Recently passed your driving test? Congratulations! This is a huge accomplishment and one which will give you an enormous amount of freedom and independence. When shopping for your first car, you will want to take the time to find one that is just right, but this can be challenging and daunting with so much to choose from.
With this in mind, here are a few tips for buying your first vehicle:
You might want to splash the cash on the most expensive vehicle that you can afford, but it is vital that you remember there are numerous running costs to consider and there is no point in having a cool looking car if you can’t afford to keep it on the road. When establishing a budget, always remember to factor in insurance (which will be high for a young driver), road tax, fuel and maintenance costs.
Used or New
Opting to buy used is the best choice as this will cost less and you will get more for your money. Many people want to purchase a brand new car, but the truth is that this is usually not worth the money and you must also think about depreciation – you could lose a huge sum if you sell the car after a few years.
A great budget-friendly way to get behind the wheel of your first vehicle is to take out a car finance deal from somewhere like AA Cars. Instead of having to cough up a huge amount upfront, car finance deals involve paying a deposit and subsequent monthly payments over a pre-agreed term. This can make it much easier to manage your finances, but you will need a good credit history for this (alternatively, a parent may be able to co-sign for you).
As mentioned, insurance can be a huge expense for young drivers. There are a few different ways that you can reduce your premium, but one of the best is to find a car that is cheap to insure. These will be small vehicles which are not particularly powerful, but there are a handful of cool cars that are cheap to insure. A few examples include the Toyota Aygo, the Citroen C1 and the Peugeot 107.
Buying your first car is an incredibly exciting purchase and one which you will never forget, but it can also be daunting with such variety and various costs involved. The above should help any teen to find what they are looking for and at an affordable price.