3. Don’t Break the Budget on Your First Car
A big consideration to take into account when buying one’s first car is to watch the budget. Unless you have grown up in a big city like New York or London and are just getting around to buying your first automobile at the age of 30, the odds of damaging the first auto are higher when in one’s late teens or early 20’s. Keeping room in the budget for insurance, filling up the gas tank, and repairs is often overlooked by first time auto buyers, but can be a key to long-term financial success. Similarly, avoid purchasing a $500 or $1000 auto since you will likely end up spending much more than that in repairs over the life of your ownership of the vehicle is another key to success. If going on the cheap, purchasing a less expensive used car from a third party seller will have better odds of long-term success for the consumer.