For most people, buying a new car is a significant part of their life. We live in a world where financial status means everything. So, what car you own says a lot about you. Lots of young adult’s travel by public transportation, while others use their family car. If you’ve recently got your driving license and plan on buying your very first car, we’ve got some recommendations for you so that your first experience behind the wheel is a successful one.
Buying your first car is an important and unique event in life. People either use their savings or apply for a loan to purchase their vehicle, it’s certainly an experience you’re going to always remember. For this reason, it’s important that you make the right decision. To help you decide easily towards your next vehicle, read the following tips carefully.
Reflect on your goals
Whether you plan on spending $1,000 or $3,000 on a new car, it is best to first pause and reflect on what you wish most. Follow your dream lines and consider your necessities. For example, if your goals are to enjoy the summer weekends traveling with your friends, then focus on ensuring it happens. Obviously, your first priority is to focus on quality, cost of ownership, and reliability. But this doesn’t mean you should put aside your dreams.
Buying your first care can be exciting, but you have a lot to consider. Therefore, you should plan ahead to make the process easier. And also, ensure you get the best car for you. But for this you have to be honest about your needs! Do you need a car for traveling to work every day? Or just for weekend adventures? Also, consider the weather conditions in your area. Is it rainy, snowy or hot? Please take your time to evaluate your lifestyle and do good research to learn the different features and options your next car has.
Consider your budget
Another important thing to do is to think about your budget and financing. This will include the price of the car, but not only – maintenance, repairs, parking, and gas should also be put on the list. So, when it comes to financing your next car purchase, it’s best to consider a budget and stick to it. Obviously, there will be temptations, such as adding many features to your next vehicle. But you should be aware that this will influence the cost of the car. In this case of scenario, two things can happen:
You will either buy a much more expensive car than you’ve planned, (and also do a lot of sacrifices to obtain it), or you’ll end up disappointed with your choice because it’s not the car you fell in love with irretrievably. As mentioned already, not only the price of the vehicle matters most, but also the costs in the long-term. This includes:
- Insurance – the prices can range, but it’s usually a bit pricier for young adults under 25 years old.
- Maintenance costs – for example, the tires must be occasionally replaced due to legal and safety reasons.
- Fuel – Remember, some cars can be easier to buy, but expensive to maintain in the long run. Two cars can have the same price, but one can depreciate faster and thus, it will cost more to maintain and insure it.
New or used car?
Experience is gained over time, so it’s recommended to buy a used car in your first months of driving. It’s expected that you make some mistakes, so buying a used car is the best option right now. Of course, the “don’t buy a new car” financial guidance doesn’t fit everyone’s needs. Your decision completely depends on your lifestyle, financial situation, and preferences. You must feel 100% comfortable about your decision, as this will stay with you for years. You also need to feel safe knowing that you choose a reliable vehicle with the right features.
We can’t deny the appeal a brand-new car gives you. The shiny paint, clean interior, and the new-car smell. Needless to say, your friends and family are going to be thrilled when they first see it. Plus, you don’t get to complain as much as you do when buying a used car. The advantage of buying a new car is obvious, because it’s new, so you won’t have to worry about how the previous owner treated it. Depending on what car you choose and how fancy it is, it shows people around how great you’re doing in life.
Let’s say you’re going to a Lincoln dealership near Dallas and choose a 2020 Lincoln Navigator Black Label SUV. You won’t have to bring it to a mechanic and evaluate its condition. It’s a brand-new car, and new cars come with advanced technology, such as safety features, comfort, better gas mileage, etc. However, along with advantages also come disadvantages. The biggest drawback of buying a new car is, of course, depreciation.
It’s already common that a car loses its value up to 20% in a short time. It means that if you spend $20,000 on a car, drive it for a year, for example, and try to sell it, you’ll only be getting around $12,000 for it. But not all cars depreciate at the same rate. But you can search online and find out how much the type of car you want depreciates.
Choosing the car of your dreams
Don’t forget to consider your lifestyle and future before purchasing a car. Do you want a mix of luxury and tech car to impress those around you, or a vehicle that can carry lots of passengers? Also, if a new car doesn’t fit your budget, you might want to consider a used car instead. It’s also a good idea to read ratings and reviews about the models and brands you like most so you can compare prices and finally make a decision.
