Passing your driving test is one of the most exciting things for any teenager or young adult. Ultimately, the freedom that the option to be able to drive where you want to is amazing. You can go on road-trips or you could take a job that is a bit further to get to. Being able to drive offers flexibility and enjoyment.
But it does come at a cost. Quite a hefty cost at that. There is no denying or escaping the fact that owning your own car is very expensive. This is often even truer when you are a first-time driver, and in particular, if you are between the ages of 17 and 24 when insurance costs are very high.
Of course, younger people don’t have the most money in the world either. Some may be great at saving, but often wages for younger workers are pretty low and it can take a long time to get enough money for a car together.
With that in mind, here are some tips for new, younger drivers who are looking for their very first car.
Getting Used Cars over brand new ones will help save a lot of money. Cars lose a lot of their value as soon as they leave the dealership and hit the road. They will go on to lose up to 40% of their value within the first year. By buying a used car, you will be avoiding the biggest chunk of the depreciation.
You could save yourself even more money by buying a car that is much older. Beware though that this may be a bit of a false economy, as you will potentially end up needing to throw lots of money at that type of car to keep it on the road.
Look Into Fuel Costs
Fuel is not cheap and it shows no sign of ever dropping in price. Buying the wrong car could mean that you end up getting stung even more on fuel costs. If you buy a gas guzzler, you’ll regret it when you end up pouring money at it because it burns through your cash. Find out about the fuel consumption of the car you are thinking of buying before you commit. You would not want to find that you will end up spending your life in the petrol station fueling up.
Get Some Insurance Quotes
Insurance costs for the 17-24 age bracket are very high, especially straight after you pass your test. When it comes to picking your car, you need to think about the cost of the insurance policy for your chosen car. You could pay nearly double for some insurance policies. Shop around using price comparison sites to find the best prices out there.
Think about getting a telematics black box fitted. This device will allow your insurance company to gather data on your driving habits. That is can help to reduce your insurance costs, and it will also help to make you a safer driver.