4 things to consider before buying your first vehicle

If you are thinking of buying your first car, then you are probably very excited at the idea of having a little run-around of your own. You will no longer have to rely on public transport or help from friends and family when you need to be collected or dropped off, and so you will feel a lot more independent.

Before you take the plunge, there are some things you need to think about, so you can be sure that you are buying a vehicle that is perfect for you. Here are 4 things to consider before buying your first vehicle.

What is your budget?

Car prices vary substantially depending upon the make, model, age, and type, so, before doing anything else, you need to determine how much you want to spend.

Cars depreciate pretty quickly, so although it’s worth buying the best you can afford, it doesn’t make sense to push yourself to the brim and end up in a lot of debt. Be realistic and try not to deviate too much from the original budget you decided on.

Shop around for insurance

One of the best ways to compare insurance prices is to use a comparison site. They include policies from some of the best auto insurance companies around, so you should be able to find a deal that is right for you.

Check whether the policy is fully comprehensive or third-party cover, and review the compulsory and voluntary excess figures stated. They vary from company to company and could make a big difference to your finances in the event of a claim.

How will you finance your purchase?

If you don’t have a lump sum set aside for the purchase of your new car, you need to establish how you intend to finance it. You may be eligible for car finance but be sure to check the APR offered as it can be hefty and will substantially add to the final cost of the vehicle.

Borrowing money from your parents or other family members isn’t ideal, but given how much you might save in interest payments, it might be worth asking the question.

Private purchase or dealership?

There are pros and cons for both of these, so you need to figure out which you believe to be the best for your situation. If someone you know is a car enthusiast who will inspect a vehicle on your behalf, then buying from a private seller might be a good idea. They are usually cheaper than purchasing from a dealership, but you don’t get the same guarantees about the vehicle’s condition.

A dealership will usually charge a bit more but will typically offer some form of warranty on the vehicle, so you must weigh up both options before deciding which is right for you.

Conclusion

Buying your first car is a huge thing, but with a bit of planning and some research, you should find a vehicle that suits your needs to a tee.