Are you a teen student looking to buy your first car? Want to learn how to pick your first car. You are in the right place. We are here to help you choose your teen first car. Buying the first car is one of the big milestones of becoming an adult.
It is exhilarating, sure, but at the same time, it can be very intimidating. With so many options available in the market, it gets tough to choose the best one.
Don’t worry, buying your very teen first car is not as hard as it looks. All you need is the right bit of information that we are here to provide!
Let’s get started!
The first tip on how to pick your first car is formulating a budget. If you are out in the real world and have to pay rent and other expenses, then you should make sure that your total car expense (including loans, leases, insurance, etc.) is not higher than 15% of your monthly budget. As teens, we don’t have much knowledge about finances and should get financial help.
If you are a student and your room and board are covered, then you can allocate a more significant percentage of your monthly budget for your car. Make sure that you know clearly how much you spend each month and how much you save.
If you don’t know how to formulate the perfect budget for your car, AU Edubirdie suggests you get a finance assignment help online from expert budget writers. Keep in mind that buying a car is not only about paying for the car; it is also about the money you will spend on fuel and maintaining the car as well. You would have to get the tires replaced, get oil changes, etc. Keep all of this in mind while you are working on the budget.
2. Searching the Perfect Car
Are you searching for cars for 16-year-olds? The first thing that you need to look at is the car that you are going to buy. Even if you are on a limited budget, it doesn’t mean that you should not do your research properly. You have to make sure that you are buying something that is road-worthy and functions decently. Know what your budget is, and then find cars that fit your tentative budget.
Browse through various consumer reports and check out the prices for the car that you are looking to buy. There are a lot of scams, so you need to make sure that you don’t fall into anyone’s trap. Look for user reviews, feedback, etc. on a particular model.
Moreover, keep the purpose of use for the car in your mind as well. If you are only looking for something to drive back and forth from your home and school, then look for something basic. If you are going to use the vehicle for doing yard work, etc. then you should look at trucks.
Get the right type of finance assignment help and make sure that you are not spending more than what your budget allows. Moreover, you need to know that a car is not an investment; instead, it is a necessity. Surprised? Don’t be. The value of a car starts decreasing the moment you use it. Therefore, you need to be practical while choosing the vehicle you need. Buy dependable, low-maintenance cars that will not be a burden on your pocket.
3. Going to the Dealership
Buying cars for 16 year olds is not an easy task. When you go to a dealership, you have to know one thing: the dealers are going to try and entice you to make a potential sale. Don’t get emotionally attached to a vehicle; remain practical, and keep your needs and requirements in mind.
It is always a good idea to bring along a friend or a family member to have a second opinion. Don’t buy something for the very first time. Look around, pick a couple of cars, come back, and think about the options that you have.
4. Credit History
Let’s face it: as students, we don’t have a lot of money saved up and can’t pay for our teen first car with 100% cash if you can, kudos to you! If you can’t then make sure that your credit history, no matter how short it is, is clean and straightforward.
If you don’t have a credit history, then you should build one. Get a credit card from your local bank. Make sure that you pay your bills timely, and you will create a solid, clean credit history in no time. Look for car dealerships that provide discounts to students instead of treating you as “high-risk”.
5. Leasing or Buying?
Leasing is very tempting since you can get a new car very quickly on your tight student budget. However, you have to keep the next three years of your life in mind before you get a car on lease. Several dealerships don’t allow you to move from one locality to another while you have a vehicle on the lease because of tax issues.
Moreover, you usually get a set number of miles to drive in a particular period. If you drive the car more miles than that, you will have to pay money for that. Furthermore, if you want to terminate your lease, then you will have to pay some amount of money for that.
It doesn’t matter whether you are looking to buy a used car or a new car; you need to do your research thoroughly and keep your budget in mind. Follow the tips we have shared with you, and you will surely be able to buy better cars for 16-year-olds. We hope that you have learned how to pick your first car from this article.
Happy driving, Folks!