In this sprawled-out state of New Hampshire, having a car is a necessity. Still, like most necessities these days, the price tag has skyrocketed. If you're in the market for this essential but costly asset, it's more important than ever to choose carefully. After all, a car is a costly investment that'll (hopefully) last you for years. 

Before you settle on your new set of wheels, consider these questions: 

Should you buy a new or used car?

It's the age-old debate: do you get the shiny new car with all the bells and whistles, and a high price tag to match? Or do you get the older, less-expensive car and miss out on state-of-the-art features? 

The fact is, either one can be the right choice; it depends on your situation.

Are you planning to pay in cash or take out a loan?

Unless you have a large bank account or just won the lottery, you probably won't be paying for a new car in cash. Even used cars are getting pricier these days; expect to pay $10,000-$20,000 for a reliable vehicle under ten years old. 

Have you taken out any other loans recently?

It doesn't look so good to lenders if you're looking to finance a car while the ink on your mortgage contract is still drying.

Are you looking for a specific make and model?

If you have your heart set on a particular type of car, you may have an easier time buying it new than finding one on the market.

How much are you willing to pay for car insurance? 

Used cars are likely to have much lower car insurance premiums than their new counterparts.

Are you willing to risk the potential repairs that could come with a used vehicle?

Although there are no guarantees, a used car runs the risk of needing work done sooner than a new one would. 

How long are you planning to keep the car?

If you're driving your new car until the wheels fall off, a new car will get you the most longevity; on the other hand, if you're looking for a shorter-term mode of transportation, a used car wouldn't depreciate as quickly. 

What type of car should you get?

Aside from whether the car is new or used, another significant factor is what car to get. There are many variables to think about:

• Preferred brand
• Reliability
• Type of driving (city, highway, off-road, etc)
• Size
• Mileage
• Fuel type (Electric, gas, hybrid)
• Added features

Of course, a parent with three kids wouldn't buy a two-seated sports car for a family vehicle. Other decisions are more subtle, though. For example, if you want a car that will last you for a long time, you may opt for a Toyota or Honda, which are known to last up to 200,000-300,000 miles. If you do a lot of highway driving for work, you may choose a car good that gets good gas mileage, such as a Toyota Prius or Hyundai Elantra. 

The key is to find the car that fits your needs, and budget, best. 

Still not sure what would be the best fit? Here's a quiz to help you narrow it down.

How else can you make sure you choose the right car?

One word: research!

Why don't you check out the Consumer Reports on a few different vehicles you're drawn to? Access to the data costs only a few dollars a month, and if you don't want to pay, many libraries also offer a free subscription to their members.

Consumer Reports include information on reliability, safety, satisfaction, performance, and more, all good things to know!

Whatever car you choose — whether new or used, SUV or sedan — I hope these tips helped you make the right investment.