Think carefully before buying new
For many, the costs of buying a new car will be prohibitively expensive. New cars also depreciate as soon as you drive them out of the showroom, and will probably require a loan for the purchase. While there are benefits with buying new, such as an extended warranty, most newly-qualified drivers will look to buy a used car.
While avoiding the latest model, try to find a vehicle that is not older than 10 years as again this will drive up the cost of insurance. Unless you are very knowledgeable about cars or have a mechanic who can view cars with you, always buy from a reputable dealer so you have come back in the case of issues.
It’s worth considering an electric vehicle. New traditionally fuelled cars are soon to be banned from the roads, leaving only electric and hybrid models as an option. The tax you’ll pay on these greener cars is also considerably cheaper, making them good for your wallet as well as the environment.
Borrow as little as possible
Paying as much as you can upfront will reduce the amount of loan you need, and therefore interest you’ll pay. It will also keep your monthly repayments lower, future-proofing you in case your situation changes down the line.
Shop around for insurance
You can opt for fully Comprehensive insurance (normally suitable for new or high value vehicles) or Third-Party Fire & Theft cover for older, less valuable vehicles. Having named driver experience will also bring down the cost of insurance. If you have some driving experience on a parent’s or spouse’s policy can be used as a form of no claims bonus.
Insurance companies will be competing for your business, so it’s worth shopping around to see who offers the best-value coverage for your specific needs. The choice can be overwhelming, which is where using an insurance broker really helps. They know the market and can shop around to find the right policy for your situation. The Motor Insurance Team at britton insurance is here to help and advise you on the most appropriate car insurance policy for your specific needs. We can help address your car insurance requirements by finding the best car insurance quotes in Ireland available.