If you’re buying a new car for the first time, there are certainly several considerations to make to ensure you’re making the right decision. In this guide, we’ll take a look at what considerations you’ll need to make when buying a car for the very first time.
Key tips for first-time car buyers
There are plenty of tips that experienced car buyers would share when it comes to picking a car for the first time.
Establish a total budget
First and foremost, you should be budgeting for more than just the purchase price. It should ideally include the insurance costs, which will be higher at first for new drivers, tax, servicing, and fuel.
It’s worth using the 20/4/10 rule: put a 20% deposit down, take out a max of 4 years on financing, and 10% of your income at most should go toward car ownership and running costs.
Research and compare
It’s a good idea to use sites that compare car makes and models. There’s a lot to choose from, and so it’s worth researching and comparing the various options available. Whether you buy through a car dealership online or you buy privately, researching and making comparisons is important.
You want to ensure that the car you’re buying is not too expensive compared to other options on the market. Every car, though, will vary in cost, so it’s important to think about it carefully.
Prioritize insurance costs
Insurance costs are something you’ll need to consider carefully, especially when you’re buying as a first-time driver. It’s expected that you’ll be faced with higher prices initially, but these will come down over time.
Check insurance groups before settling on a car, especially as different cars will warrant more expensive insurance.
Get pre-approved financing
Pre-approved financing is important to acquire, so it’s good to have this in place before you shop for a new car. Knowing your credit score is helpful, and if it needs improving, be sure to improve it before you buy your next car.
Securing a loan from a bank or credit union before visiting a dealership is ideal to avoid high interest rates.
Test drive thoroughly
Testing the car at high speeds and checking for unusual noises are just some of the things to pay attention to when it comes to test-driving the car.
Don’t rush the process, especially when testing driving the car, because you want to make sure it drives well for you and you’re 100% happy with it before committing to it.
Don’t forget to check for vehicle history and documents
Finally, it’s worthwhile to check the service history of the car, making sure it’s complete and that the log book also matches the car.
Be sure to check what warranty is covered with the car, and make sure to get all the deal terms in writing.
Buying a new car is exciting, but you want to take it seriously to ensure you purchase the right vehicle.
*contributed post*
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