Buying your first car is exciting. But don’t let that excitement make you spend more than your budget. Here are a few tips to invest smartly in your first car.
Find all the major details
When you decide to buy a car, even if it is your first car, the costs of purchasing the car are by no means the only costs that you will have to pay as a car owner. In fact, there are even costs that come back every month, every quarter or at least once a year.
Know your budget
It is smart to arrange a few things before you actually buy your first car. First, it is smart to take a look at the financial resources for the purchase and financing the costs associated with driving a car. You have already seen that certain costs will keep coming back. In addition, you will have to buy fuel if you want to drive.
When considering your first car, it’s important to start by determining how much budget you’re willing to allocate to that purchase. It falls into two distinct categories: purchase and recurring charges. This second part is not negligible since it includes all the additional costs, such as fuel, road taxes, maintenance and possible repairs, the annual technical inspection as well as insurance. The experts at CarExpertGroup can help you take the right decision.
Test drive and decide which car is best to buy
Perhaps you would prefer to buy a family car or one of those SUVs. It is therefore much smarter to postpone buying a fast, sporty, flashy car for a while and first take a test drive.
In addition to one-off expenses, there are other important costs to take into account when calculating the budget allocated to the purchase of a car, such as: annual auto insurance is a significant cost for a new driver as the premiums are higher.
If you are going to buy a new car, you must consider insurance as well. And when it comes to your first car, you might still have some questions about how you can best insure your first car.
If you are teenager, mostly the first car is insured in the name of one of the parents, because that makes a nice difference in the insurance premium. However, it is not very smart to have the car insured by your parents if they are not driving it themselves.
Insurance premium is mainly calculated on the basis of the new value of the car. As a new driver, you can only get the cheapest car insurance for your first car when you buy a car that has the low price.
Keep the costs of maintenance low
If you’re only going to drive your first car, it shouldn’t actually cost more than is your budget. You can already make the first significant savings, when buying your first car; you ensure that you get a car that is in your budget and the maintenance you can afford.
Buy accessories from an affordable place
You can of course buy motor oil and windscreen washer fluid at a gas station, but also look for these products at the hardware store or the supermarket and that could make a big difference.
To be able to buy your first car and use it, it is of course compulsory to have your driving license in your pocket. And for young drivers, it sometimes takes a while. You then have to ask yourself several questions in order to be able to find the car that matches your profile as well as your needs.
Maintenance and repairs
Maintenance is generally carried out monthly or whenever it is needed. But just like the prices, it varies from dealer to dealer. In addition, the price of parts varies between brands. So consider choosing a more affordable brand.
Find the right car category
Once the budget is established, it is easier to direct your research and select the category that suits you best: a city car, a sports car, a wagon, an SUV. It depends on the type of travel you primarily do will largely determine the type of vehicle you need. Is having a fashionable car important or do comfort and convenience come first? Knowing what is most important to you will help you make that decision.
Test drive before buying
In order not to buy a car, take a good look at the car (inside and out) and give it a try yourself from behind the wheel. If buying used car, try it on small roads as well as on motorways, in town and in the countryside, in order to test comfort, road grip, and check that there are no strange noises. This is also a good time to check that all is well. Does the car start the first time? Are all doors and windows in good working order? Is there a weird noise when changing gears?
When buying a used car, consider giving it a thorough check. Do not hesitate to go the car accompanied by an expert. In addition, be sure to receive all sets of keys as well as the various documents related to the vehicle and to ensure their accuracy.
For a young driver, buying a first car represents a hell of a budget, whether new or used. It is therefore essential to think about the different ways to finance it.