When it comes to purchasing your first car, price is often the driving factor as far as the decision making process goes. That’s despite the fact that your first car will often be burdened by numerous other costs and considerations.
Whether it be the cost of insurance, fuel consumption, maintenance and repairs – there are financial worries beyond the bottom line. On top of that, you also have reliability, value and safety high up the list, where it’s not only great to have features that will make your life convenient, but technology that affords you the highest level of safety.
Let’s look more closely at some of these factors.
As mentioned, price is typically at the forefront of any new car buyers’ mind, let alone a first-time car owner. Entry-level models are widely affordable now, with various models coming in under the $15,000 price threshold.
If you turn your attention to something in the second-hand market, you might save some coin, however, it’s worth remembering that you might be sacrificing on warranty, reliability and the latest features.
Today’s cars are as safe as ever before. With an increasing amount of state-of-the-art safety technology being fitted to affordable vehicles, motorists can rest assured knowing that you don’t need to sacrifice safety to still score a bargain.
While the entry-level range might still be somewhat limited in terms of specific features, step up to the next level and you’ll more than likely find yourself equipped with the likes of autonomous emergency braking (AEB), and potentially blind spot monitoring and rear cross-traffic alerts.
New cars are built to higher standards than twenty years ago, but that doesn’t mean you should overlook the importance of a flexible warranty. Not only will this help you address any potential issues that come up while under ownership, but a longer warranty period will provide more confidence and security if you want to sell the car through the second-hand market at a later stage.
This is a personal matter that everyone should take into account when looking at a car. What one person might need or want, another might well be able to do without. However, ticking off a wide range of features and equipment is always a bonus for purchasing a new car, especially as you never know how long you’ll keep that car. After all, it might be with you as you grow through different stages of life.
Costs of ownership
If you’re just landing your first car, it’s likely that your insurance costs may also be higher due to the fact you could be a new driver. With that said, a more affordable and smaller car is more likely to set you back less when it comes to insurance and fuel costs.
You should also keep an eye on fuel consumption, and the brand, because you can lower your ongoing ownership and repair costs by opting for something that is more economical to run and which comes from a value-oriented brand like Kia or Toyota, rather than German luxury cars.