Learning to drive and getting your driver’s license are very exciting, but buying your first car is a different kind of thrill. There’s a sense of accomplishment and freedom in having your very own wheels.  Like all big financial decisions, buying a vehicle takes some mulling over. Ask yourself these five things before you make your first ever car purchase:  

Do I really need a car? 

This is something you should seriously consider, especially with the rising fuel cost. Vehicles are expensive to buy and to maintain.  For some, it’s not necessary even if they have the means to buy one, especially if the places they frequent are within walking distance, or if they have no space to park a car. Do you live some distance from your workplace? No friend or neighbor to carpool with? Really tired of commuting? Your answers will help determine if you need your own ride. 

What’s right for me? 

There are many options, so figure out your expectations and needs for the vehicle. Will it be a family car that should fit everyone in your household?  Or a car to simply get you to and from work? Will it be for off-roading or towing heavy loads?  Or just for city driving? Think of the vehicle’s role in your daily life, then decide from there. You also need to be realistic when it comes to your vehicle choice as what you want or need, may not be in your financial capability to acquire and maintain. 

Can I afford it? 

Check if you’re in the right place financially for a big ticket purchase like a car. Even if you plan to acquire one via an auto loan, you have to do some calculations if you can afford the down payment, monthly amortization, insurance, etc., on top of your usual living expenses. Looking at your finances will also determine the vehicle you can afford—whether brand new or second hand. 

Used or new?  

A used vehicle is not going to be in the same condition as a new one, but if that’s what you can afford, look for one that’s in good shape. You don’t want to waste your money on a lemon.  So, before making the purchase, research, shop around, inspect the vehicle and the paperwork, and take it for a test drive. Look for a car that has only had a couple of owners at most. Also check the vehicle’s service history and see how frequently it has been serviced or taken in for repairs. If you’re considering an older model or imported car, check how easily you can find parts.  

If you can afford it, a good first car is a brand new or relatively new one that would not break down or give you headaches in the near future. Brand new cars come with warranty, which means the manufacturer will be responsible for any major repairs on your vehicle for the next few years.  Plus, they are more fuel-efficient on average, helping you save more in the long run. 

Manual or Automatic? 

There is no general consensus on which transmission is better—automatic or manual. Budget-wise, a manual car is less expensive, requires less maintenance, and maintenance and repairs cost less.  But automatic cars are easier to use even in heavy traffic and hilly areas, and it rarely stalls, unless there’s a mechanical problem.  More work goes into starting, accelerating, decelerating, and stopping manual transmissions. If you can drive both a manual and an automatic car, consider the pros and cons. 

Buying your first car takes time, planning, and a good chunk of money.  Find the perfect car that will serve you well for many years by doing your research, knowing your options, and being a smart buyer.   

Drive away with your first car with Chinabank AutoPlus.  Enjoy low interest rates, low monthly amortization, low down payment, and flexible payment terms.  Apply now at any Chinabank branch or Chinabank Consumer Banking Center near you or click here for more information. 

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