Car Purchase

For most people buying a car is their first major life expenditure transaction. It is one that will be repeated many times in your life. The sense of independence and freedom that ownership of a car gives to a young person is wonderful but before you buy a car you should ask yourself if you can really afford it. It pays to think about your financial situation now and in the future. For example, car repayments might seem affordable, but there are other expenses associated with owning a car such as insurance, tax, fuel and maintenance. Make sure you can meet the total cost consider what would happen if you suffered a sudden drop in income.
If you are buying an older car, bear in mind that parts need replacing from time to time. Annual motor tax as well as Vehicle Registration Tax, which is included in the cost of a new car, will be based on car engine size and carbon emissions.
Of course, insurance is the real obstacle to car ownership by young people. See our separate insurance section or our sister website www.insuranceservicesireland.com