Regardless of the circumstances involved in you buying your first car, one thing is a must: Get one that you’re happy with. In fact, it’s better if you get one that you love—for its performance, for the way it looks, for all the ways it makes many things in your life better, whether it’s road trips, errands, business trips, family vacations, etc.
Take note: Getting a car that you’re happy with involves more than just your emotions telling you to get this one or that one. Your wallet should get to have a say too.
Here are 8 tips to make sure you drive home the right car:
1. Determine what you need.
Ideally, what you need should trump what you want. Know what the car will be used for. If your lifestyle includes plenty of off-roading, your best option would be a four-wheel drive vehicle. If you have a growing family, you can’t go wrong with an SUV (sport utility vehicle) or an MPV (multi-purpose vehicle).
2. Set your budget and payment preference.
Once you know what you need, it’s time to consider your funds. How much are you willing to spend? Better yet, how much can you spend? Are going for financing, or would you rather buy outright?
If you’re going with a car loan, be sure you know all the additional fees and the interest on the loan. If you want to purchase outright, when you get the car will depend on how long it will take you to save or put together the full amount if you’re getting funds from two or more sources (e.g., the sale of a house, a freelancer’s fee, and a bonus). Get professional financial advice if you have to, or enlist the help of that friend who has plenty of savvy when it comes to money and getting the best deals.
3. Do your research and give yourself options.
Having a brand and/or model (and maybe color) is not a reason to not look around. A car is a pretty substantial investment, so it only makes sense to do your homework before making your decision. Give yourself a handful of options. A car finder tool will help you get familiar with brands, models, and prices. If you’re buying a new car, the best place to purchase from is a car dealership.
4. Don’t dismiss the idea of getting a used car instead.
Explore the option of getting a used car if you’re working with a tight budget and you don’t want to get financing to get something that’s a little above your budget, especially if you need a car now.
If you go this route, a private seller and an auction are your best bets. And it helps to have someone who can help you get the best vehicle and the best deal possible, especially if you’re not particularly known for your car savvy. It also helps to have a professional mechanic inspect the vehicle to ensure everything is in good working order.
If there are minor issues, see if you can get a much better deal that will offset the expenses you will then have to shoulder in getting the issues addressed.
Lastly, note that a used vehicle may not come with a warranty. For peace of mind, get the coverage you need, especially a vehicle service contract, which is the coverage that kicks in once a car’s manufacturer’s warranty has run out. Third party providers like EverCare Protection typically offer vehicle service contracts, along with other related products, at a more affordable price (without sacrificing value).
5. Negotiate.
Shop around. And practice those negotiating skills. Often the best deals are not handed to you on a platter. You have to haggle for them.
Be sure to know the price range for the car you want. Online car valuation tools and buying guides from the major car magazines should help you get the information you need.
What if it doesn’t work? It’s OK to walk away and look elsewhere. The right car is not always in the first few places you look. Just don’t stop negotiating.
6. Know your car insurance options.
Coverage knowledge is power. Study the warranty so you know exactly which components are covered and for how long. Brand-new vehicles typically come with factory warranty (or manufacturer’s warranty), which usually covers any defective parts due to poor workmanship or a manufacturer error. Your typical comprehensive warranty covers you for 3 years or 36,000 miles, whichever comes first.
7. Get behind the wheel.
How else would you really know whether the car you’ve set your eyes on is the right one if you don’t take it for a test drive? If your car will be a huge part of your everyday life, then it matters that you enjoy using it, that it enriches your experiences, that you have a positive emotional reaction to it. Hey, there’s a reason why some people name their cars!
8. Read your contract.
Before signing your contract, read it carefully. Make sure all the terms and charges are in order. And don’t hesitate to ask questions if you’re confused or sense an error or come upon something that was never discussed.
Your first car will likely hold a special place in your heart, or at least be a unique feature in many of your memories. Outside of the money you pay for it, it pays to invest time and effort into finding the right one.