Getting the first car is one of the most exhilarating experiences. Passing the driving test and feeling that confidence in driving it safely stands unmatched. Not having prior experience of buying a car may prove to be an obstacle. You may need to understand the financing requirements and eligibility to qualify quickly. You may need to finance it, as you lack money in savings to buy the car up front. Therefore, the blog may help you analyse the aspects that you need to prepare for before buying your first car.
Where should you buy your first car?
There are multiple options that you may tap to buy your first car. You can either buy it:
- Upfront by paying 100% of the car’s price
- Finance it with a dealer through HP, PHP, or Contract Hire agreements
- Take a car loan and repay the dues in fixed instalments for the loan term
Which car parameters should you consider as a first-time buyer?
You may need to analyse a multitude of things before buying your first car. These are:
New or used car
Identify whether you should buy a new or a used car for your needs. Generally, a used car is ideal for first-time buyers. It is because brand new cars are generally unaffordable for new buyers. Thus, you can check a used car as a first-time buyer. It may help you improve your driving and buy a new one later. However, the insurance requirements for the used car may be costly. Analyse everything before buying.
Finance options available
As mentioned above, you may finance the car through a dealership or a loan. It may help you analyse the best way to finance, given your circumstances. For example, you may try instalment loans for a bad credit score if you lack enough credit history or have inconsistent income.
Some loan providers may require you to provide a guarantor if you don’t meet the affordability criteria. Alternatively, individuals with consistent income may get better rates and instant approval.
Fuel type
Generally, petrol cars are ideal for individuals who want to use the car for short journeys. Alternatively, diesel cars are ideal for people with high annual mileage. These cars help you save more due to better fuel economy in diesel cars. It thus helps you save per mile.
Features
Always check the car’s features. It is ideal to look for a car with an Euro NCAP rating. It means that the car has been tested for crash and withstands impact. Also, check whether it has ABS impact. It may help steer under the severe braking.
Insurance
Get insurance quotes before you buy — insurance is often the highest ongoing cost for an 18-year-old, and prices vary widely by model and insurer.
If you need finance, check eligibility (many lenders accept 18‑year‑olds, but you’ll usually need proof of income and a decent deposit), and compare PCP, HP and personal loans.
What to check while buying a used car?
If you believe that a used car will be the right option for you, check a few parameters before buying. These are:
Vehicle logbook (V5C)
Before you do anything, ask for a V5C logbook. It reveals that the seller is a verified and registered car keeper and owner. Thus, the person wants to sell it. Having this document makes the whole process smooth. Additionally, check whether the car dealer hands over the warranty handbook and manuals.
MOT and service history
You can check the car’s MOT history online. You need a car’s registration. You may find that buyers kept physical records of MOTs and receipts, in case they need them. However, you cannot view the car’s service history. Most cars come with a service book that reveals the car’s maintenance and service history.
Conduct safety checks
Test the brakes, lights, indicators and horn to ensure that they work properly. You can also buy a tyre tread depth gauge. Always check the tyre pressure before buying. Do check each tyre as the pressure should be above 1.6mm.
If the tyre pressure is below that, you must get it replaced. Also, check the brakes and perform a hard stopping test when giving a driving exam. Always go for a test drive before buying any new or used car. If you hear squeaking or rattling sounds, it may mean that you need a new disc for the car.
Mileage
It is an important parameter to consider while buying a used car. High car mileage, though, is not necessarily a bad thing. It is if a strong mileage history backs it. Always check the mileage of the car to see if it lines up with what’s advertised by the seller. Check whether it aligns with the age and the car’s condition.
It may not be a new thing to witness “clocked” cars. It may mean that the mileage has been manually adjusted. You may then see a lower mileage than its actual value. This is rare, but something to be wary of if an advertisement looks too good to be true.
Check the car’s interior
Check the condition of the leather or the fabrics attached to the seats. It may sag in older cars and may not support comfortable seating. You may need to replace these if planning to buy an old car. Also, check whether the buttons are working. Don’t be afraid to switch the engine and give the car a few gentle revs to check that the instrument cluster functions properly.
Thus, if buying used, always view and check paperwork: V5C (log book), MOT history, service history and any outstanding finance on the vehicle; verify details with the DVLA where possible.
Bottom line
These are some aspects that you must check while buying a car as an 18+ individual. Determine what paperwork you may need to get a car loan. Also, check the car’s functioning before driving it on the roads. It may help you know the potential issues and choose a vehicle accordingly. Identify the right type of car finance according to your circumstances and needs. You may get one for the new and used cars.
