Purchasing your First Car, means knowing you have what it takes to drive it safely.
Buying a car is exciting, potentially stressful, and often expensive. In fact, for many people, buying a car is the third most expensive type of transaction they have – after a house and an education. To make the process easier, consider that there are three parts of the process – choosing the car you want, negotiating the purchase, and paying for the car.
So, you want to purchase your very first car. Can you afford it?
One thing is certain, you can’t afford to own or operate an unsafe vehicle. The implications of operating a vehicle with unsafe tires, brakes and structural integrity and can be deadly for both you and others on the road.
Before you look for your new car, make a list of cars that are "acceptable." Check with your insurance company to see what cars are on their “good safety lists.” You can save a whole bunch of money by buying a safer car.
The new or used decision
This is usually a matter of your preference and what you can afford. New cars are nice and usually come with a warranty that covers unforeseen expenses, but they are more expensive. If you are considering a used car, be sure to do some extra homework on the particular car you are considering.
- Set a limit to mileage and price on the used car.
- Start looking in the paper, on ebay, AutoSmart » and through other sources for a safe, reliable vehicle you can afford.
- Before you drive the car, check Kelly blue book to see if the car you find is priced fairly and verify the vehicle history (To see if the car has been in a serious accident or was exposed to water or flood damage).
- If possible, take the car to a reliable mechanic to verify it’s ability to operate safely, reliable and affordably.
| Suggestions to first time car buyers: |
| 1.) |
Coastal’s auto loans are affordable and are often available right at the dealer. |
| |
|
| 2.) |
Be sure to save two or three months worth of car operating expenses in a high yielding savings account at Coastal to cover emergencies. You never know when you'll get sick or face a corporate 'downsizing'. |
Coastal is pleased to offer free financial counseling from Accel, and BudgetSmart
(A new and exciting software program exclusive to Coastal Federal Credit Union and Accel Members Financial Management). This easy-to-use software tool uses simple graphics, “pop-up” boxes and bar charts to help you manage money more effectively.
|
