7 Considerations to Make When Purchasing Your Very First Car

The experience of purchasing your first car will be remembered for years to come. Because a vehicle can be such a big investment, you need to choose wisely. It can be overwhelming, but thankfully, there are a number of resources available to help you make the most of your car-buying journey and ensure you get a fair deal. Here are seven considerations to keep in mind when purchasing your first car.

1- Budget

Before you even begin your car-shopping journey, be sure to establish a realistic budget. According to experts, your monthly payments should not exceed 15% of your monthly income. If a particular vehicle is above your means, the best approach is to find another viable option. The last thing you want is for the automobile to become a financial burden. Remember, choosing a lower trim level can also save you thousands of dollars.

2- New or Pre-Owned?

There are plenty of advantages to buying a brand-new vehicle. For starters, new cars come with a lengthy factory warranty. This perk ultimately allows you to hit the highway with an extra sense of security. Brand-new vehicles also often give you access to new features that were not available on previous models. On the other hand, used cars can be significantly less expensive. Fortunately, many dealerships now offer a great selection of new and pre-owned automobiles.

3- Consider the Extra Costs

There are other costs associated with owning a vehicle. The cost of insurance coverage can vary greatly from one car model to the next. To be on the safe side, be sure to obtain an insurance quote ahead of time. Unsurprisingly, powerful sports cars and luxury vehicles typically have the highest premiums. You should also research the vehicle’s annual cost of maintenance.

4- Fuel Economy

You should always be aware of a vehicle’s estimated fuel economy. In most instances, this information will be displayed right on the window sticker. Gas mileage can be an especially big factor for drivers who will be using their vehicles for daily commuting. Also, don’t forget to find out what type of fuel is recommended. Certain vehicles require premium gasoline for maximum performance.

5- Gas or Electric

Over the last few years, electric vehicles have steadily increased in popularity. Not only are modern EVs fun to drive, but they are also environmentally friendly. If you often travel to rural areas that lack nearby charging stations, you may prefer the convenience of a gasoline-powered model. Some hybrid vehicles are actually engineered with an EV mode, which allows you to travel short distances solely on battery power.

6- Consider Your Lifestyle

You absolutely need a car that matches your lifestyle. While a two-door sports coupe may catch your eye, it isn’t the best pick for someone who needs to accommodate their family and friends. Meanwhile, outdoor lovers should choose a rugged vehicle that’s suitable for off-road excursions. Cargo space is yet another key element for some drivers.

7- Lease or Finance?

Don’t forget that you have the option of leasing a vehicle. Aside from giving you access to lower monthly payments, leasing also allows you to upgrade to a new model every few years. However, leased vehicles typically have an annual mileage limit of around 10,000 to 15,000 miles.

When buying a new vehicle for the first time, consider the information above to help you make an informed decision.