Young drivers: 5 things to consider when buying your first vehicle

1 – Aim for a reliable, affordable vehicle

Everyone dreams of driving a new car or a luxury vehicle. But at this stage in your life—school, part-time job, maybe your first apartment—the choice of a first vehicle should focus on reliability and fuel economy.

Because in addition to the monthly payment required to cover your car loan, if you have one, your budget must also include an amount for regular maintenance, repairs and tire changes. Generally, a subcompact or compact car offers reasonably priced replacement parts and helps keep fuel costs down. Don’t forget that there are also other costs that come with owning a car, such as your auto insurance premium.

2 – Choose a used model that is still covered by a warranty

If your budget allows, consider models that are 3, 4, or 5 years old—they may still be covered by the manufacturer’s basic warranty. A lease return with low mileage can also be a good option, especially if you know the person who leased the car.

It’s essential to have the car you want inspected before you buy it. Maybe your parents have a trusted garage you can use? Finally, two other steps are also recommended before you buy:

• Request a vehicle report from CARFAX Canadaopen_in_new to check accident history, repair estimates and costs, unfixed safety recalls, odometer readings and more.
• Check the RDPRMopen_in_new registry (french only) to ensure that the vehicle is free of any liens. You want to buy a car—not inherit someone’s debt!

3 – Notify your insurer if the vehicle has been modified

“Fast & Furious” may be a hit movie series, but it’s not the best inspiration for your first car. In fact, insurers may refuse coverage if the vehicle has aesthetic or performance modifications.

You are required to declare any modifications to the insurer. Modified cars cost more to repair or replace, and they’re more attractive to thieves. This means higher risk and higher potential costs for the insurer, which translates into a higher premium for you.

4 - Familiarize yourself with the owner’s manual

Buying your first car also comes with new responsibilities that shouldn’t be overlooked. Tip: Read the owner’s manual to learn about recommended maintenance and when it should be done.

Be sure to keep up with regular maintenance, such as oil changes, required seasonal tire changes, replacing wiper blades and refilling windshield washer fluid. And don’t forget to be properly prepared for winter!

5 – Shop for affordable auto insurance

As the vehicle owner, the insurance policy must be in your name. Premiums depend on factors like age, driving experience and driving record. New drivers often pay higher premiums until they build a good record. These tips can help you save on your car insurance.

Don’t hesitate to shop around for coverage that fits your needs at the best price. First step? Get a quick auto insurance quote!