Tips for buying your first car
Your very own car. Don’t deny it, you’ve been dreaming about it since before you could even drive. Some have put a lot of thought into the make and model that they want for their first ride, whereas others are simply happy to have functional wheels that will get them from point A to B.
Either way, getting a car for the very first time is exciting, but the process is no walk through the park – car park, that is. You have to clear your head of the dream car fantasies and remember that you’re about to make a major purchase. Don’t be nervous, first-time car buyers! We’ve got some tips to help you through the process.
Research the car details
There are lots of questions to consider here. Are you going to buy new or used? If you’re buying used, it’s essential that you check the car history to ensure it hasn’t been through too much – just one accident could affect its overall performance. And speaking of performance, you’ll need to determine the car size depending on where you live (how much space is available) as well as what you will be using the car for. All of this information should be provided to you by the dealer, however, you can also check the manufacturer’s website to learn more about a new car.
From here you can work out the next important detail: your budget.
Know your budget
Once you’ve figured out the type of car you want, it’s time to assess your finances to see what you can realistically afford, aka the overall cost. The overall cost of the car isn’t just the initial price you land on with the dealer. It also includes the following:
- Maintenance (like petrol and new tyres) and repairs
- Taxes, licence and registration fees
- Insurance premiums
It might sound like a lot, but when you use our car loan calculator, you can help determine what loan best works for your budget.
Test drive time
Now you’re getting closer to taking home your first car! Once you’ve sorted your budget and narrowed it down to a couple of car options, it’s time to take them for a ride. A car might look good on the outside, but it might not drive how you want. It’s just as important to feel comfortable behind the wheel as it is to be comfortable with your finances. Take that car for a spin around the block and see how you feel – don’t settle until you feel right at home.
If you need more help sorting your car loan or financial details before you make the big purchase, contact our friendly staff at Beyond Bank Australia for some expert assistance.