Understandably, you are all excited about your first car, and you can’t wait to be behind the wheels. It’s not your dream car, but at least it’s a step towards your dream. You’ve done the calculations, have a rough estimate about how much it will cost you in loan repayments and fuel, and you are happy with the figures.
But a few weeks later, the excitement dies down as you realise there is much more you’re not prepared to face. You’ll have to dig deeper into your earnings, and owning a car comes with its share of responsibilities and expectations.
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Car Maintenance is not Cheap
If the vehicle breaks down or requires replacement of some critical parts, you might have to part with a few hundred pounds. For instance, wheel rim repair can be pretty expensive, and you have to make sure you get the repairs from a reliable, authentic dealer. Failure to, you’ll keep on having car problems which might also be a security concern.
If you bought a used vehicle, as most people do when buying their first car, if you are not careful, you’ll end up spending much more on repairs and maintenance than you’ve budgeted. Also, if it’s an old model, it might be harder to get genuine but affordable parts.
You’ll Have to Be More Careful with Your Actions on the Road
As you will realise, any slight mistake can result in serious safety concerns. You have to ensure the vehicle is roadworthy before starting any journey, no matter the distance. Also, you have to be responsible and on the alert every time on the road.
Any slight mistake can put you on the wrong side of the law or endanger you and other road users. You have to take alcohol responsibly and understand minor, but repetitive mistakes can cost you a driver’s license.
Cars Depreciate Faster than You Thought
Unlike a house or land, your car loses its value faster than you thought. You can never recover the initial investment when selling the car. The minute you drive off from the yard after closing the deal, it loses at least 15% of its value and continues to do so every year, especially when it’s a new vehicle.
However, if the car is well maintained, a highly sought after model and make, it might retain its value longer. But still, make sure the vehicle is within your budget and don’t let a salesperson talk you into a more expensive deal. Ensure the total monthly payments, including fuel and maintenance, are within 10% of your salary.
The Primary Role of the Car is to Meet Your Transport Needs
The car you drive shouldn’t define you. Even if you get a used car, appreciate that you can finally get to pay for your first vehicle from your earnings as you work harder to upgrade. As you will realize, the car makes you more independent and improves your lifestyle.
Make the experience a fun one by not caring about what people think or say about your purchase but go for an affordable option. You don’t have to struggle to make the monthly payments to create an impression.