What You Need to Know:
Buying Your First Vehicle
Interview by Inspire Magazine with Taylor Spencer
Owning a car feels like freedom: you can go where you want, whenever you feel like it. Choosing the right ride is important, so Inspire Magazine spoke with Taylor Spencer, a Sales Representative at Bill Spencer Chevrolet about important factors to consider when you’re buying your first vehicle.
Inspire: What are the benefits and drawbacks of buying a previously owned vehicle?
TS: The main benefit of buying a previously owned vehicle is the lower cost. The drawbacks can include paying a higher interest rate on a loan, having less manufacturer’s warranty available and having a less reliable vehicle due to regular wear and tear, even if someone has taken good care with regular maintenance.
Inspire: What are the benefits and drawbacks of buying a new vehicle?
TS: The main drawback is the higher cost. The benefits include a more reliable vehicle in brand new condition, with more warranty available. New cars are also consistently safer and more fuel efficient due to on-going research and development.
Inspire: Is leasing a practical option for a young person entering the vehicle market?
TS: Leasing can be practical because you will have a lower payment compared to financing, as you are only paying for the portion of vehicle life you will use. At the end of the lease term you have the option of paying the buyout price to own the vehicle, or you can walk away from the car with no further debt or obligation.
Leasing also has the advantage of Guaranteed Asset Protection insurance, which will pay the difference between what the vehicle is worth and what you owe if the vehicle is stolen or written off due to damage during the term of the lease.
Inspire: Everyone has their vision of the perfect vehicle. What are some key features a young person buying their first car should be looking for in any vehicle?
TS: Safety is a priority. Drivers age 16 - 19 are three times more likely to be involved in a fatal collision than drivers age 20 and over, so ensuring your vehicle is one of the safest in its category is important. Along with this, a vehicle with wireless capability is a great way to allow hands-free functions and prevent distractions while driving.
Inspire: What are your "top tips" for young people purchasing their first vehicle?
TS: First, it’s important to determine which class of vehicle they will need. A small car is cheap and fuel efficient, but will it have the space and functions the driver will need?
Second, determine what features are most important. Heated seats might be nice, but a back-up camera might be a more important feature for safety.
Finally, decide on a budget based on the desired vehicle class. Work to stay within the budget – it’s easy to get carried away in the excitement of making such a big purchase, but it’s smart to start with a good, safe vehicle in an affordable price range for the best experience!