Buying your first car is a big step. For many, it is the first big investment that they will make in their lives, and it comes with a massive amount of responsibility. That is why you don’t want to just go to a dealership and come back with whatever the salesman sells to you.
You want to know what you are getting, and you want to know that it will work for your needs and your budget. Here is a quick guide to get you started (and on the right track) to buying your first car:
- Know Your Budget
This is, and should always be, your first step. You need to be fully aware of the money you can realistically afford to pay for your car. Whether you have a 100% loan or have saved for a down payment to reduce monthly repayments, you do not want the purchase of your car to adversely affect your lifestyle.
Putting a larger down payment is always better. Though longer financing options reduces how much you need to pay per month, it also hikes up how much you pay overall. This means that you could be paying over 20% of what was on the price tag. Shorter financing options save you money, and let you pay off your debt faster.
- Used is a Great Option
Although there is an appeal for buying a new car, first time buyers should always opt for used. Used does not mean beaten up, nor does it mean excessively high mileage. Used cars can be anything from last year’s model to a few years ago. Buy used cars for sale from a dealership to make sure that you are getting a good car. There is a lot to think and know about buying a used car directly from the previous owner. Protect yourself and make sure you have a sound investment by going to a dealership.
- Research Beforehand
Know what you want before you go to a dealership. Not only will you be able to get a model that meets your requirements, you can also know ahead of time what the value of that car is. Knowing the value of anything is the only way to properly negotiate. You can negotiate the total price of the car and the monthly repayment plans. Know your stuff before you go, and you’ll be golden.
Getting a new car can be exciting. Don’t let that excitement blind you on your purchase. There are pros and cons to every vehicle. The newer the car, the more advanced the safety features will be. If you buy from a dealership you can be assured of the quality of the car as opposed to buying directly from an owner. How far you want to go, what you want to do with the car, what you want to spend on the car will all depend on the kind of car you should get. Being patient and doing research beforehand is how you’ll find the car for you.