Buying your first car is a rite of passage for people of any age. Whilst it is an exciting experience, it can also be nerve-wracking as there is a lot to think about before committing to such an expensive purchase.
Here are four tips to help you decide which car should be your first.
Establish a budget
As with all large purchases, you shouldn’t make a final decision without a budget. As there are different ways to purchase a car, you will have options. If you can afford it, purchasing a car outright is the easiest way to budget for. You can simply look at your savings and set yourself an upper limit.
Utilising finance options means you will be paying monthly instalments. Although this may be better for those who don’t have a large amount of savings, it does mean you will pay more overall as there will be interest added.
Running costs
There are a lot of different costs associated with owning and using a car, so it is important to be prepared for that.
Having the correct insurance is a legal requirement in the UK, so having it in order as soon as you buy your car is essential. You may feel overwhelmed by the amount of different car insurers on the market, so take your time and compare different policies. Do this by getting a car insurance quote and making a note of the coverage and payments.
You will also have to factor in the cost of fuelling your car, as well as yearly MOTs and services. Although these can be planned and budgeted for, it is always worth having an emergency fund in case something happens unexpectedly.
Do your research
There are over 60 automotive brands globally with each producing lots of different cars. Before buying a car, do some research on the type of car you would like. For example, you will need to decide whether you want an estate or an SUV.
You will also find that there are features that you consider essential such as air conditioning and others you feel are a bonus like heated seats. Once you have this in mind, use online sites to see what cars fit your budget with your essential features. If you have some cash to spare, you could add in some extras until you have your dream car.
Find a trusted dealer
Whilst you may be able to find a bargain on an online marketplace, buying from a private seller does come with risks. If there was an issue with the car then you would have very little legal recourse for a refund.
Buying from a car dealership, whether it is a new or used car, will offer you some protection. You can find trustworthy dealerships by asking friends and family where they got their car from. Failing that, heading to a branded dealership such as Honda or Ford will help reassure you that they are legitimate.
