4 Costs To Consider When Buying Your First Car

Posted by Ben Davidson about 7 months ago
The test is done and you passed with flying colors - congratulations! Now the next step is getting your first wheels. All of those hours pulled during your weekend job will finally be worth it now that you can buy a car of your own.

But before you start getting excited about cars, have you thought about the other costs you might need to pay? Buying a car comes with some pricey extras, so make sure you’ve saved enough to cover them too. Here are four costs to consider when buying your first car.

1. The car itself

Unless you’re lucky enough to have been gifted a car, the car itself is going to use up a lot of your savings. Cars can range in value, but when it comes to your first car you should probably think about getting a used, more affordable one while you’re still new to driving. Keep an eye out for local deals or perhaps see if a relative is looking to sell their car. Take a look at some of the best choices for a used first car to help you find a suitable model for you. If a car turns out to be more expensive than you thought, why not try coaxing your parents into letting you drive their car instead?

2. Insurance

Insurance can be a big expense when it comes to your first car. Teenagers face some of the biggest car insurance rates, and policies continue to be high until you reach your late 20s/early 30s. The type of insurance you require can also vary from state to state, so research car insurance at dmvconnect.com to help you find out what you need. Driving without insurance can lead to fines and other serious consequences, so it’s not worth taking the risk.

3. Gas

While you’ll have some initial costs to consider when buying your first car, you’ll also need to think about how you’re going to pay to run it too. Gas can be an expensive outgoing, especially if you use your car a lot, so you’ll want to factor in your gas costs into your monthly budget. Keep an eye on local gas prices for your state - they’ll help you work out what your average costs will be.

4. Maintenance

In addition to gas, maintenance will present you with an ongoing cost that you will want to start putting away money for. Maintenance costs could include replacing tyres, lights, as well as fixing other issues that can happen with your car. It’s one thing to be able to afford a car, it’s another to be able to afford to run it.

Buying your first car is an exciting time for you, but as a significant purchase, you’ll want to consider all of your options carefully. Save as much as you can for as long as you can to help you afford all of the things that come with owning a car. Regardless of the car you drive, it’s important to be a responsible driver to ensure both your safety and that of others on the road.
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