Buying a car is a huge investment and getting it right first time is essential for people on a budget, especially for college students. You must take into consideration a number of factors before you commit yourself to a monthly payment, or buying a car outright. Remember to check how much insurance you will be charged for the different models and engine sizes available and also take into account the amount of road tax and maintenance you will be paying each year. Here are ten of the most useful tips to use when looking for your first car.
Know your budget
Work out exactly what you can spend before you begin your hunt for a car. No matter whether you plan to buy the car outright, or will be paying monthly, it is important to know exactly how much you can afford. Don’t be tempted to stretch your budget, even if you see a car you absolutely love. Falling behind with the payments can and does lead to people getting the car taken by the bank, or recovered by the dealership for non-payment.
Shop around
It is essential that you don’t buy the first car you find and like. Shopping around a bit can be extremely fruitful, not just because of the fact that you may find the exact same car for less money, or at a reduced monthly payment rate, but also because some dealerships will throw in extras you may otherwise have to pay for. Some dealerships may even be offering free insurance for the first few months, which can help you to save a considerable amount of cash.
Do your research
It’s always a good idea to research into the various cars available before even leaving the house. Searching online can turn up loads of useful facts about fuel consumption, problematic vehicles and dealership perks. You may even find that certain cars are exempt from specific tax requirements.
Check your credit score
Your credit rating will have an effect on the amount of interest you will have to pay and also on the monthly payments required. There are certain ways that you can bump your credit rating up if you have bad, or no credit history. First thing to do would be to acquire a copy of your credit history and sort out any unpaid debts.
Take someone with knowledge
If possible try to take a friend or family member who knows a bit about cars with you. Even better if that person is a mechanic. They might be able to help with negotiations, point out possible flaws, especially if you are buying a second-hand car and might also stop you from making irrational decisions.
Get acquainted with the lingo
Try to get yourself acquainted with some of the words most commonly used by car sales people, otherwise you may find yourself in a position of not fully understanding what they are talking about. Don’t be afraid to ask if you are unsure of what they mean.
Strike a deal
Most car dealership sales persons are willing to negotiate, or haggle over the price. Don’t be afraid to haggle. Many car sales people work on a commission basis and will be more than happy to drop the price a bit to make a sale. If you are still not satisfied with the price offered don’t be afraid to walk away, after all you can always come back at a later date if you don’t find a better deal.
Take a test drive
Always take the car on a test drive before you make any decision. This is especially important if the car is second-hand. Taking the car for a spin around the block will help you decide if you like the space and the general feel of the drive offered.
Check the small print
As with any contract, it is very important to check through the small print. Some unscrupulous sales people will purposely withhold certain bits of information to make the sale. Sometimes the monthly payments will be low for the first few months, but then increase. If this is the case you may find you can no longer afford the payments. If you are in doubt please arrange to speak with a legal professional before signing anything. It may save you a lot of money in the long-run.
What do you need the car for?
Before you attempt to go shopping for a car work out exactly what you need it for. Do you need it to just travel a few miles to college each day? Will you be travelling a long way to visit family and friends on the weekends? These are the types of questions you need to determine before you decide which car will suit your requirements. Travelling long distances can quickly get expensive, what with the ever-increasing cost of fuel. If this is the case for you then choose a car that is quite cheap to run.
