What to Consider When Buying Your First Brand-New Car

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There's no denying that buying your first brand new car is a big milestone in life.

It's the moment you truly graduate from being a novice driver and finally allow yourself to invest in a car that's more than just a starter car.

However, when it comes to making such a large purchase, there are things that you want to factor into the price and how affordable it truly is to you.

From looking over all the different types of car insurance available to you to checking fuel efficiency ratings, and perhaps even looking into car loans, there are a wide number of financial considerations that must be made even outside of the price tag of your new vehicle.

To make sure you don't get blindsided by any of the 'hidden' costs of car ownership, it's wise to make a list of all the expenses you'll need to budget for when buying your first brand new car.

Let this little guide be a jumping off point for you here.

Here's a little list of tips on what to consider when you buy a car that's just come off the assembly line, and what to think about past all the technological advances and conveniences.

The first thing you'll want to consider when purchasing a new car is what kind of insurance you're looking to secure to safeguard your new investment. In most cases, comprehensive car insurance is wise with a new car, as it means you're covered and not trying to grapple with dozens of extra costs - especially if you're not the only driver who'll likely be driving the vehicle on a regular basis.

Comprehensive car insurance also provides cover for both parties in the event of a collision where you're found to be at fault. Contrastingly, third party car insurance only provides cover for the other party rather than yourself. So if your car gets damaged in a collision, you'll still have to go out of pocket for repairs, even if you've made a claim on behalf of the other party involved in that accident.

We highly recommend looking into the insurance cover available to you and shopping around for policies to find the best deal for your household.

When it comes to buying a vehicle, particularly a new one, it's wise to consider how maintaining this new asset will fit into your current budget. This includes factoring in the costs of fuel, washing or cleaning your car, and even the costs of parking if you're planning to drive your car to work.

And of course, you'll also need to factor in any costs associated with a car loan, if you're looking to secure car finance in order to support your purchase. Make sure you're familiar with the terms of your car loan and your estimated monthly repayments. Being aware of these figures well ahead of time can naturally help you adjust your budget with greater confidence and success.

While you may wish and want for that upmarket Mercedes, it may not be the most functional for you. The ongoing costs of registering and running even a used car can be costly, but a new model (especially new foreign models) may incur more payments.

The additional running costs on a new model can potentially add up, whether they be warranties or the costs associated with securing specialised parts when it comes to services. Then there is the depreciation of your vehicle asset, which can hike up your costs, both on your registration and your insurance premium.

Add to that the routine costs of petrol, tyre replacements, bulb replacements and other routine repairs, and you may find that the good deal you get on a European luxury car isn't actually a 'good deal' in the grand scheme of things at all.

When you consider buying a new car, it's always well worth thinking about whether you'd like to go with an automatic or a manual transmission, or a combustion engine vs. an electric engine. Of course, the options available to you when it comes to vehicle transmissions is really dependent on the type of driver's licence you have (i.e. automatic or auto and manual licences, heavy vehicle licences, etc.).

Each transmission has its advantages and disadvantages, and choosing whether you go with manual or automatic can give you a limited means of your selection of styles, as so many cars aren't fitted to manual transmission these days. Many worksites work with machines and vehicles with manual transmission and require you to obtain a manual licence if you are automatic. You are one step ahead here if you learned in a manual.

There's also a strong argument that manual cars are more fuel efficient as they provide drivers with greater control over vehicle acceleration. But if fuel efficiency is a priority for you, then you could easily enjoy similar (if not greater) savings by opting for an electric vehicle with an automatic transmission. That way, you can still enjoy greener, cleaner driving without having to worry about learning how to use a whole new type of transmission.

Finally, when buying anything, you want to know that you're getting your money's worth. That's why one of the best tips we can give when it comes to buying a new car is to take advantage of your opportunity to enjoy a test drive, and to really pay attention to how the car moves and sounds on this drive.

It's any car buyer's right to test drive a new vehicle before they decide to buy, primarily because you can identify a surprising number of potential usability issues by jumping into the driver's seat and taking a car out for a quick spin. This allows you to get a better indication of how the car works for you and whether it will truly fit into your daily lifestyle and routine.

If you do happen to notice any deal breakers during your test drive (like cup holders that are too shallow or perhaps cruise control that's too finicky to use), then you can easily take that car model off your shortlist and continue on with your search. That's the beauty of test drives - you'll be able to notice little things that you really can't get a feel for by reading through specifications online or even watching car reviews.

With these tips and tricks at your disposal, buying your first brand new car should be a veritable breeze, both for your mind and your bank account. Just remember to prioritise adapting your budget well before you get into your car buying process. That way, you'll know exactly what your financial limits are, and will be better equipped to find a car that's not only right for you and your driving habits, but will also align with your household's budget in the long term.