How To Prepare To Buy Your First Car

Where to shop for your first car.

How to prepare to buy your first car. If you are planning to take out a loan to buy your car have at least 20 of the total price ready to pay in cash as a down payment. Strongly consider buying used. Buying a used car from another private party. It s enough to make some teens wait to become a licensed driver. Shop for a lender.

Think about your budget and financing. Before buying a car make a list of things you want like used vs new fuel efficient vs fast ideal size resale value etc. Buying from a dealership. You have plenty of options when heading out to purchase your first set of wheels. After reviewing this handy guide you may discover that owning a car is within your reach after all.

Buying your first car may be the first major purchase you ever make. Neither one for a first time buyer should be out of balance in comparison to your other assets at this point in your life those assets are probably limited to your most recent purchase at. If you re satisfied with the above then the next stage of our first car buying guide is to take the car for a test drive. Take a realistic look at your finances too. Typically this is 20 of the total cost of the car.

On average a new car loses 11 of its value the moment you leave the lot. Don t let the complexities of buying a car discourage you from getting your license. That includes not just the purchase price but budgeting for use and care of your future car including maintenance insurance gas repairs and parking. Before you venture out into any car dealerships take a look at our 8 tips you should know when you re buying your first car. Once you have a few cars in mind visit the dealership with no intention of buying and weigh your options.

Keeping your budget top of mind is one of the most important tips for how to buy a car within your means. But for many buying a first car can be even worse. With some careful budgeting research and planning you ll have the confidence to negotiate the best deal and get the car of your dreams without getting taken for a ride. Otherwise hop in and take it for a drive. Don t get swept away by the excitement of getting your first car.