Purchase your first car is a rite of passage that you’ll remember long after the car is gone. So here are some crucial steps for first-time car buyers to buy their first car without hitting any significant bumps in the road.
Steps to Purchase Your First Car
1. Setting a budget
The hardest part of buying a new car is understanding that the car you’ve always dreamed of may have many costs. Buying a car is an expensive decision in itself. There are many fees at the time of purchase to consider, not to mention the recurring cost of car insurance, general maintenance, parking, gas, etc.
Once you understand your budget, you can start to look for cars in your price range. If you can’t afford the car you want, keep saving, or keep an eye out for an older model year.
– Down payment & financing
You will need to determine how much cash you can put down when purchasing your first car and how much you can pay month-to-month if you plan to get a loan.
– Auto insurance
Auto insurance is costly for new drivers, so make sure you get a quote from an insurance company or two before buying the car. Auto insurance prices are based on many factors, including what type of car you are driving, the driver’s age, your credit, and much more.
2. Buying new vs. used
One way to get closer to the convertible of your dreams is to take a look at used cars. An older car with low mileage may be hard to find but can turn out to be a great deal.
A used car also loses less value, making it easier for you to sell it for the same price, or maybe even more. For instance, if you bought a used car for $5,000 tomorrow, and a month later, you decided that you didn’t like it, you could probably sell it for the same price, or maybe even more.
This is not the case with a new car. A new car loses significant value the moment you drive it off the lot.
3. Finding the right buyer
You have plenty of options when heading out to purchase your first set of wheels. You could either buy from a dealership or shop online for a new or used vehicle.
Once you narrow down your choice, consider browsing online and getting quotes from multiple dealers to help you figure out the best deal you can negotiate.
You can also ask to see all the fees they charge at the time of the sale. This will give you an exact figure to work with and compare different dealership prices. Getting quotes online is also an excellent way to separate pricing a car from getting a loan or lease.
This technique is a smart move even if you’re buying a car from another private seller – it will give you a ballpark idea of how much a dealer will charge, so you can then figure out how much you’re willing to spend for a used car without the protections from a dealership.
When you’re looking for the right auto dealer, make sure you go to a family-friendly, trustworthy dealership like the Car Factory. We have been awarded for our customer service, and we also offer a lifetime warranty on all auto purchases, so you know that it’s a place that is first-time buyer friendly!
Drop in at any of our three South Florida dealerships in either Miami, Hollywood, or West Palm Beach locations today, or shop through all the new or used cars on our website. You can also call us at 1-800-734-0288 for any inquiries!
Recommended Read: Tips For Buying A Used Car In Florida