3 Tips for First Time Car Buyers
My first car was a 1979 Dodge Omni. It was way over twenty years old and had more duct tape than metal holding it together. Of course, I didn’t know any of that when I bought it. The car had a new paint job and looked like it was in great shape. So I bought it. What could possibly go wrong?
As it turns out, the answer is everything. But that’s another story. Here are three things I learned from buying my first car:
Check Auto Insurance Rates Before Buying
As a first-time car buyer, you might not know all the ins and outs of insuring your car. Chances are you have an idea of the make and model that you want to buy. If this is the case, get at least three car insurance quotes to find out the average price you'll have to pay for insurance and also decide if you can afford the insurance payments before you buy the car.
You might be surprised to learn how much you’ll end up paying for that eight cylinder, two door sports car that looks like so much fun. It would be sad to spend money on a car and then have to get a second job just to pay the car insurance premiums.
If You Buy Older, Buy Simpler
The thing with used cars is that they’re used. While buying second-hand is a great way to get a quality car at a good price, there can be some unexpected expenses that can arise. If you buy an older vehicle, chances are you’ll have a few more repairs than with a new car.
Buying a car with fewer options will help you save money on the purchase price and on the cost of repairs later because with less options you have less chances of things going wrong. While it might be fun to have electric everything, the odds of repairing power windows is probably higher than the regular windows that roll up and down.
Have a Mechanic Inspect the Car
Yes, it’s hard enough to spot a lemon when you buy from a private seller, don’t add to that by backing down from an independent mechanical inspection. A motivated seller may give you all sorts of reasons why you don’t need one, but trust me you do.
I bought a car from a private seller and took their mechanic’s inspection at face value. When I got around to buying insurance for my new car, the insurer asked if I got an inspection and of course I did.
However after a second inspection I discovered that the car's frame was so rusted out it wasn’t even safe to drive, let alone insure. The seller's mechanical inspection was a fraud and I was out a thousand dollars because I couldn’t get the car insured.
This is why it's a smart idea to spend the extra hundred bucks and get an inspection from a reputable garage. It will save you in the long run.
What's your best tip for a first time car buyer?