Buying a car is an exciting time, but it is riddled with confusion and the pressure of making sure you get it right. Quick Loans Express share their top tips to ensure you make the correct choice and have enough money to pay for it.
Reasons Why You Want to Buy a Car
Independence, freedom and joy. Those are the feelings of owning a car. But with driving lessons so expensive and insurance premiums skyrocketing – who nowadays can afford to buy a car until they are in their late 20s? Don’t just fantasise – make it a reality with our smart money-saving tips and Quick Loans Express advice designed to make your dream happen sooner than you think.
What to Look For When Buying a Car?
The most important thing whenever you need to save up for something is being realistic and setting yourself a budget. You want a car – not a brand-new luxury car that has a v6 engine! When considering the cost of a car, you need to consider these things:
- What do you need the car for? City, countryside?
- The smaller the engine, the cheaper the car,
- Do you need four doors and a large boot?
- Can you afford the upkeep and petrol? Should I buy a deisel car?
- How much would the car insurance for the vehicle be?
- Have you won the lottery recently? (Joke…)
If you are clueless about cars, ask your siblings or friends for recommendations. If they already own cars, they can advise you what is good and certain specs that you wouldn’t have necessarily thought about. It may be worth your while searching for something similar if they are happy. (However, do keep in mind, all cars even if they look the same are different.)
Advice For Buying a Car: Start Saving
Nothing happens immediately, and saving is the first step towards acquiring your dream. Open a savings account if you haven’t got one already. Go for an account that gives you a good interest rate. A saving account keeps your money separate from your other expenditure and short term loans. Keep your goal in mind so that you are not tempted to dip your hand into your savings.
How to Afford Buying a Car
Take a step back and evaluate your spending habits. You may think you can’t afford a new car, but then you do eat out once a week. Yes, it is these extra that may cost you your car! So think. Skip the cinema trip this month. Switch your mobile phone provider. Go without that new pair of earphones or shoes. Make your own lunch. Be mindful. Evaluate whether you are spending unnecessarily or impulsively. Also, think of ways to make more money so that you can add to your savings.
Buying a Car: Old or New?
Used or new? Well for starters a used car is always going to be cheaper than a brand new one. (New cars lose their value, the minute they are driven out of the sale room!) However, it is an excellent idea to shop around and get a feel for the prices. Find a good dealer that will offer your chosen car at a lower price and then compare the different prices with other dealers. Make sure that the car is in excellent condition. A recommended top tip is to take a mechanic or a friend that knows about cars with you, so they can help you decide if the vehicle is road worthy or a just a pile of junk. Although buying a car is an exciting time, it is very pressurising also.
It is overwhelming and stressful buying your first car, mainly if you don’t know what you are doing. Do your research beforehand – you are likely to save money if the previous owner has serviced the car and the car comes with a warranty.
What to look for when buying a used car?
It is important not to get excited by the exterior of the car. As the saying goes don’t judge a book by its cover, this is especially true for cars online. If the price doesn’t make sense, there is probably something drastically wrong with it. Don’t feel rushed to buy something that you are not sure about or not comfortable with. Not all dealers are helpful and honest. Some can prey on your vulnerability and naivety and try to sell you scraps. Always take someone more experienced with you and ask to take the car for a test drive. You can tell a lot about the acceleration, breaking and any odd noises by taking it for a fast 10-minute drive.
Consider the Car Expenses
One rather important aspect of owning a car is all the additional money that you will spend on it, for example:
Insurance costs vary depending on the value of the car, your age, offences and how long you have been driving for. They will also be less if you install a black box and avoid driving in the late hours of the night. Where you park, marital status and your job is also likely to affect your premiums.
Car vehicle tax rates are based on either engine size or fuel type and CO2 emissions, depending on when the vehicle was registered. Other types of vehicle have their own rates.
Petrol and Parking
Although it is exhilarating to have a car, don’t let it become your weak point. Don’t start sacrificing your walk down the road to using your car. Even petrol down the road 10 times a day adds up. Does it cost you to park in your place work? Could you share the costs of petrol and parking with a co-worker? Will you need to take a little loan to cover the normal everyday costs?
Finally, cars will always have their problems especially cars over five years old that need to be serviced once a year. It is not abnormal to pay to replace the ignition coil or change the tires. However, all these cost money, and you must take this into account before buying your car.
Whatever decision you make, make sure it sits well with you after all buying your first car only happens once! Quick Loans Express – offering instant payday loans in the UK wish you good luck and happy driving!