Buying your first car is an exciting moment for every driver. However, choosing the right car is a big decision that can be overwhelming due to the huge range of car types and financing options you can opt for. This article will help you out as a first-time buyer by highlighting some of the most important things to think about when making your decision.
Set a Budget
Unless you have substantial savings, you’ll likely need to take a financing option when buying your first car. Financing might be less necessary if you opt for a low-cost used vehicle with high mileage, but either way, the key thing here is setting a realistic budget. You don’t want to get locked into a contract for monthly payments that you can’t afford to keep up with. Similarly, you probably don’t want to spend all of your hard-earned savings on a car.
When setting a budget, you’ll also want to think about what your credit score is. If you have a poor credit score or if you’ve rarely purchased anything on credit, you’ll likely have to pay higher interest rates. Your options with a bad credit score are to postpone your purchase and improve your credit score in the meantime or pay with cash. If you take the cash option, you’re limited by how much savings you have, which may mean affording only a used vehicle with high mileage that you’ll need to replace after a couple of years. If you try to improve your credit score, focus on paying bills on time and paying down debt.
Clarify Your Needs
There are several classes of car worth considering as a first-time buyer. The most important thing is to buy the type of vehicle that best matches your needs. This is partly a judgment call, but you can also narrow down your choices relatively easily by understanding the main three broad categories of vehicles.
- Sedan — the stereotypical image of the classic car with four doors; suitable for single people, couples, and small families who want a solid day-to-day vehicle. Variations that serve a similar function are the coupe and the hatchback.
- SUV — a roomier class of motor vehicle with higher ground clearance; suitable for large families who need plenty of legroom and cargo space. The crossover SUV and compact crossover SUV are variations on the design but with the same fundamental idea.
- Pickup — a light-duty truck with an enclosed cab and open bay area for cargo. A great choice for tradespeople and anyone else who needs to transport equipment in their vehicle in order to make a living.
New vs. Used
The decision to buy a new or used car mostly depends on your budget. However, there are other factors to think about, too. Choosing a used vehicle means you save money, but it also calls for more research. If you don’t know what to look for in your research, you might end up with a vehicle that has too much mileage, or worse still, a vehicle that doesn’t even function properly. New vehicles help you avoid headaches about the car’s potential condition, but buying new means committing to higher monthly payments for a longer term.
Research Potential Purchases
Regardless of whether you buy new or used, you still need to research the model you plan to buy. First-time car buyers can find a wealth of information online about different car models. Many websites give in-depth model reviews covering important points such as power, performance, cargo room, style, and more. It’s also a good idea to seek out reviews of the models you’re considering that were written by actual buyers because they’ll give you a broader range of opinions on whether the car is suitable for your needs.
Try to build a list of up to five vehicles that meet your needs and have good reviews. From there, you can choose your purchase based on personal preferences or gut instinct. The point is that the list of five cars you compile is based on proper research, so whatever model you opt for is likely to make you happy.
Take a Test Drive
A good option, particularly when buying a brand new car, is to take it out for a test drive. While reading reviews and doing other research can give you a good idea of cars that you’ll like, the truth is you don’t know what a car’s driving experience feels like until you physically get behind the wheel.
There could be things that irritate you about a vehicle that the reviews might have missed. Taking the car for a test drive first ensures you don’t need to commit to buying something you’ll dislike driving. Most dealerships let you test drive new and used cars before buying them.
Read Through the Contract
Having made a budget, decided upon a class of vehicle that meets your needs, and taken your chosen vehicle for a test drive, it’s time to sign the contract. It’s advisable to exercise caution when entering into any contract, which means at the very least thoroughly reading through the contract before signing it. Look out for any extra fees that you’re unclear about and ask the seller about those fees.
Find a Used Car for You in Grand Forks
Equipping yourself with this knowledge about buying your first car should enable you to enter the market with confidence that you’ll make the best purchasing decision. Contact us online, give us a call at 1-701-757-6140, or click the red chat circle to speak with an expert today.
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