Tips for the first time car buyer

Posted on Updated on

eharperfinanceBuying your first car, can be filled with a lot of uncertainty. Investing in a car is a big responsibility and it is important you get it right the first time. Here are a few tips to help with the process.

Establish your budget – You should first know how much you can afford monthly, for your car loan. Start with looking at your cost of living, which should include food, accommodation, entertainment, fuel, car insurance etc.

Transportation needs – Figure out what your main transportation needs are and what you will need to transport. If you are using your car for travelling to uni and work on most days, you could opt for a 2 door hatchback.

Prioritize your wants – Your first time car, will not be your only car. Therefore, invest in a car that fits your needs now. Try to stay away from the expensive models with the pricey extras.

Research – Do your research on models you intend to buy. Online research is quite extensive and would give you a good idea of the pros and cons of the car you intend to buy.

Find a dealer – Locate a dealership and speak to a sales person. Find out what models are available within your price range.

Test drive – Take your car for a test drive. This is a great way to get a feel of the car and identify any features you might want added.

Price – Look at the Kelley blue book fair purchase price. This will give you an accurate idea of what you should be paying for your car in your area. You could also speak to a credit union separately or at the dealership.