Guide For Buying Your First Car After Getting Your License
Buying your first car after passing your driving test and obtaining your license is the next logical step, a task that is fraught with challenges. In an ideal world, you want a nice, reliable and inexpensive ride that will take you places without making a big hole in your pockets. In 2016, there were more than 218 million people with driving licenses. Of this figure, 8.5 million (19 years below) are young drivers who need to find rides while 17.6 million in the 20-24 age bracket were issued licenses. Finding a car for licensed drivers is a job that requires careful consideration.
It is a matter of having money in the end for you can buy any vehicle that you set your eyes on if you have the cash. Only in the real world, people live on budgets and most new drivers are young ones who might not have rich parents to buy a car for them. Hence, looking at what you can afford realistically is the first step. If you don’t have that kind of money, look for financing options. Again, this will not be so easy as you must have a job or a means of financial support and a good credit history to establish your credibility. If you are a young driver, getting your guardians or parents to vouch for you can help.
Once you know where the money will be coming from, then it is time to shop around for your car. At this point, you must decide whether you are getting a new or old car. There are many benefits of owning a new car including getting the modern amenities, safety features, good fuel consumption and comfort. But you do have to pay a lot of money for a new vehicle. Compare these benefits with a secondhand vehicle which is nearly a fraction of the price of a new one. The good news is if you shop wisely, use reputable guides for pre-owned cars and get a good mechanic to look over your intended purchase, you are going to find one that meets your expectations without the hefty price tag.
If you are buying a secondhand car and need financing, you will need the contract of sale between you and the owner of the vehicle you are purchasing. The bank or financing company needs this to process your loan before it can release the funds.
Insurance and Registration
Once you have bought the vehicle, you should immediately insure and register it with the DMV. Your insurance policy is key before the DMV releases your registration papers and license plates.
As a first-time driver, you might be overwhelmed by the number of things that you need to do. But buying your first car is a milestone that needs to be done properly to avoid getting in trouble with the law or compromise your safety. Although it might take some time before you are finally behind the wheel, you will never forget the first time you cruise down those roads with your new wheels and a legal license in your pocket.