The Ultimate Guide to Buying Your First Car: Tips for New Buyers

Guide To Buying Your First Car

For young adults and teens, buying a car for the first time is a rite of passage into adulthood that heralds newfound independence and freedom; for others, it opens up a world of possibilities for job opportunities and adventures beyond the limits of your home. The experience of buying a new car comes with a mix of excitement and anxiety, especially if you’re navigating the process for the first time or on your own. At Aschenbach Automotive Group, we know this feeling well, having helped thousands of drivers on the path to new vehicle ownership, and understand the myriad of questions and concerns first-time buyers often face. That’s why we’ve provided this guide to buying your first car, so that way the process not only seems easier, but feels easier. Our automotive experts are ready to help guide you through the process to demystify and provide you with valuable first time car owner tips to make your car-buying experience smooth and enjoyable. Visit our dealerships in Maryland, Virginia, or Pennsylvania today!

How To Finance A Car Loan For The First Time

Assess Your Budget: A general guideline is to keep your car payment within 15% of your monthly income. Your overall budget assessment should include not just the initial payments for the vehicle but also insurance, maintenance, and fuel costs. Your monthly car payment should be manageable within your overall budget. Remember to account for all monthly payments, including insurance, maintenance, and fuel costs.
Understand Your Credit Score: It’s important to boost or maintain a higher credit score, as it benefits you by providing lower interest rates, which can save you a significant amount of money over the life of your loan. Our guide to buying your first car recommends that if your credit score is less than stellar, continue taking some time to improve it before you start shopping for a car. Understanding your credit history is also crucial, as it impacts your ability to get pre-approved for a car loan and the interest rates you will be offered. If you don’t yet have a credit score, some lenders will work with you, but it may be ideal to have a trusted co-signer like a family member instead.
Explore Financing Options: Options for financing include opening a loan from a bank, credit union, or directly from a dealership, which each have their own pros and cons. For instance, banks might offer competitive rates, but dealerships often provide convenience and may have promotional offers. When shopping for a car loan, consider factors such as interest rates, loan length, and total cost of ownership.
Get Pre-Approved: In this guide to buying your first car, we recommend knowing the limits of your credit approval to not only give you a clearer idea of your budget but also show sellers that you’re a serious buyer. Visit any one of our dealer websites to get pre-approved today!

How To Buy Your First New Or Used Car

By following this guide to buying your first car, you’ll have a better idea of what to expect throughout your car-buying journey. Let’s dig a little deeper.

Set A Budget: How much your first car should cost should realistically be determined by your personal financial situation, considering that premium features can increase how much you’ll owe for your vehicle and that your vehicle’s value will depreciate over time. Factor in how much of a down payment you plan to put on your first vehicle, as this not only can lower your monthly payment but also reduce the interest rate you’ll owe for your vehicle. Increase or maintain your credit score to access lower interest rates, and save money on your vehicle purchase by waiting for seasonal sales or special deals. Remember that the sticker price is negotiable and not the final amount you should expect to pay.
Do Your Homework: Research and test-drive different makes and models that fit your budget and meet your needs. Our guide to buying your first car recommends that you read reviews of each vehicle that catches your eye, compare features, and get a sense of the overall market value for each vehicle to gauge your perfect fit.
Visit Multiple Dealerships: Aschenbach Automotive Group proudly offers vehicles from all the top brands, including Ford, Chevrolet, Buick, GMC, Hyundai, Chrysler, Dodge, Jeep, and Ram, at locations throughout Pennsylvania, Virginia, and Maryland to provide a huge selection for our customers to choose from. We hope that using this guide to buying your first car will encourage you to shop for your first vehicle with us, as our automotive experts can help you find exactly what you need in your first vehicle.
Inspect The Car: Whether you’re buying new or used, first inspect the vehicle thoroughly before purchasing. For used cars, consider getting a mechanic to do a pre-purchase inspection. Deciding between a new or used car depends on your budget and needs. If buying from a private seller, ensure all ownership transfer paperwork is in order. Many dealerships, including our suite of Aschenbach locations, offer Certified Pre-Owned vehicles that not only come at a reasonable price but have undergone thorough inspections and vehicle history background checks to guarantee quality for our customers. When buying a used car, consider getting a vehicle history report to check for any past issues.

Start Your Car-Buying Process Today

Buying your first car is a significant life milestone, filled with excitement and anticipation to explore the world. By following this guide to buying your first car, we hope that you can now navigate the buying process with the confidence to make an informed decision. At Aschenbach Automotive Group, our automotive experts are ready to help you explore our entire inventory at every dealership location to prepare you for the road ahead. Visit our dealership locations page to find the nearest dealership to you!