Are you thinking of buying your first car? If you’re reading this, I’m going to hazard a guess that the answer’s “yes, and I’m actually a bit scared about how to proceed here; can I have some help please?”. The car industry is a scary one to navigate, even if you’re not a new driver and even if you know a decent amount about cars. Still, as a first-time buyer, that worry is about as big as it will ever be – and rightfully so.
A car is a major investment, as you’ll already have surmised from the thousands you’ve had to pour into learning how to drive. How, then, do you pick the right first car for you without breaking the bank, both in the short term and the long term?
Setting A Realistic Budget
Money is the major worry, and for obvious reasons, so let’s start there. A good budget is a good yardstick, and a great opportunity for you to narrow the playing field a little bit. Bear in mind that your vehicle budget isn’t just the list price for a new or used car; it must also include everything that comes with it, from the cost of insurance for at least the first year to the projected cost of maintenance and repairs. Create a spreadsheet, and throw some basic numbers in it using national averages.
From here, you can figure out a decent balance, and work backwards to find a price range that actually suits your income. This doesn’t limit your options too much, either; used cars are a fantastic value prospect for the new driver, and the used car market is not the boy-racer graveyard you might think it either. Indeed, many cars depreciate in value quite considerably the moment they leave the showroom, meaning a relatively new car sold second-hand will be significantly less expensive than a slightly newer, box-fresh version of the same.
Researching The Right Car
Now, for the car itself. Before you start perusing models at your local and friendly used car dealership, start by addressing your needs. What have you learned to drive for? Is this to be a city-dwelling commuter car, or is it for longer motorway drives? Will you be doing the school run, or are you after something a bit smaller just for you?
These essentials in mind, you can look to more specific criteria too. For instance, if you want to be able to sell the car on before long, you’ll want to pick a model that’s already done most of its depreciating. If you want to save money, you’ll want something that’s cheap to insure and cheap to drive. Speaking of which…
Understanding Insurance And Running Costs
We’ve already talked about accounting for insurance in your budget, but it’s an ongoing cost that will never go away – and your choice of car could heavily impact costs in the future. Some cars are more demonstrably reliable than others, and hence less likely to demand a high insurance premium. This reliability also manifests in cheaper running costs through less maintenance, higher fuel economy and fewer failed MOTs.
There’s a balance to be made, and it’s not one made easily; still, whichever first car you end up with will become a treasured memory before long, so try to enjoy the process!