Tips For A First Time Car BuyerUncategorizedMay 5, 2017Contrary to popular belief car ownership is still a large part of our lives. Even with he advent of ridesharing services such as Uber and Turo, millennials are still buying cars in large numbers. With a tight budget and limited options, a first time car buyer needs to be financially savvy when it comes to this important purchase. Here are some useful tips: Budget As a young person, it is important to budget out what you really need in your first car. You may want a flashy car with an upgraded stereo system and all the upgrades but at the end of the day you may really just need a reliable, fuel efficient vehicle that will get you from point A to point B. Ask yourself how much you can afford and willing to spend. If monthly payments are in your future, use a loan calculator to determine how much you can borrow at the prevailing interest rate. If you want to pay cash, decide how much of your savings you’re willing to spend or how much you need to start saving to get your dream vehicle. Don’t forget to include applicable taxes, registration fees and insurance costs! Insurance For a first time car buyer, insurance can be extremely expensive if you have not had prior insurance, have just recently been licensed, or both! As a new driver, complete a drivers training course which can provide you with an accredited drivers training certificate. This will help decrease your rates right from the start. Alternatively some companies offer good student discounts if you maintain good grades while in school. Insurance rates also vary depending on the type of car you buy. By researching the different rates available for different models and vehicle ages, you can plan out your purchase and make the best decision for your lifestyle. Try to avoid vehicles that the insurance companies associate with having a high theft rate, usually these vehicles are listed on the IBC’s latest list of most stolen vehicles and should not be considered. Used Cars There is no question that used vehicles are significantly cheaper than newer vehicles. As a new driver, you should expect to accumulate a few bumps or scratches. Used vehicles are usually much less expensive to repair than new vehicles. Shop Around The Internet has completely changed the way we as consumers make purchases of goods and services. In this day and age, shoppers can search on dozens of websites to find the perfect car and insurance without even getting up. Read reviews and compare prices. This can save you money and time dealing with the wrong people. Be sure to use our quick and easy, free, no obligation online car insurance quoting tool if you are looking to get quotes from a variety of insurance companies. You can also speak to our knowledgeable broker representatives to see what your best options are by calling (416) 494-1268.