First Car Excitement
Buying or leasing your first car is a very exciting experience. Whatever life stage you’re in, this marks a big transition into adulthood. When you’re shopping for your first car it’s important to stay focused on what you need in a car versus what you want and make sure to stay within your budget. Adding a car payment to your monthly bills may mean cutting back in another area, so just be mindful of your budget when you’re looking.
Meets Your Budget
Once you’ve established your budget for your new car payment, you need to stick with it and don’t let yourself be tempted by a car that will exceed your set number. Making the minimum payment is great, but if you can have a lower car payment and pay more than the minimum each month, you’ll be able to pay your car off sooner and, you won’t have to pay as much in interest. If you’re not stuck on a particular make and model, you can also use your budget to guide you on what you’re able to afford, whether it’s a sedan, compact SUV or another vehicle.
Fits Your Needs
The most important thing to remember when you’re buying your first car is to look and buy the car that fits your needs. Don’t let yourself fall into the shiny and new trap of buying more car than you need or buying the wrong car for your needs. The key word here is needs versus wants. You may want a convertible that seats two, but if you know you need a larger car that can at least seat five or more, then don’t even tempt yourself by looking at those coupes.
Write down the needs for your first car and focus on that list when you go for test drives. Do you need a car with plenty of cargo space for equipment? Do you need a car with seating for friends in the carpool? Do you need a car that has top safety features for your kid? It’s important not to let the fancy gadgets influence your buying decision because the more you add to your car, the more your monthly payment will be.
Reliable
Your first car needs to be reliable. If you’re going to add a car payment to your monthly bills, you want to make sure the car you’re buying has a reliable engine and won’t break down constantly. Some makes and models have better longevity and are rated better in reliability, so do a little research before heading to the dealerships.
Be a Smart Shopper and Enjoy Your New Car
Enjoy buying your first car, and take time to find the right car for you. Be mindful of what you can and can’t afford, what you need in a new car versus what you want, and look for those brands that make dependable cars that will last you for the next 10 to 15 years until it’s time to shop again.