First Time Buyers: How to Make a Good Choice?

With children going back to school for some and perhaps the end of telecommuting for others, many people are now looking for a new mode of transportation that better suits their needs. Buying your first car is an exciting moment… until obstacles and problems arise.

How can you make the best choice, especially in the current market, which is very different from what it was three years ago? As you may know, used vehicle values ​​have skyrocketed since the pandemic and things are no longer the same. In short, you must always follow the basic tips and ask for advice or help during the buying process.

Set a budget and stick to it

It’s easy to be tempted by more expensive models for emotional reasons, but for a first-time buyer, common sense should always prevail. In other words, setting a budget and sticking to it is crucial!

This budget must include not only the total acquisition cost of the vehicle, but also registration fees, insurance, fuel and maintenance costs. And don’t forget the parking fees!

Identify your needs and priorities

Once you know how much you’re willing to spend, you need to determine your transportation needs and use of the vehicle. If you drive mainly in the city, a small car makes sense. If you don’t want to get stuck in a snowdrift, good ground clearance and four-wheel drive are ideal.

Some first-time buyers opt for a manual transmission to save a few bucks on the purchase price, but is that what they really need on a day-to-day basis? Factors such as fuel economy, space and comfort should also be considered.

Traps to avoid

Buying from a private person requires caution. The vehicle could be stolen, it could belong to someone else, it could have been in an accident, etc. Checking the Register of Personal and Movable Property (RPMRR) and requesting a Carfax report are very smart things to do.

These checks aren’t required when buying from dealers as they must give you some sort of guarantee, but you better be safe than sorry. Also, it’s not always a good idea to blindly trust the retailer’s 150-point inspection. You have the right to have the vehicle appraised at a workshop of your choice at your own expense.

Think about the funding

Buyers who have to pay thousands of dollars in cash are rare unless it’s a very cheap used vehicle (but you’ll have to spend more on maintenance and repairs). In addition, due to the high demand these days, it has become difficult to negotiate the price down.

A dealership may offer financing, but at what rate? It is recommended to compare the loans offered by different financial institutions and you could benefit greatly from this extra work. Finally, remember to read the fine print before signing anything.