Buying your first car is a momentous occasion. It’s up there with putting down a deposit on a house and going on your first big trip away. Like all milestones is life, it can be tricky to navigate. If you’ve never owned a car before it can be easy to fall into the first time purchaser pitfalls. Paying too much money and choosing the wrong model are the biggest things to look out for. Here’s a guide to buying your first car, from saving to selecting, this is how you go about it…
The chances are you’ll have to save up to buy your first car unless you’re inheriting one, or your parents are chipping in. It can be daunting because cars are not cheap. There are a few different ways to finance this big purchase though. Budgeting and saving are the best options to go for. You can take out a loan to help you cover the costs too. Only do this is you know you can pay the full amount back on your next payday. Remember, a car is expensive to own and run, so you don’t want to have debts hanging over your purchase.
There are quite a few things to consider when choosing your first car. First and foremost, think about what you’ll be using your car for. If it’s long trips to work, it isn’t realistic to buy a car with 150,000 miles already racked up. Take into account the mileage a second-hand car has done if you’re thinking of buying a used car. The pros of choosing a used car is that is will be much cheaper to buy than a brand new model. Cars depreciate in value very quickly, so a used car is probably about 30-40% of the original price. On the downside, new cars come with a lot of warranties that used cars don’t. Buying a new car will mean that you won’t have to fork out for any unexpected bills and breakdown costs. Obviously, it will run better too, and if you choose a financing option, you can split the cost over a number of years. Check out the best new car deals at Don Wessel Honda if you’re struggling to find a suitable model for a good price.
Keeping Costs Down
Once you’ve bought a car you’ll soon realize how big the ongoing expense can be. There are certain costs you just can’t avoid and will have to pay. Car insurance, car tax, MOT’s, and, obviously, fuel, are all legal requirements. In terms of your MOT, different garages will charge different prices. Cutting costs here is a good idea, but make sure you research a garage first. It’s not worth getting a botched job. You can keep your insurance costs down by making sure you avoid speeding tickets or using your mobile phone whilst driving. Obviously, these activities will make it more difficult and costly for you to be insured. To keep the costs of fuel down you’ll need a car which has a good fuel consumption, car sharing is also a good move.