You’ve graduated and joined the world of work! The next step to adult independence is to buy your own car. Whether it’s a reliable pre-owned model or brand-new off the showroom floor, you will enjoy a certain sense of achievement.
The excitement of owning your own set of wheels, however, comes with financial responsibilities and shouldn’t cloud your judgment in terms of purchasing a car you can afford.
Being financially responsible means opting for a more affordable car. That needn’t stop you from thinking about your dream car, but it is unwise to put yourself under unnecessary financial strain as you start out in the workplace.
“The priority for young graduates when purchasing a car should be that they are able to realistically afford it. It is important that the addition of this asset to their lives should not compromise them financially.
Instead, it should contribute positively to their new work lifestyle and sense of independence,” says Kutlwano Mogatusi, WesBank Motor’s Communication Specialist.
“Whether you are considering a new car or a pre-owned vehicle in good condition, the selection of makes and models on offer in the market can be overwhelming.”
When making the car-buying decision, it is also important to list and ask all the pertinent questions to ensure you understand all the costs involved in acquiring your new set of wheels. As a graduate, remember that it’s more important to purchase something reliable and suitable for your current uses and well within your financial means, than initially targeting your dream car.
“Choosing the car, you can afford – and not necessarily the one you really want – is an indication of exercising financial discipline and independence that can only benefit you in the long run.
The greatest expense of owning a car includes petrol, maintenance and services, insurance premiums and the monthly installment payments. Managing these expenses should never get to a point where you feel as though you have bitten off more than you can chew,” concludes Mogatusi.
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