5 tips for young first time car buyers
For teenagers around the world, money earned from their first job is money earmarked for their first car. Teenagers though, don’t earn a lot of money, meaning their first car will be a relatively challenging purchase, regardless of its make and model. With so much on the line, first-time car buyers need to be savvy.
Research Insurance
Before you decide which car to buy, do some research into the cost of insurance. For young drivers looking to buy their first car, insurance can be extremely expensive. What’s more, insurance rates vary depending on the type of vehicle purchased. By researching the different rates available for different models and vehicle ages, a young driver can plan out their purchase and make the best decision for his lifestyle.
Research Features
By features, we don’t mean whether having Wi-Fi in the car is a must-have or a nice-to-have; we mean research the mechanical and safety features of various vehicles. Do you absolutely need automatic transmission? Is four-wheel drive optional or essential? How important are side airbags? By looking into available options for each vehicle, you’ll be able to narrow down the type of car you want. One of the best tips for first time car buyer is to make sure you purchase a vehicle that meets your current, not future, needs. Just sift through what's available and decide what is necessary, and what is not.
Set a Budget
Chances are high that anyone looking to buy their first car will not have unlimited funds. Because budgets are limited and life is expensive, another one of the ultimate tips for first time car buyer is to set a budget before the car shopping begins. If payments are in your future, use a loan calculator to determine how much you can borrow at the prevailing interest rate. If you want to pay cash, decide how much of your savings you’re willing to spend on a vehicle, or how much more you’ll need to save to get your dream vehicle. Don’t forget to include applicable taxes, registration fees and insurance costs!
Consider a Used Car
Used cars are significantly cheaper than new cars. Plus, first time car buyers are likely inexperienced drivers, so heading out in an inexpensive ride is a good idea. If the unfortunate should happen, it hurts a little less to have to repair an old car than it does to repair a new car. What’s more, if the car is already filled with scratches and bumps, chances are you won’t notice another one.
Shop Around
Armed with your research and budget, it’s time for the first time car buyer to go car shopping. Thankfully, the internet has made life pretty easy for first time car buyers. Today, shoppers can search on dozens of websites to find the perfect make, model, mileage, etc. for them. No more visiting multiple car dealerships and talking to car salesmen!
Once you’ve found the right car, head to the car lot to give it a test drive. Don’t buy a car you haven’t test driven – even if the salesperson promises it’s identical to one you’ve tested.
And try not to be hasty. The time of year or the time of month can heavily impact the cost of a vehicle.
First time car buyers have a stressful task ahead of them – in many case they will need to make the first large purchase of their life, a decision that will affect them every day for the next few years. By conducting extensive research, setting a budget and considering a used car, these four tips for first time car buyer can feel confident in their shopping abilities when they head to the car lot to test drive their new ride.