the cost of

the car payment. This number includes fuel, maintenance, insurance, as well as other costs which

arise.

Credit

An equally unpopular word in most people’s vocabulary is credit. A person’s credit score comes

into play in more places than one might think. Outside of the financing of the automobile

purchase, a person’s credit score is routinely used to establish rates when it comes to insuring the

vehicle as well. For this reason, it is very important that you are well aware of where your score

stands, clear up any mistakes, and take action to improve your current score. If your credit is not

as high as you thought, it may be worthwhile to wait until you clear it up to continue shopping.

The interest and insurance penalties accruing from a poor score can ad up to thousands during

the life of your vehicle and loan.

The Right Car

While we may all want the newest exotic import car or luxury SUV, the reality is that no car

shopper is the same, and neither is the car for them. To find the best automobile for your

situation, it is important to consider a few issues:

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Who will be driving the vehicle?

How many passengers will the vehicle typically transport, and of what age?

What are the primary uses of the vehicle?

Will the car mostly be used in the city, or the country?

How important is cargo space?

Will the vehicle in question fit into the owner’s garage?

How long do you anticipate owning the car?

After you have a firm grasp on these first elementary issues of buying a new auto-mobile, you’ve

then graduated on to the next step in the new car buying experience.

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2) Do Your Homework before Buying an

Automobile

Once you have a ballpark idea of your budget, credit, and preferred

style of car, its time to ‘do your homework’ before heading into the

dealership, to ensure you get the best deal. As with any major purchase,

a little prep work at home can save you considerable amounts of money

over the life of the vehicle and loan.

Researching Prior to Heading into an Auto-Dealership

Rebates & incentives

Almost all cars nowadays have some sort of rebate attached to them. There are local and regional

dealer coupons, national auto-maker discounts, and even sometimes governmental rebates. The

best place to find many of these is directly on the manufacturer’s website, however they are often

published other places such as the local dealer’s website as well online car and truck review sites

such Motor Trend and Edmonds.

Invoice Price

Most simply put, the invoice price is the price the dealership buys the cars from the automaker

for. This is different than the Manufacturer’s Suggested Retail Prices (MSRP), or the price they

want it to sell at. It is important to determine the invoice price so you can negotiate a reasonable

fee with the dealer. A good rule of thumb is to set a target price about 2% above the dealer’s cost

($400 on a $20,000 car, for instance).

A few great places to do your research so you can get a general idea of invoice pricing are Kelly

Blue Book (KBB), InvoiceDealers and IntelliChoice.

Crash test results

It’s certainly important to review the safety information of any vehicle you are considering

purchasing. Luckily there are a few government websites providing accurate and up to date data

for most new car makes and models.

Available Options

Vehicle options from what colors you want your new car to be, to what extra features can be

included on particular makes and models can be easily discovered and chosen by viewing them

at each respective automaker’s website.

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Competing Prices

As with any major purchase, it’s probably a pretty good idea to shop around to see what your top

vehicle picks are priced for elsewhere, locally and outside of your neighborhood. It’s prudent to

search both online and offline if you want to get to ensure you find the best prices and get the

best deals. A little research up front can save you a load of cash in long-run.

A few of the top automobile shopping websites that are great for comparing prices are eBay

Motors, cars.com and AutoTrader.com.

But before we get too ahead of ourselves, let’s take a step back to weigh out all of your options,

and help you determine if it’s better for you to lease or buy at this time.

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3) Buying vs. Leasing an Automobile

Alright! It looks like you’re likely getting closer to that exciting vehicle

test drive. Now that you’ve done some initial automobile homework

and established a few ground rules, it’s time to move to the first critical

question on the quest to get your new car:

Should I Buy or Lease?

Many people often begin by pondering the financial comparison of the two, trying to decide

which long term makes the most economic sense. To give you an example, the car buying guide

Edmunds recently did an evaluation of the costs of leasing versus purchasing a car over extended

period of time and came to interesting results.

The sample car used was $20,000 with 3 year financing or a lease at 6 percent interest. Including

monthly payments, down payments, insurance, maintenance, taxes, etc the 5 year total of owning

the car was $32,388 and the cost of leasing the car was $32,140. Now, this may lead some to

believe that leasing is the lower cost option; however, this again was only over 5 years. When

Edmunds extended this study out to 10 years, the cost of owning the car became $43,000 all

inclusive, and leasing over that same 10 years totaled over $64,000 (and the person still would

own nothing).

But before you jump to either conclusion on which is ‘better’ it is important to remember that the

decision is not always a purely financial one. Both options ‘work’ for many people, and

understanding your individual situation is important.

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4) Leasing a Car

First, it is important to review what exactly a lease is, and reasons it

may or may not be your best option.

A lease, in basic terms, is paying the difference between the price off

the showroom and the price the dealer thinks they will get for the car

when traded back in at the end of the lease plus the cost of wear on the

vehicle. The price the dealer thinks they will get for the car when traded back in is termed the

‘residual value’ and is typically between 50-60% of the original showroom price on a 36 month

lease.

While the benefits and advantages of having a brand new car every 36 months may seem

appealing, you should review a few of the pros and cons of such a set-up first:

Pros:

Lower down payment

Lower monthly payment

End of lease is easy (no negotiating trade in value, etc)

Cons:

At the end, you own nothing

There is always a payment as long as you drive a car

Early termination can have high charges

Extra mileage charges can be very high

Questions to ask when considering leasing a vehicle

1. Do you drive more than 15k miles a year? Most leases allow for 12-15k miles per year. If you drive over this amount, the overage charges

will make leasing a very expensive option.

2. Do you take good care of your car? Leasing contracts call for cars to be maintained to high standards, excessive wear can prove very

costly.

3. Do you plan on modifying the vehicle? Leases generally do not allow for modifications without substantial payment to the dealership.

4. Do you anticipate any lifestyle changes soon? Will you have kids in the next year or so and need a larger car? Or will you be moving to a new

area where you will need a Sport Utility Vehicle (SUV)? Breaking a lease is very costly, so you

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must consider that you will need to stick it out with the car for the term of the lease, unless

you’re okay with paying a ton of over costs.

Specific questions to ask regarding an auto lease agreement

What is the amount due on sign-up?

How long is the lease?

What happens at the end of the lease?

What is the mileage allotment, and what are charges for overages?

What is the residual value?

What happens if I must end the lease early?

Can the leasing period be extended?

Few people find the whole leasing process ‘straightforward’ and knowing a few of the common

traps that dealers use to pad profits can greatly benefit the potential customer.

Common auto leasing ‘traps’:

Over mileage Often dealers will advertise exceptionally low rates, however with a very low mileage allowance

and high overage charges.

Early-termination Dealers often claim they can end your current lease early and ‘roll-over’ into your new lease.

This is very expensive.

Residual value Dealers can sometimes vastly understate residual value, causing your price of the lease to

increase.

Down payments A low monthly payment is often advertised; however, the size-able down-payment is visibly

absent from such advertising.

“Savings” The dealer will show the difference in monthly payments between leasing and buying. However,

you must remember, at the end of the lease you do not ‘own’ anything, so keep that in mind.

Fees Document fees, disposition fees, purchase option fees, license fees.

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5) Buying a Car

Buying a car is usually easier to understand than leasing for most

people. You choose a car, finance the car, make payments, and

eventually own the car outright. However, during the process of buying

the car, there are tricks that the dealer normally uses, as well as

common mistakes which can cost the consumer thousands.

Dealer Tricks

1. Using your credit against you. Sometimes the dealer will say you ‘don’t qualify’ for certain financing or rebates due to your

credit. Knowing your credit ahead of time can give you information to question the dealer’s

findings.

2. Buying a car as 1 transaction. While it may seem that buying a car is one transaction in reality it is 3: the purchase of the new

car, the value of the trade-in, and the financing. Negotiate all 3 separately for the best deal each

time.

3. Payment games. The dealer will often ‘bring down’ your monthly payment while at the same time adding to the

length of the loan. A lower monthly payment is not always the best deal, so keep this in mind

while in negotiations.

4. ‘Financing fell through’. After getting the deal seemingly wrapped up, the dealer often returns to regretfully inform you

that the ‘financing fell through’. No way. The dealer knows within seconds if the financing is

approved and this is simply a move to sign you up for more expensive financing.

5. Balloon Payments. Sometimes part of the ‘payment games’ dealers will offer is a significantly reduced down

payment, and monthly payments with a ‘balloon’ at the end. This loan payment will go up

leaving the buyer unprepared for the new large payment amount. Be careful entering into one of

these deal structures, and be prepared for a much larger payment a few years into the auto loan.

Common Car Buyer Mistakes

1. Buying the wrong car. As discussed earlier, not all buyers are in the market for the same car. If you know you are going

to be transporting around children all day, don’t leave the lot in a sports car with no back seat. A

sedan, Sport Utility Vehicle (SUV), truck or Van will probably be a better fit for you.

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2. Emotional in the showroom. Often the stress and excitement of car shopping can leave buyers extremely emotional when the

time to sign on the dotted line takes place. Don’t make rush decisions. Try to sleep on your

options and go back to the dealership when you’re convinced you’ve picked the right one.

3. Choosing dealer by location. Although it may be easiest to drive to the closest dealership, not all dealers are alike, and should

not be treated as such. Check with numerous dealers for the best price, as well as the better

business bureau to verify their standings.

4. Talking about trade in too early. Remember that the new car purchase is really 3 separate transactions, and discussing trade-in

value prior to hammering down the deal on the new car can cost you money.

5. Not over till it’s over. Even when the deal is seemingly ‘done’ there are always fees that seem to magically appear prior

to walking out the door. Be prepared, and don’t get overly excited about the new car until you

know the complete package.

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6) Buying New vs. Used Cars

Now that you have a better understanding whether buying or leasing is

the best option for you, it is now time to tackle the second major

question in any car buying experience:

Should I Buy a New or Used Car?

Here too, the answer depends on your individual needs, budget, and desires. Three or four years

old cars are usually less than half the price of an average new car, which may seem attractive.

However, there are risks involved with buying a used car that usually aren’t relevant with new

cars. How did the previous owner treat the vehicle? Will it require major repairs soon?

Here are some of the pros and cons of buying a new versus used vehicle.

Benefits of new car:

Manufacturers warranty

Latest safety, comfort, convenience features

No ‘surprises’ from previous use

Drawbacks of new car:

Higher cost

Higher auto insurance

Fast depreciation (lose 20-40% when you drive off the lot)

Benefits of used car:

Lower cost

Lower insurance

Less depreciation

Can buy more ‘car’ for your money (better bang for buck)

Drawbacks of used car:

Higher maintenance and repair

Lack of new car warranty

Less recent safety/comfort amenities

Beyond the above considerations and mere price point difference, there are other issues one

should keep in mind when deciding between a new or used vehicle.

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More New Versus Used Vehicle Considerations:

Residual Value It is important in either scenario to determine how the car will hold its value over the long term.

Not all cars depreciate at the same rate and when you are ready to sell in 5 years if two $20,000

cars are then worth $10,000 and $7,000, then the second was $3,000 ‘more expensive’.

“Nearly New” There are often cars that dealerships used for ‘demo’ cars or short term transportation. These cars

have never had an official ‘owner’ although they may have a few thousand miles on the

odometer. The benefit to these cars is they are often marked down significantly by the dealership

and are still covered by factory warranty.

Trade-Ins When you go to purchase a new car, often you will have your previous car to ‘trade-in’. Usually

it is both the easiest and the best deal to trade in at the same place you’re purchasing your new

vehicle at. However, it is important to negotiate these as two separate deals, as opposed to

allowing the dealer to lump them into one. First negotiate the price of the new car irrespective of

your trade in, then attack the price for the trade-in.

Time of Year There is always a wide variety of incentives, rebates, and price-cuts associated with both new

and used cars. It is often prudent to take into account the time of year when purchasing a car.

Typically, the best times to purchase a car are towards the end of December, or between July and

October. During the first time frame the dealers are competing for Christmas shoppers, and the

second the dealers are making room for the new models.

Vehicle History Reports When buying a used car, it is always imperative to purchase a vehicle history report. The most

common is a CarFax report, which can provide number of previous owners, the odometer

readings at checkups, as well as major crash incidents.

Extended Warranty? The dealer at most sales locations will heavily pressure potential buyers into purchasing an

extended warranty. These warranties are typically come in two types: one from the manufacturer,

and others from independent companies. While the independent companies may be less

expensive, you need to be careful to review what exactly is covered under each.

While many sources are against the option of extended warranties as they often cost much more

than they are ‘worth, there are times when extended warranties can provide a peace of mind. If

you are one who despises surprise expenses, or rarely tuck away extra cash for times of

emergencies, an extended warranty may be a good option to consider. On the other hand, if you

budget for some repairs and can handle the shock if such an expense arises, it usually makes

more sense to forgo the warranty.

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7) Automobile Financing

With the dream car, truck or SUV in mind, its time to figure out how to

pay for the thing!

Since most buyers will need financing to secure their new or used

vehicle, considerable time should be invested to make sure that the

financing is appropriate for the individual borrower.

There are many options when pursuing auto financing, and each can offer unique benefits, as

well as individual drawbacks.

Sources of Financing

Dealership

Pros: Convenient, fast

Cons: High pressure, usually not best rate

Bank or Credit Union

Pros: Competitive rates, personal service

Cons: Not as convenient as dealership

Online Institution

Pros: Competitive, quick, easy

Cons: No personal service

Home Equity Loan

Pros: Can provide tax benefits, competitive rates

Cons: Tying your car to home in case of default

How Interest Rate is Determined

Wherever you choose to secure financing, an interest rate will be established. Knowing what

factors influence this rate can help you lock in the best rate for your situation.

The first and most important factor is going to be your credit score. As with all loans, the lender

is going to want to know what type of risk you are as a borrower, and what your previous money

management and spending habits were like. The worse your score, the higher interest rate you

are going to pay.

Second, the term of the loan influences the rate. Normally, the shorter term the loan is the better

rate the lender will offer. The risk is therefore lower as the lender can assume to be paid back

faster.

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While these factors are typically used in most lending scenarios, often the dealership will play by

a different set of rules specific to various incentives that may be offered by the manufacturer.

Financing at a dealership is a large profit generator, and you must be prepared to negotiate

proposed terms. This includes the interest rate, down payment, rebates, term of loan and monthly

payments.

Questions to Ask the Financier

What is the percentage % rate I’m really paying?

Possible penalties in the loan?

What is the price I am paying for the vehicle?

Total amount being financed?

Total financing charges?

Total number # of payments?

Deal contingent on financing from a 3rd party?

Credit insurance?

Exploring all options and weighing the benefits of each is an important step to securing your new

car. The right financing can not only save you money, but headache in the long run.

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8) Types of Automobile Insurance

Coverage

At this point you’re either shopping around or have your new vehicle

picked out and the financing in place. Before you drive off the lot, it’s

important to make sure to take care of one last piece of the puzzle:

Auto Insurance

Auto insurance is generally stated as protection against financial loss in case of an accident. This

protection includes property, liability, and medical coverage.

This protection can further be broken down into 6 different main parts:

1) Bodily Injury

This coverage is to cover injuries that you, the driver, cause to someone else. This insurance is

required by all states, although the minimum requirement by the state is generally not

recommended in case of a large accident.

2) Personal Property Liability

This coverage pays for damages you, the driver, cause to someone else personal property.

Typically, this is damage to the other drivers car, however may include fences, light-poles, or

other structures damaged in an accident.

3) Personal Injury Protection (PIP)

This coverage pays for the medical attention for the driver and passengers of the driver’s car.

This can include medical payments, lost wages, as well as potentially funeral and other costs.

4) Collision

This coverage pays for damages to the driver’s car resulting from an accident. This coverage is

an area that can be removed in older cars if one deems that the costs of maintaining insurance is

no longer worth it, as the car may no longer be worth repairing.

5) Comprehensive

This coverage pays for damages caused by things outside of a normal collision with another

driver. These may include theft, fire, natural disasters, or impact with animals. This is another

area of coverage that may be removed with older cars to reduce insurance payments.

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6) Uninsured Motorist

This coverage pays for damages caused by a motorist without insurance, or in a hit-and-run

situation.

How much coverage should I carry?

This is a common question among people first looking into automobile insurance. The answer to

this question will vary from person to person, however all states require a minimum amount of

liability insurance for all drivers. This minimum, as stated above is not generally recommended,

as most accidents cause larger damage, and being on the hook for the balance after a large

accident can leave many bankrupt.

The rule of thumb is normally 100/300/50, or $100,000 individual coverage, $300,000 all

passengers coverage, and $50,000 property damage coverage.

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9) How to Choose an Auto Insurance

Company

With the endless choices for car insurance these days, one of the main

battles can be choosing the right company for your needs. Although

price often weighs heavily into the decision, it is important to explore a

few other areas prior to signing up too:

1. Licensing

Insurance companies are not licensed to operate in all states automatically. It is important to

purchase insurance only through companies licensed in your state. To check, visit your State

Insurance Department for a list.

2. Financial Stability

When you need your insurance company, you want them to be around and have the resources to

fulfill their end of the deal. For this reason, it is important to check the financial stability of the

company in question. The 4 main rating agencies, Fitch, Moody’s, Standard & Poor’s, and AM

Best should all be a good place to start.

3. Service

The service side of any insurance company is an important consideration when shopping for

coverage. Talking with current customers, as well as reading reviews can help gauge the

character of the firms in question. In addition, the state insurance department should have records

of complaints against companies in comparison to their policies.

4. Comfort

You should feel a layer of comfort with the agent or company you ultimately decide to insure

with. Ensure that the agent will be easy to reach, and you are comfortable communicating with

them.

What Determines Price of Policy?

Driving record Simply put, the better your vehicle driving record, the lower your insurance premium.

Miles driven per year Driving more means more opportunities for accidents. For this reason, the less you drive per

year, the lower your premium.

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Your location Insurance companies look at trends around where you live to determine the risk of the area. This

includes the number of accidents, thefts, lawsuits, as well as costs of medical coverage, among

others.

Your age The younger the driver, historically the more likely they are to get in accidents. Drivers under the

age of 25 typically have higher premiums.

Your vehicle The likelihood of theft, cost of car, overall safety, and other factors also play into the cost of

insuring the vehicle.

Marital status Married people tend to get in less accidents, and therefore enjoy lower rates than singles.

Credit score Often misunderstood by motorists, a person’s credit score is one of the main inputs an insurance

company uses to set an insurance rate. At a basic level, a company views a person with poor

credit is viewed as higher risk, and as such, priced higher. Information such as payment history,

bankruptcies, outstanding debt, and length of credit history are all used as tools for determining

an auto insurance policy.

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10) How to Save Money on Automobile

Insurance

Everybody loves saving money. Especially when it comes to things we

have to have. If you drive an automobile, then you have to have car

insurance too. Many people don’t realize they could be saving a lot of

money compared to what they are currently paying for auto insurance.

I’m going to show you how.

Tips for Saving Money

1. Shop Around

As with anything, price varies from insurer to insurer, even for similar policies. Many companies

can provide quotes quickly over the phone or online, so it is easier than ever to get various

quotes in a matter of hours. Price alone shouldn’t be the determining factor when choosing an

insurer, ask around and read up on the different insurers. Insurance is bought for a piece of mind,

and if the time comes when it is necessary to use it, you want an agent and agencies that will

assist you in that stressful time.

2. Choose Higher Deductibles

A deductible is an amount that the policyholder pays when they get into a wreck or need to the

insurance company to cover some other expenses. This is in addition to their regular premium. If

you request higher deductibles, you will be responsible for more of the payment in the event of

an accident, however, the insurance company will compensate for you taking on greater risk by

offering a lower cost insurance premium. For example, choosing a $500 deductible over a $200

deductible can reduce coverage costs 15-30%.

3. Reduce Coverage on Older Cars

As stated before, collision and comprehensive insurance can often be dropped on older cars. A

rule of thumb is that if the car is worth less than 10 times the deductible, having this coverage is

not cost beneficial.

4. Buy Insurance with Homeowners

Many insurers will give package discounts if you carry both policies with them. Also, many will

offer discounts for having multiple vehicles covered with them. Although they may offer

discounts, it is still important to shop around, as greater savings may be found elsewhere.

5. Maintain Good Credit Rating

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As you now know, your credit rating is often a major factor in the rate the insurance company

ultimately charges. Maintain good credit, and you will have lower rates.

6. Other Discounts

Beyond the above tips, insurers offer a wide variety of discounts for many different things. These

other discounts vary greatly from insurer to insurer, so one is best served by asking about the

below when shopping around:

Good student discounts

Installing car alarms

Defensive driving courses

Drivers ed courses

Long-time customer

No accidents in past 3 years

No moving violations in past 3 years

Armed with your new knowledge, you should be best prepared to lock in the best vehicle

insurance policy for your situation.

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Wishing you the very best!