By Jay Khan, December 12, 2018
If you’re thinking of buying a car for the first time ever, congratulations! Getting your own ride is one of the first and most major steps of adult life. Even if you’ve been an adult for some time, getting that first car means new opportunities and certainly much more independence.
Since a car means a large investment as well, you should be sure about getting the best deal for your first car. Check out the tips below to get the car of your dreams.Read the Contract
When you’re buying a car, house, or signing any other kind of contract, remember that this agreement is legal and binding. You don’t want to get roped into anything shady, so make sure to peruse every single word of that contract carefully. There are car listings all over the place, including sites like Craigslist. This site can contain some scammer as well as genuine people. Even physical car dealerships can be a bit suspicious, so be careful where you tread. Once your signature is on the paper, there’s not much you can do to reverse the deal. Car salesmen might include features like tire insurance or extended warranties in your agreement even after you’ve declined them. These could hike up the final price, so read everything at least twice before you put pen to paper.Go For Used Options
If you’re a recent grad or still a college student, don’t get pressured into buying a new car just yet. Unless you’re rolling in cash, you likely need to save as much money as possible. If you choose to blow most of your savings on a new car, that’s not even a wise investment for the future. Unfortunately, the value of a brand-new car drops by 11% the minute you drive off in it. What’s more, it isn’t going to be worth more than around a third of its cost in about five years. By that time, you’d probably be moving on to a new phase of your life and want to sell the car, thus losing a good chunk of your money. Instead, you can also go for a used car that’s around five years old. This way, you still get some of the latest safety and tech features without breaking the bank.Avoid Leases
Leasing a car may sound like an attractive option, especially when it means you can get a really expensive model. However, don’t get stuck into this deal by the salesman. Leasing only means that you may have to pay a lower cost per month, but are also responsible for the repair and maintenance. If you return the car damaged or with more mileage than allowed, there could be extra fees. After you’ve spent so much on your car, you’ll still have nothing to show after the lease is up. You should only go for leasing if you require the car for a few years and the mileage is deducted for business expenses.Test Drive
It doesn’t matter if you’re buying a car from a friend, an acquaintance, or a dealership. You need to know how the vehicle will run when you’re behind the wheel. Take it out first, crank up the radio, fiddle with the controls, and try out some bumpy roads. If the car passes your personal test, you may shortlist it. You should also refer to a Driving Guide for more information about what to look for when test driving.Inspect The Car
If you’re interested in buying a used car, get a reliable mechanic to check it out. If the dealership wouldn’t let you do that, run away! This is a huge red flag, meaning that they aren’t honest in their dealings. You don’t want a lemon on your hand, so try buying your car from some other, more transparent organization.Don’t Rush
Buying your first car is a milestone, so don’t let it be a purchase you regret. Acquiring a reasonable vehicle that’ll make you happy in every way requires patience and surveying. Therefore, you should spare ample time for the research instead of finalizing the car in one go.
