5 SIMPLE TIPS FOR BUYING YOUR FIRST CAR
Buying your first car is one of the most exciting experiences that you’ll have. A time when you can feel the sense of freedom and independence at arms reach, it can be easy to rush into purchasing the first car that you see on the showroom floor. But unless you have an endless budget, then that’s not a sensible idea. Therefore, it’s vital that you’re aware of the right steps and tips to help you purchase the most suitable car for your requirements and budget. To ensure that you’re on the correct path, here are 5 top tips that might prove to be invaluable:
Tip #1 - Create a Budget (And Try to Stick to it)
One of the first things that you should do is create a budget for your first car. This needs to be realistic and one that you know won’t break the bank. As it’s your first car, chances are you won’t want to spend hundreds of thousands on one. Therefore, you need to spend some time looking at reasonably priced models that you don’t mind getting a bump or two – something that’s very common with new drivers.
Tip #2 - Research, Research, Research
Once you have a budget in mind, you need to do some research to see which cars in your price range fit your unique requirements. Think about the features that you would like within the car and create a list of ‘must-haves’ and ‘wants’. By reading reviews and looking up the specifications of the models, you’ll be able to see which are the most suitable. In this stage, you’ll also want to determine whether you’ll buy a new or a used car, as the auto places that you’ll browse will depend on this. Typically, used cars are a lot cheaper as they are older and have had at least one previous owner before you. Generally, they are the most popular option for first-time vehicle owners.
Tip #3 - Discover Your Financing Options Early
How will you finance the purchase of the car? Think about whether you’re going to pay for the car outright with cash or if you’ll require a loan for it. There are several loans that you’ll want to research, including finance leases, standard loans and Logbook Loans. However, with loans, you’ll want to find one with terms that allow you to pay it back in manageable chunks and don’t have ridiculously high interest rates.
Tip #4 - Inspect the Car Thoroughly
Once you think you’ve found the right car, make sure that you go and see it in person, inspect it as much as you can and take it for a test drive. If you’re still not sure whether it’s all in fitting order, then you can always ask an auto-mechanic if it’s reliable and fit to drive. This is an essential step in the process and will ensure that you’re getting the best vehicle for the price that you’re paying. If after the inspection there are any minor issues, you can then use this to try and haggle the price down.
Tip #5 – Compare Different Insurance Providers
When you’ve purchased your car you must make sure that you have the right car insurance in place. A legal requirement, it needs to cover you in case of an accident. As a new driver, this will give you the peace of mind that your vehicle is protected on the road.