Getting your first vehicle is a very exciting time! One that involves lots of thought and consideration. Congratulations is well deserved if you are able to sign the papers and drive off on your own!
To make sure you have proper guidance when buying your first car, we have highlighted a couple of things for you to consider:
The first step you need to take is checking your financing options, whether you’re purchasing a used or brand-new car. You should have a good idea about what you can afford in monthly payments and how much you can put down for the deposit.
If you have good credit or can leverage a parent, family member or close friend, taking out a loan and financing your first vehicle might be the best or only option available. Make sure you are well versed in interest rates and understand what your total cost will be including your total interest paid.
Research the Market
You may have your eye on a car long before you buy it but have you checked out the market? It may be that there are even better deals on cars that are better than the one you’re thinking about buying. The car market is massive with so many good deals that you should definitely take time to explore your options.
Test Drive the Car
It’s important to take the car your thinking about buying out for a long test drive so that you’re familiar with how it drives. This allows you to get comfortable with the car and find out if it’s the one for you.
Doing so will also give you a better idea about the legroom afforded in the car, the car’s problems, and the way it handles on the road.
This also falls under market research but we’ve highlighted it separately because it’s a crucial thing to consider when buying a car. Plenty of car dealerships may be offering the same car at different prices so it’s important that you check and compare the prices to get the best deal for you.
New or Used Car
This consideration also depends on your budget. Many first-time car owners prefer buying pre-owned vehicles because they are generally more affordable than new cars especially if you have the cash to purchase outright. Although buyers tend to get lower interest rates on newer vehicles the overall ticket price tends to be higher. Always ask for the repair records and vehicle history from the owner or dealer before buying.
So, there you have it, some of the most important things to keep in mind when you are buying a car. Good luck!