Whether you are a recent grad who just secured their first real job or someone other than the prototypical first-time car buyer, the car-buying process is never filled with as much uncertainty as it is the first time. But no matter how much affection and attachment we develop for our previous vehicles that our parents or other family members helped us get, buying your first car with us at Major World could best be described as the pinnacle of young adulthood. To that end, we have come up with what we believe are some helpful tips that will prepare you for your visit to the most luxury car dealership in the NY and NJ area.
#1- Creating A Realistic Budget
This figure is contingent on what you can afford per month. For those who can afford to purchase a vehicle with cash, that is wonderful! But, keep in mind that this does not account for the majority of novice and seasoned car buyers. The nature of transaction prices for vehicles requires the leveraging of financing. So, it is important to look at the cost of living in all the important areas (e.g., shelter, food, health insurance, entertainment, etc). Once all of these incidentals have been calculated, the remainder could be spent on a car payment, fuel, car insurance, and for cars without a warranty, mechanical maintenance.
#2- Know What You Can Spend Monthly
While this may sound familiar to what we discussed above, your level of indebtedness is vastly different from your monthly commitment. Neither one, for a first-time buyer, should be out of balance in comparison to your other assets. If you are financing with a luxury car dealership in the NY and NJ area, figure $25 a month for every thousand dollars that you borrow for 48 months, and $20 a month on 60-month financing. It follows that every $10k borrowed is $250 a month for four years, and $200 a month for five. Just note that this is the base obligation. Insurance, fuel, and routine maintenance go above and beyond this.
#3- Determining Your Transportation Needs
This looks different for everyone. Transportation is obviously a quintessential component for traveling to work, running errands, or transporting goods and services (depending on your occupation). Perhaps you could benefit from a 2022, Ford Ram 1500, or maybe you want to ride in style with one of our Cadillac Escalade Platinum Edition vehicles. Base this decision on what you can realistically afford and what you need. We will continue to drive home the point with our loyal consumers–the cost of fuel, insurance, parking, are all important to consider for your next set of wheels. Continue to have these conversations about what makes the most sense, with one of our professional finance team members, assuming you have done the work on your own beforehand, to determine what your assets and financial situation looks like.
#4- Researching (It’s Never Been Easier)
If you are reading this on our site, your pursuit of luxury, top of the line vehicles has already been set. However, this does not mean that you are restricted from doing your own research on vehicles, beforehand. In fact, we implore you to do so. You would be surprised at how much insight car enthusiasts and the car companies themselves are willing to impart on wide-eyed, car purchasers. Once you have taken in as much as you can ingest, balance it all with your gut instinct, or from the instincts of someone else you can trust. Most importantly, be proactive. If you see someone with a car that has piqued your interest, stop and ask them about their ownership experience.
#5- Take It For A Spin
With all of the online sources available to your disposal, we believe that the importance of the test drive has been marginalized. Arguably, nothing is more important in your decision process than how you feel behind the wheel. Many variables come into play– the seat height, wheel adjustment, steering feel, throttle tip-in, outward visibility, control layout, and much more. Simply put, you need to spend a reasonable amount of time driving the car before you move forward with a purchasing decision. Take at least a half hour, going beyond the conventional test drive when weighing out your decisions. If the sales rep doesn’t have the time for open discussion at that moment, find a time when he or she can fit you in.
#6- Enjoy The Journey
Possibly one of the most sound pieces of advice we can give you is to enjoy the process. Even though the process of purchasing a vehicle can seem bothersome, learn to be stimulated by the experience you will receive from our luxury car dealership in the NY and NJ area. There is a lot of creativity that goes into the automotive process, especially for first-time vehicle buyers.
Making Your First Adult Purchase: Major World– A Luxury Car Dealership In The NY and NJ Area
If you want to make your experience as a first time car owner memorable and exciting, come on by and speak with our team at Major World. We have countless vehicle options that we know will suit your needs and desires. Visit our website to prepare for your future visit!