It’s both euphoric and rewarding when your driving examiner turns to you and congratulates you on passing your driving test. Now the you’ve cleared that hurdle, it’s time to consider purchasing a vehicle. For certain people, this can be daunting because they have no idea what they should be looking at for the budget they have.
We’ve all had to tighten our belts in recent years, and purchasing a new vehicle, like buying a home, is a major purchase. What type of car you can afford depends on your employment situation, the size of your family, and how much money you can set aside per month to pay off your car loan. Try this out VIP Finance Brokers
It’s quick to get swept up in the excitement of test driving top-of-the-line brand new models once you start searching for a new vehicle. However, only a small percentage of the population can afford them. Be realistic and only consider models and products that fall within your budget. You should review your insurance premiums now that you have passed your test; they are high for inexperienced drivers and only come down until you have shown to the insurance company that you are a responsible driver.
Consider how much fuel the model consumes; if you will be travelling around the country for business every day, fuel will be a significant expense, so investing in a model that is fuel efficient makes more sense.
Buying a brand new car may not be a good idea if you are on a tight budget and are still young, maybe just starting out in your chosen profession. There are a lot of high quality second-hand versions available that are less costly.
Buying a vehicle entails much more than just arranging car loans and calculating fuel costs. As previously stated, you’ll need car insurance as a new driver, as well as road tax, which varies depending on the make and model, and if your MOT is about to expire, you’ll need to have some money set aside to cover any immediate repairs.