There are few things more exciting than purchasing a brand new car - specifically, your very first car. However, it can be easy to get swept up by the excitement and go for the first thing that you see. While just about everyone is fond of their very first vehicle, it would be a good idea to take steps to ensure that you do not regret your decision. Here are just a few essential tips when buying your first car!
Look into pre-financing before the big purchase:
While it is possible to get financing from the dealership, it is not typically a good idea. After all, when you consider banks as well as credit unions, the funding you can get from the dealership usually has much higher interest rates. A little bit of research on car loan rates would be a good idea, as well as considering services such as loanonyourcar.com in case you are in need of quick cash in the future. While some might not think that researching financing is essential, it is an excellent way to save a substantial amount of money.
New and used cars can have their pros and cons:
While purchasing your first vehicle might mean that you are inclined toward purchasing brand new, the used car market has plenty to offer. For example, while brand new cars have an excellent selection, it will never be quite as good as the used car showcase as it has plenty of models that are no longer in production. Those who might have had their eyes on a classic model will have no choice but to look into used cars, which is not a bad thing. Depending on the dealership, you could end up shopping for a used car that has had many of its fundamental flaws improved or repaired.
As if that was not enough, the price difference between used and new is night and day, which will undoubtedly steer the decision of many.
The extended warranty is not as essential as you might think:
In most cases, the manufacturer’s warranty is more than enough for your first car. Most dealerships will try to sell an extended warranty, but apart from being quite expensive, it does not cover most mechanical costs. Even if you are currently looking for used cars, they will likely still come with their manufacturer’s warranty intact. If your purchase has anything to do with a car loan, the extended warranty will only end up making things much worse. Avoid the extended car warranty as the manufacturer’s warranty is enough.
Aside from finding the car of your dreams, it is also vital to consider the price of the car, as well as all of the options open to you. It would be a shame to make a purchase, only to realise that you could have saved a substantial amount if you had followed the essential tips above!