Purchasing your first car can be a very exciting experience, but a bit intimidating too. When you see the almost endless options in front of you, it is easy to just get overwhelmed, understandably so.
Luckily, once you have learned a few basics, and know what pitfalls to watch out for, and what some green flags are, the process can get a whole lot less complicated and much more enjoyable, where you can take your time and examine your options.
Your very own first car is rather special after all, so you want to make sure you make the right decisions, and this little guide will help you make those decisions.
Your Lifestyle
One of the first things you want to consider is your own lifestyle. Do you have or are you starting a family? Do you like to take road trips or go camping quite regularly?
If yes, then purchasing a sports car with no back seat probably is not the best decision, as your car is a tool first and foremost, intended to make your life easier, which means your lifestyle is a huge factor, so consider what it entails.
Decide what three factors in a car matter most to you, and then narrow your choices down from there, using things like auto journals, car comparison tools, and, of course, online resources to find information.
Once you have a certain car in mind, start researching its capabilities and related vehicle maintenance costs, so if a car meets your lifestyle, but not your financial needs or capabilities, it may not be the optimal choice. As with most things, it is about finding a balance between all these different aspects.
New or Used
Another vital factor you want to have locked down early on in the process is whether you want a brand-new or used car. It is very tempting to just get a brand-new car, and if you can afford it, absolutely go for it, but historically speaking, one of the best methods to get a great deal on a great car is to buy a slightly used vehicle with 2 to 3 years’ worth of miles on it.
It is best that you do some research and see what other people have done and what worked out well for them, like Honda value retention, for example, which is one of the brand’s most promising and popular “bonuses,” as their cars are very good quality, sturdy and reliable, which means their resale value stays consistent and attractive over time, unlike other brands where their price can just plummet after some years of use.
If you decide to buy a used car, just be aware that you need to be a lot more careful and thorough than when you are just buying a new one off the lot.
Affordability
There are plenty of options out there for how to finance a vehicle, but the most important one is affordability, that you know what you can afford. Finance experts recommend avoiding spending more than 10-15% of your “take-home pay” on a new car.
If you have a good amount saved up, you may be able to stretch your budget a bit further, but again, do not overshoot it, because maintenance costs, fuel, insurance, and other side expenses you are not immediately aware of all build up to.
The “Talking Stage”
You probably would not marry someone without having gotten to know them a little first, and it is pretty similar to buying a car too.
Just purchasing a car on a whim without knowing much about it or its history is a big mistake, so if you have found a car that strikes your fancy, do some research into it and its history, read what other people’s experiences with it have been like, and its pros and cons. If all seems good, it is time to take it for a test drive.
This part is crucial, absolutely do not buy a car, new or used, without having taken it for a test drive first, to see how it handles, how you feel driving it, whether any apparent issues need to be fixed, and whether this really is a car you can and want to see yourself driving for at least the next few years.
You won’t know any of these if you do not take it for a spin, so make sure you do so.
Nowadays, with the wealth of information and help available right at our fingertips, through the internet and such, it has become increasingly easier to inform yourself and make a purchasing decision, and this is just as true for buying a new car.