Buying Your First Car: A Guide
Buying your first car is very exciting, however, it can also be stressful and confusing too. There are so many cars to choose from and you need to find the car that is right for you, especially since this is such a major purchase.
So, where do you start when buying your first car?
In this handy guide, we’ll talk you through everything you need to consider when it comes to buying your first car.
New Vs Used
The first thing that you will need to decide is whether you are going to buy a new car or a used car. There are pros and cons to doing both.
A new car should have no issues. It will be covered under the manufacturers’ warranty so if there are any issues with it within the first few years, you’ll be covered. This saves you the need to worry about maintenance costs. The downside to buying a new car is that they don’t hold their value. You can typically expect to lose up to 40% of the value within the first year.
A used car will be much cheaper to buy than a new car. That said, you won’t be the first owner and there may be some maintenance problems that spring up which you’ll have to pay to fix.
Dealer Vs Private Seller
If you are buying a used car, you will need to decide whether you will buy from a private seller or a car dealer. Buying from a car dealer is generally more expensive, however, the car may have had a full service prior to being sold and you have greater security buying your car from a reputable business.
Private sellers, on the other hand, will often sell their cars for less than a dealer may ask. You should always proceed with caution and fully examine any car that you buy anyway, but this is especially true when it comes to private sellers who are not regulated and don’t have to worry about their business reputation.
Factoring All Of The Costs
Buying the car is not the only cost that you need to think about. You will need to factor in the running costs of the vehicle. Before you decide on the car you are buying you should compare car insurance quotes to see how much the vehicle will cost to insure. You should also find out how economical it is in terms of fuel. Road tax is another cost that you may have to factor too.
In addition to the regular running costs, you should also consider that you’ll need to service the vehicle regularly, tyres and brakes will need replacing every couple of years, and then there are the other maintenance costs such as breakdowns and general repairs to think about.
It is important that you research the make and model of car that you are buying. While you may have found it to buy at a bargain price, the running costs and maintenance costs may not be so cheap.