Are you worried about the cost of your first car? Here are some of the best ways that you can save a fantastic amount of money.
Buy Used The Right Way
Financial experts agree that it’s never a smart decision to buy a car brand new. It doesn’t matter how much money you make, so your first car definitely shouldn’t be straight out of the factory. Instead, you should opt for a used vehicle. By doing this, you can avoid the depreciation disaster. A car is always going to depreciate fast but you’ll lose more on a new vehicle.
With a used car, you’ll pay less at the start and therefore less overall. You can also make sure that you get a better car than you typically would be able to afford that’s just as reliable. For instance, theoretically, you could buy a Merc. These are well known for being both reliable and durable even after they hit the ten-year mark.
The only thing you have to be wary of when purchasing a used vehicle is that you don’t end up with a dud. A dud is a car with a whole host of problems that lead to expensive repairs and fixes that you will need to handle yourself. You can avoid this by completing some basic checks. First, do make sure that you are taking the car for a test drive. When you drive the car check to see whether any crucial parts have been replaced.
The pedals being replaced is a clear sign that the vehicle has seen some hard times. Make sure that the details provided are correct too. A good example here would be the mileage. On average a car should have ten thousand miles every year. Be wary of any car that has significantly less than this when you purchase it.
Don’t Go Crazy With Power
It can be incredibly tempting to opt for a super fast car with a powerful engine for your first vehicle. After all, you do want to have some fun on the roads. However, there are a few reasons why this isn’t a smart move. The first is to do with the running costs of the car. A vehicle like this will almost always have more expensive costs to run and we’re not just talking about fuel.
Although you can bet that a car with a big engine is going to be a gas guzzler too. There’s also evidence that suggests that sports cars and larger vehicles gain more attention on the roads. As such, it’s possible that you will be more at risk of getting hit with a speeding ticket. That’s probably the last thing you want.
There’s the issue with insuring the car too. We’re going to explore insurance in more detail further down. For now, though, it’s worth being aware that insurance is going to be heavier for a sports car or one with a larger engine. If you want to cut the cost, do make sure that you opt for a gentler ride rather than one that is going to knock your socks off.
There are various options when it comes to the type of car you can buy and one consideration is how green you want your vehicle to be. For example, are you going to opt for the typical diesel or petrol car? Or, do you want to do one better and choose a hybrid?
Because hybrids use a mixture of gas and electricity to run, it is a lot cleaner for the environment if you choose one of these options. There is a good range of vehicles that you can choose from that are hybrids and as an added bonus for saving the environment, the first year of road tax for these cars is significantly cheaper than others on the market.
Or, you could go even further with this and purchase an electric car. You have probably seen the charging ports around when you have been out shopping and that’s because these cars depend solely on electricity to run.
Buying one of these cars such as the Nissan Leaf is the best option if you are concerned about the environment. Not only is the car not using any fuel which means it isn’t contributing to the pollution problem we have at the moment, but you will also find that these are cheaper to run!
Learn The Haggle
When you step foot into a dealer, there are usually going to be prices on the car. However, 9 times out of 10 you will find that if you are skilled at negotiating, this price can come down quite significantly. You need to know what you are doing here so be prepared to haggle before you come.
One of the things that you need to remember is that you should never put your final offer forward first. You want to start with a baseline that you know they are never going to agree to so that you can slowly work your way up while they are bringing their price down. This way, you can happily meet in the middle at a number that suits you both.
Haggling is not always easy, and some dealers won’t allow you to do this but if you don’t try you are never going to get the best price for the vehicle. If you don’t think that you are cut out for this and that you are going to cave the second it gets a little bit heated, then you should consider taking someone with you who has been through this before. By doing this, you know that someone with experience is on your side and that you will come out with a number that works for everyone.
Insurance is always going to be a crucial consideration when you buy a car. You need to make sure that you are opting for the cheapest possibility on the market. Sometimes getting the best insurance rates are going to be a matter of taking a look around the market. But you also need to think about the car as well.
Believe it or not, there are quite a few factors that can change the insurance of a vehicle. Did you know the color can impact the cost here? This is absolutely true and if you buy a red car you could end up paying a lot more than you bargained for. There are also some great ways to save.
If you are a sensible driver and you constantly obey the laws of the road, then do make sure that you think about black box insurance. This will mean that your driving is monitored but you’ll always get a cheaper deal.
Don’t Forget Tax
Buying a vehicle is an exciting time, but you need to remember that the number on the car is not going to be the final amount that you pay. It is not like you pay the dealer for the car and then you can drive it straight away.
You need to take into consideration that you are going to have to pay road tax and the amount you will pay will depend on which car you have purchased. That is why you need to do your research into the different vehicles before you head out to buy one and if you do find one you like, check how much taxing it is going to cost you before you make the final offer.
Hopefully, now, you see some of the ways that you can cut the cost of buying your first car! Good luck, and we hope that you end up with a car that you love, with a price you adore.