Buying Your First Car

Buying your first car is an exhilarating experience, as it should be. You officially have your keys to freedom. But as with any form of freedom, it does come with responsibility. This is just as true when driving as it is when purchasing your first vehicle.

The best way to approach the new car-buying experience is “slowly”. Here are the steps to make sure you make the right purchase for your budget and your needs:

  1. Know Your Money – A good car doesn’t have to be expensive, but you do need to be aware of your budget and how much you are willing to spend before you start shopping. Otherwise your eyes will get the best of you and you may spend more than you should. Remember that a car is primarily for transportation, not a status symbol.
  2. Know Your Financing – If you are borrowing, make sure you shop around online and at local lending institutions. Don’t walk into a dealership without pre-approved financing if you want the best deal.
  3. Do Your Research – Once your money is lined up, research vehicles in your price range. Look for cars with high reliability and low maintenance and insurance costs. There are a multitude of websites that will help you in your quest.
  4. Test Drive – Now comes the fun part. You’ve done your homework and now it’s time to pick out your car. Before you do it, print out a check list and go down the list with every car you drive. This helps you stay on track without letting emotions run away with your decision-making.
  5. Inspect Your Vehicle – Before you buy, always have your potential vehicle inspected by a certified mechanic for safety and any potential pre-existing issues. It may cost a small fee, but it will save you from a major surprise such as buying someone else’s problem.

About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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