Choosing your first car should be based on what you want, and what you need, and this experience can be overwhelming for many people. Unfortunately, a significant portion of first-time car owners have regrets or are not satisfied with their purchase because it is made out of impulse. However, buying a car needs more research and planning for you to get the most out of your money. So here are some helpful tips to guide you in making the right decision when buying your first car.
Make sure that the cost of your car falls within your budget because the last thing that you want to happen is to get stuck paying for a car loan for three to five years and not use your salary for other things. Many car owners are trapped in the situation where they are forced to make significant changes to their lifestyle, so they are able to afford to pay for the car, leaving them with little money to spend on other things. It is essential for you to set realistic expectations so you will not end up making poor financial decisions that can get you in trouble once things start going out of control.
It would help to plan your budget by knowing how much your initial down payment would be as well as the monthly amortisation if you are acquiring your car on an instalment basis. However, it would be best if you can afford to pay in cash, so there is no need for you to worry about interest rates.
The majority of brand new cars come with auto insurance, and you can find motor trade insurance by asking your dealership or car sales agent to provide you with several quotations. Most cars have free insurance that is good for one year, and it is advisable that you should renew it for the succeeding years. Do not take your insurance policy for granted because it can save you from significant financial loss in case you get involved in a severe accident on the road. It would be helpful if you are knowledgeable about your policy so you can maximise your annual premiums in times of need.
Choose the best vehicle for you
If you are now ready with your budget, then you can proceed with looking for the best car that suits your daily lifestyle and your personality. You may choose a small car, a standard sized saloon, an AUV or SUV if you love spending time outdoors.
Most first-time customers would usually settle for a hatchback or saloon because of its affordable price point and fuel efficiency. A car is a perfect choice for a small family of three or four persons. Also, when buying a car, do not forget to consider its safety and security features such as front and back SRS airbags, ISOFIX, Anti-theft alarm and an automatic braking system.
Remember that you should choose your first car carefully and do not forget to weigh your options before making a decision.