There are many young people who prefer not to get themselves into debt simply to have their own transport. But sometimes this can be stressful. Public transport isn’t always reliable and catching lifts with others isn’t the best choice because friends & family aren’t necessarily available when you need them.
So, perhaps now you’re in the market to buy your very first car so you can be independent. There are a few aspects you need to know before making that commitment. Take a look at the following five tips that will help you with your purchase.
1. New Cars vs. Used Cars
A new car loses its value immediately after you drive off with it. New cars will decrease in value between 15% and 25% every year. The rate of depreciation will increase as your car gets older. This means your new vehicle will be worth half of what you initially paid for it after five to six years.
That’s why most people opt to buy used cars. With a second-hand car, you’ll be paying for a vehicle that has already undergone depreciation. Therefore you won’t be dealing with the high price of a new car.
2. Set Your Budget and Pick the Vehicle You Want
There are many businesses that buy and sell cars you might like. All you have to do is set your budget and see what you can afford to pay off at the end of each month. Calculate your cost of living and see what money is left over after all your general expenses. After you’ve established your budget, it’s time to pick the car you want that’s in your price range.
3. Pick a Car that Has All Your Needs
The purpose of purchasing a car is to make your life easier. The convenience of having your own vehicle means not relying on others to give you a lift. However, your car must have all the features you need to make your life even more convenient.
When selecting a car consider the following:
- Is it low on mileage?
- Are the car parts cheap?
- Does it have an AC system?
- Is there space for cargo, luggage or passengers?
- Does it have safety features such as airbags?
Make a list of all the features you need in a car and pick accordingly.
4. Test Drive Before You Buy
Before you can even consider buying the car, it’s crucial that you test drive it. Test driving the vehicle will help you determine if it’s comfortable for you to drive and if the car runs smoothly. Don’t ever make an investment in something if you’re not sure about how it performs.
5. Get Yourself Insured
When you’ve finally purchased your car you must take out an insurance policy on it. This will help keep you covered in the event of an accident or if your car needs a service.
Last Tip: Give it TLC
Having a car is a huge responsibility because they need constant maintenance, so they remain reliable. So make sure you take care of your first car purchase.
Now, happy driving! To read more on topics like this, check out the lifestyle category.