Thursday 31 May 2012

A Student Guide to Buying your First Car

Getting your very first car is a very exciting experience for those who manage to either get a very good second hand car or even a brand-new car, even more so.

Choosing a new car can be a difficult task, especially if it is second hand and below is a small guide of things to look out for when making decisions about what car to get.

What to look for and avoid

Some first-time buyers make the mistake of wanting to buy a “zooped-up” sporty car to show off to their friends and with the mind-set that it will bring them more enjoyment. This should be avoided at all costs if you are buying a second-hand vehicle as there is a great chance that the car’s previous owner/s have driven the car hard and have caused a lot of wear and damage to the engine and other parts.

Buying a 1.4L car from an old lady who was the only owner of the car is a much better option than buying a 2.5L sports car from a young yuppie etc.

Inspect the car for any signs of recent repairs done to its body. Body-damage may mean that the car was in an accident and the functional parts of the car in the engine compartment might have been affected. If the car struggles to start at the first attempt, makes any abnormal noises and has problems while changing gears, using the clutch or applying the brakes, avoid it.

Don’t be fooled by optional extras like big mag-wheels, spoilers, new interiors and a booming sound system etc.

What you want to focus on is that the car’s engine and functioning parts are unquestionable and run well.

The Sellers

People who sell cars fall into the following categories:

Private sellers: Can get good deals, but beware of potential rip-off deals too.
Dealerships: Independent or Franchised. Franchised Dealerships are the safer option as they are more reputable and trade under a large name. They also provide after-sale service deals. Independent dealers can be used too as they can offer good deals and vehicle financing, but some can be sly and sell you a below-standard car under false pretences.
Auctions: Can offer very good cars at a reasonable price with the added benefit of a financial comeback should the car fail to work after purchase.

How to pay for it

The two ways to pay for a car are either by cash or through vehicle financing. Since most people aren’t sitting on a mountain of cash at home, they tend to use vehicle financing or even loans in order to affect the purchase. Vehicle financing is offered by most merchant banks, independent financial institutions, accredited money-lenders and even the dealerships themselves. Each type of vehicle financing option will have a different set of repayment rules and interest rates so you should do your homework and find the one that best suits you.

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