Buying a car is normally characterized with excitement especially when it’s your first car. But there are vital issues that you must consider before buying a car.
- How will you pay: Conduct a simple research on what you can afford; work out your budget and consider how much you’ll spend on repayments. But worth mentioning is that repayments are not the only costs to be taken into account, other costs include:
- Car insurance: look around for the best deal that suits your needs and want; go for a deal that you can afford and does not leave you in a bad financial shape.
- Fuel: the question is will you manage the cost of fuel? Make a simple calculation and see the average fuel costs you will use in a month. Also consider the type of fuel that is good for the efficiency of your car
- License fees: Find out how much do you have to pay in a year
- Maintenance costs: You should budget for regular costs incurred in the process of servicing your car; you can only do this if you don’t have a motor plan. Also to consider are normal costs like new tyres and wheel alignment
- You should get credit from a financial services provider of your choice if you are not paying in cash.