There are many firsts in life that people never forget: First love, first job, first newspaper column.
For car lovers, getting that first vehicle is a memorable experience.
Whether you saved up for months/years to buy it, or it was given to you as a gift, having your own car represents freedom. No more begging mom and dad for their vehicles, or relying on friends to drive you places.
From the moment you’re handed the keys, you’ve entered a new chapter in your life. Not to be a downer, but it’s one that includes more responsibility and cost.
That’s why it’s a good idea to think ahead about the kind of car you want and, perhaps more important, what you really need.
A convertible might be nice, or an SUV, but as your first vehicle, is either practical? And, more important, can you really afford it?
For most young people, their first car is often a used one. Or, if it’s new, it’s a more basic and affordable model that helps to get them around town, to school or their first job.
The key is to be realistic about how you will use the vehicle and if it’s within your budget.
Regardless of whether you’re purchasing it on your own or it’s a gift, you need to be realistic about how much it will cost to run.
If you’re buying the vehicle but can’t afford to pay for it outright, the biggest cost will likely be your monthly loan or lease payments.
If you’ve paid for it up front, or it was given to you, you’ll still need to budget for costs to operate and maintain the vehicle.
This includes gas, parking, insurance and regular checkups, as well as the eventual replacement of parts such as the brakes and tires.
There are also the unexpected costs. For example, a rock hits your windshield and you need to have it replaced.
Your first car bill is also a memorable experience, and, unfortunately, part of being a car owner.
Still, there’s nothing like having your own vehicle to take you places, near and far.
For many, it’s worth the added financial responsibility.
Below are five tips to consider when searching for your first car:
1. What kind of car do you want/need? Be realistic.
2. Do your research. There are countless automotive websites and apps that can help.
3. Set a budget. How much can you afford to not just buy the car, but also to maintain it?
4. Test drive. A car might look great, but you need to drive it yourself to make sure it’s a good fit for you.
5. Enjoy the process. Finding the right car takes some work, but it’s also fun. Enjoy the ride.
Blair Qualey is President and CEO of the New Car Dealers Association of BC. You can email him at bqualey@newcardealers.ca
