Buying a car is the most precious moment for any individual. It is a milestone that one plan and works to achieve it. Thus, there is no other car like your first car. Apart from giving you freedom, it packs small happiness and moments with your loved ones. It’s an emotion. Thus, you must be considerate about buying your very first car. Research the prospects before finalising the car. It is indeed a long process requiring improvisation, future goals and budget.
If you, too, want to buy your first car but are a little nervous about it, the blog may help. It lists easy ways to purchase your first car. Around 87% of individuals miss certain aspects and get an unfair deal or dissatisfaction. If you want to avoid that, read ahead.
How to purchase your first car without trouble?
There are a few paths that you must tread to buy your first car. The preferences and goals may differ according to the student and expert driver. For example, young drivers with complete learning and license processes would like to buy a new car.
While the experienced ones with limited cash to spare may like to go for a used one. Numerous examples counter different requirements and dreams while buying a car. However, regardless of the decision, you must check a few aspects before driving your new car home.
1) Work out a budget for the new car
The very first thing to work out is the budget you have for the car. Begin by analysing your favourite car quotes and financing options; you will know the amount you must save. Additionally, factor in the inflation and other costs if you want to buy it by the year-end. It would help you budget for a flexible amount.
Apart from inflation, costs like deposit, insurance cover, taxation, and registration also decide the cost of the car. Calculate these costs and analyse the approx. amount you must save. Doing so will help you avoid the last-minute hassle.
2) Pay down existing debts
For budgeting elegantly, you should analyse the troublesome debts that may obstruct the dream path. For example, tackle these first if you have too many pending debts like payday, short-term loan debt, student loan debt, credit card debt or overdrafts. It is essential as car finance companies mandate a stellar credit history for an affordable loan.
If you can reduce some liabilities off your shoulders, it will help you in the long run. Moreover, if you still have a year to buy your first car, you can maintain debt within that period and work on improving your financial stability.
Some individuals do not want to wait and pay the dues quickly. If this is you, debt consolidation loans for bad credit in the UK marketplace can help you. It is the fastest way to get rid of debt and improve financial stability. You can merge your costly debts into one payment and reduce your interest costs and monthly payments. If this arrangement finds you well, you can clear debts easily.
3) Research the car variants
Finalising the car is just the beginning. Research all the variants available within your favourite car range. You can compare and fix the best car variant by analysing the following things:
- Analyse the engine size and the available fuel options
- Check the price of different variants- including 3 and 5 versions
- Analyse the customers and press reviews
- Check the additional and standard features and technology
- Compare the prices and specifications for similar variants
Analysing these aspects would help you finalise the right car type. It would grant you assurance of the decision to buy a particular car.
4) Shop around for the best insurance cover
What is the best time to buy the insurance cover for your car? If you believe after the car purchase, then you may be wrong. You must research the best options and finalise one before buying the car. Experts believe it is better to understand insurance coverage before buying a car.
It is because buying a car becomes effortless. When you have the best insurance coverage ready for you, you can get it on the next day of getting the new car home. Yes, it gets that easy, then.
However, be mindful of the fact that different car models share different insurance covers and amounts. Generally, the cheapest cars to insure are modest models with powerful engines and low repair costs. So, insuring a used vehicle may prove a bit costly here.
You can identify whether your car is cheap or expensive to insure by analysing the car number chart. It lists numbers 1-50, with 1 being the cheapest to insure and the 50th the most expensive one. However, apart from the car condition, the insurance provider analyses other aspects like- your residential place, designation, etc. So, keep the necessary information and supported proofs ready.
You can ask the insurance company for a quote before you buy the car. It would help you decide right.
5) Analyse the safety concerns
In the UK, NCAP provides car ratings by basing several safety parameters. It rates a car’s safety out of 5. It reveals how well it protects the passengers from accidents. The driver can have a detailed report from the NCAP website about the car’s condition. Moreover, the ratings are based on crash tests.
The best-rated cars are the one that apart from qualifying for the crash test prevents accidents in the first place. Additionally, an older model with a 5-star rating may not be more impactful than a recent model with a 5-star rating. It is because parameters differ. Identify the aspects and choose the right car.
Considering NACP car ratings may also help you with a better external finance facility. Individuals seeking affordable quotes for car financing for bad credit scores may benefit from low-cost finance arrangements. This is because the lower the risk on the car, the higher the car finance amount.
If you want better-rated car finance quotes despite poor credit, you must turn the odds in your favour. Seek ways to improve income, get a guarantor, or provide a deposit to get the car at the lowest possible rates.
Buying a car can be a daunting experience. However, with the right knowledge and guidance, this flows smoothly. By following the tips and researching a bit about the car you want to own, you can reduce the risks involved with owning one. Moreover, it would help you get the wheels on the road more quickly than you expected.
Check the documentation requirements and ensure they are in place before application. If you need car finance, consider the eligibility and deposit required. It would help you get your dream car without any financial constraints.
Anna Johnson has more than 11 years of experience in direct lending industry of the UK. She is the Senior Content Editor at 24cashflow where she is leading a large team of loan experts. During her career, she has helped the loan aspirants to use the particular loans in the best way and improve their financial lives and status.
Anna Johnson is known for her in-depth research of the UK loan marketplace, as she has worked with many major lending firms in her career. During her educational phase, she has done a research on ‘Finance Fundamentals for Growing Business’.