How To Prepare To Buy Your First Car

Buying a used car from another private party.

How to prepare to buy your first car. Otherwise hop in and take it for a drive. Buying your first car may be the first major purchase you ever make. Once you have a few cars in mind visit the dealership with no intention of buying and weigh your options. On average a new car loses 11 of its value the moment you leave the lot. 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.

Before buying a car make a list of things you want like used vs new fuel efficient vs fast ideal size resale value etc. 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. Where to shop for your first car. Strongly consider buying used.

Regardless of the route you take it s a good idea to visit a dealership to test drive the cars you are interested in. Don t get swept away by the excitement of getting your first car. 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. 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.

Be sure the engine is cold before you begin because an engine that has been warmed could be hiding problems. After reviewing this handy guide you may discover that owning a car is within your reach after all. Don t let the complexities of buying a car discourage you from getting your license. Buying from a dealership. There s a lot to consider but following the simple steps above can help ease the stress.

Typically this is 20 of the total cost of the car. Set a budget then search car websites for cars that match your wish list and fit in your budget. Set your car buying budget. Your parent or guardian will need to guarantee the loan. You will also need a co signer on a loan.