Did you know that the average new car costs around $40,000?
Unfortunately, the cost isn’t the only factor to consider when buying your first car. The automotive industry can seem confusing, and many people don’t know what to look for when purchasing a vehicle.
This can lead to disastrous mistakes, money loss, and potentially dangerous situations. As a first time car buyer, it’s worth having a checklist to help you make sure you buy the best car within your price range; that’s where this helpful guide comes in!
Read on to find out more.
Is It Legal?
When buying a car, the first thing you need to consider is whether you can legally drive it. A standard driving test (for which you can revise here: https://www.drivingtest.ca/) will cover you for road-worthy cars. However, you’ll need additional training if you want to drive larger vehicles.
You also need to check that the car meets legal requirements and has the appropriate check-ups.
Is It Suitable for Your Needs?
Next, think about what you’ll be using your car for. If you only anticipate short journeys, a smaller and cheaper car may be appropriate. However, if you have a long commute, you should prioritize comfort and reliability.
Additionally, take the climate into account. If you live in an area that has extreme weather conditions, choose a vehicle that’ll be able to handle it.
Is It a Fair Price?
Everyone loves a bargain; however, don’t buy the cheapest car you can find. Cheap cars typically have hidden problems and are highly unreliable. Although you’ll save on the initial costs, you’ll pay more in upkeep costs.
This doesn’t mean you need to break the bank with your purchase; if you buy a new car, it’ll be very expensive. Simply buying a second-hand car that’s in good condition will save you thousands.
Can You Afford Ongoing Costs?
Finally, remember that vehicle ownership is an ongoing cost. You’ll need to pay insurance, taxes, servicing, tire replacements, gas, and more.
However, some types of cars are much more expensive to maintain. If you’re looking for a vehicle that won’t drain your bank account, opt for something smaller with low emissions.
If you can purchase an electric car, you’ll notice it’s significantly cheaper to run as you’ll never have to shell out for gas (and you’ll be doing your part to help the environment). However, typically you will pay a slightly higher upfront cost for an electric car.
Be a Smart First Time Car Buyer
That’s everything you need to know to be a smart first time car buyer and ensure you get your perfect vehicle. Although it can be tempting to buy the first car you see, don’t fall into this trap.
Make sure you do thorough research first and follow this checklist guide for extra pointers.
Did you find this article helpful? If so, make sure to check out our other posts for all things auto, finance, budgeting, and more!