We all remember the experience of buying our first car. It’s often an exciting and somewhat confusing journey. Some of us saved up for months, some of us were able to get financing, and some of us got a little help from our parents. No matter how your first car buying experience is funded it’s guaranteed to be a memorable experience.
For many people, their first car is also their first large purchase. It might be the biggest investment they make until they decide to purchase a home. It makes sense that you want to be careful with your decision so that you don’t lose money on an overpriced vehicle. That’s why we’ve created this outline to help first-time car buyers on this important journey.
Start With a Budget
Having a budget is an important part of any large financial investment. Without a firm budget, you can easily be swayed into paying more for a vehicle than it’s worth. If you respect your budget, then you will have a strong advantage when negotiating. There will always be other options if a particular vehicle remains just outside your threshold.
Budgeting doesn’t only apply to short-term expenses. You also need to consider the ongoing costs associated with operating the vehicle. Some of these costs include:
- Fuel Expenses: Every vehicle needs fuel to operate. The kind of fuel recommended and the fuel efficiency of the vehicle are going to heavily influence operating costs.
- Insurance: Every vehicle also requires car insurance. New drivers often face higher car insurance rates than experienced drivers.
- Taxes: Most vehicles require annual taxes, though some vehicles are classified as exempt.
Where to Look for Your New Car
Finding a car thirty years ago required a lot more footwork and in-person negotiating. The landscape has changed dramatically during the digital era. Now, you can even find the best deals on Alfa Romeo 156 with just a few taps on your smartphone. You can now easily visit dozens of dealerships in your local area without stepping outside your door. You can compare dealership reviews, view vehicle history reports, and find a vehicle that fits any budget.
Not only can the internet connection you with dealerships, but it also makes it much easier to find private sellers. Popular websites like AutoTrader make it easier for buyers and sellers to find each other.
Inspect Every Vehicle
Most first-time car buyers are purchasing used vehicles. If you’re purchasing a new car, then you will be protected by local statutes and product warranties. Your vehicle is guaranteed to be in new, working order or it can be easily replaced. Even so, you should still take a moment to inspect the vehicle before driving it off the lot. There may be a hidden dent or blemish that the dealership is hiding.
You won’t always have the same protection when purchasing a used vehicle. This is particularly true if you decide to make your first purchase from a private seller. Private sellers are not held to the same standards and regulations as a dealership. You may not have any option for returning the vehicle so you should inspect it fully and carefully before finalizing the purchase.
Used car dealerships are held to higher standards and most of them have their vehicles inspected before putting them on the lot. It’s a good idea to look for a dealership that is a part of a trade association. These partnerships force them to meet certain quality standards and practices that are beneficial to the buyer.
Used cars sold by dealerships are required to be legal to drive, able to perform their intended function, and of a satisfactory level of quality. They must also exactly match any features or descriptions listed in an advertisement for the vehicle. However, they are not responsible for any damage you cause to the vehicle during or after the purchase.
