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Penny Wise ... Pound Foolish

Wednesday, February 4, 2015
This month it's all about the men! "Why don't you write articles for us" . Well February is your month Guys. All these new series were written for and by you all. Today, we will be looking at tips for buying your first Car:-)


Decide on a Budget : How much do you have in Savings? Is it enough to purchase a Car whether New or Used? If your savings is not enough , you might want to look into a Car Loan. For this option, I recommend that you be realistic .. Can you mange to take on a loan? Are you making enough to have that money deducted each month?  While on this Topic , here are a few requirements you need for a Car Loan .

1)      Existing Customer with Credit Score 1-6 with a Satisfactory Credit Report
2)      New Customer with Credit Score of 1-4 with a Satisfactory Credit Report, permanently employed for a minimum of 2 years to an employer who is on the List of Eligible organizations and who will provide a Salary Deduction or Salary Assignment.

In order to assess your eligibility the following is needed:

-          Last 3 months salary slips for salaried workers or bank statements, financials and auditor’s confirmation of earnings for Self Employed applicants
-          Completed application form noting monthly expenses

Always Research Car History: This is where a lot of people go wrong ; you see a car that looks good in an Ad or on the Internet then you quickly run and purchase said Car only to find out the Engine is Missing. In this modern time we live in , it is your duty to ask the seller for the Car History: Has the Car been in several accidents? Does it have brake issues ? How is the mileage? I've come across a company here in Jamaica called Carmax that offers Car Histories for the Buyers.


Shop Around: Don't just jump and buy a Car without looking around first. As with the point above , there might be some cars that are problematic that a Buyer is trying to get rid of , which will be really Cheap. Also on a positive note , you might find the same brand/type of Car for various prices that might be more favorable for you. Please! Don't go to a random stranger and say "Can I go in your Car to see how it Drives".



Have Money saved for Incidentals: I'm so guilty of this! When I first got my Car I wasn't expecting the Insurance to creep up so fast! I had nothing put aside for this specific reason and had to use money I didn't plan on using. Also plan for servicing ( every 3 months ) , Engineers Report , Tickets , renewing a license and just any unplanned thing like a Breakdown.

Owing your first Car is a sign of independence for many ... but with that Car comes a lot of responsibilities. Hopefully with these tips you will be ready to take on this new responsibility

Photos may be Subject to copyright | I do not own the Rights to this Video,No Copyright Infringement Intended


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44 comments on "Penny Wise ... Pound Foolish"
  1. This was a great read. I am sending over to my hubby right now :)

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    1. I am too...my husband is looking to purchase a new car.

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  2. Really need to start learning how to budget. Sometimes I get tempted to shop and splurge my savings on useless items :|

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  3. When my oldest got her first truck we went a slightly different route. We got a loan from the bank and then paid for the vehicle that way. She saved up and paid for half (only took her 6 months) and we paid the remainder. We paid it off so much faster than a traditional car loan and the interest rates were cheaper too. We are already looking for my next vehicle and have decided that we will start pulling out "monthly payments" in advance so we can have a large chunk paid off before we drive out of the dealership.
    Great tips!

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    1. That is a very good way to do it! we're currently in the market for a new family car and I think i will share this idea with my husband.

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  4. Very good post - knowing what to look for when buying used.

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  5. I need to really learn how to keep a btter budget. I let little things get a hold of me like a snack here, a coke there.

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  6. We were just talking about some of these things! Thanks!

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  7. I've planned to buy a car, but now my plans have shifted. :-) Great tips you have here though! Thanks for sharing these tips. Surely consult this for self assessment and would definitely love to share this.

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  8. This is a great post and yes you need to know the facts and details on a car. I've learnt from past transactions if you have a feeling in your tummy then you should listen. I've bought several "lemons" in the past even though I had a feeling that I shouldn't.

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  9. We definitely need to get more in our savings and to budget better.

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  10. This is really helpful info! It's hard to know what info is really important when car buying!

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  11. My husband is really good with budgeting which is why we have a lot saved up in savings. We're currently remodeling our bathroom which will take about 6k with plenty still leftover in there for emergencies and whatnot. Just had our car broken into that cost $600.. so its always nice to have a savings! We plan on getting a new car at the end of the year too.

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  12. Good info. Checking car history is a good. idea.

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  13. We are not far away from our kids driving, they better start saving

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  14. Great tips! These are things someone should take into consideration when buying a car even if it isn't their first. You make some excellent points!

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  15. Great information here! We're going to be in the market for a new car soon, and I'm glad I was reminded of a few of these points.

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  16. So many great tips here. I hate buying cars and always feel like we're being cheated.

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  17. Budgeting is so important and I need to read this :D Love the piggy picture.

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  18. If I'm not mistaken there is a carmax in Florida that does the same. It's def. a good idea to take such a precaution if you can.

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  19. Some great tips here! Buying a car is one of your biggest purchases and you definitely need to know what you are looking for... and getting yourself into! Sim @ simslife.co.uk

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  20. Great post especially since I'm actually looking for a car for my daughter who's in college. She needs her own so I don't have to keep going back and forth with her.

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  21. We have been saving for a car but i guess it would take forever to buy it

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  22. Will be reading that part about buying second hand cars more intently. I am apprehensive to buy second hand cars, because I do not know how the first owner took care of it.

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  23. You should really go over your budget and check the car history on your purchase. It's better to have a mechanic with you.

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  24. Car is SUPER DUPER expensive in Singapore. If you've seen the previous Fast & Furious news interview video about car prices in Singapore, you will be shocked by the prices and COE!

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  25. Luckily my husband does the budgeting for us! I would not be able to do it for sure! lol! And you're so right about shopping around for cars first. I learned that the hard way. I think patience really is key.

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  26. My car is almost paid off, and I have never been more excited. I can't wait for that extra money each month!

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  27. Thanks so much for these great tips. I wish I had these when I was buying my first car many many years ago.

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  28. Good call on having saved money set aside for incidentals!

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  29. Great car tips! We are about to buy our first car (hopefully soon!) and these tips will come in hand.y Bookmarked your article!

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  30. The piggie bank photo is so cute! Very true.. we need to save and use our money wisely..

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  31. Buying a first car is a scary experience. It is good to have advice and help from others.

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  32. To provide us of anything, money is the issue. Money earned makes one rich or worse could make as poor as the Church rat. And the secret is wise budgeting.

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  33. Wow this is absolutely awesome advice! I hope I can gather enough discipline to do this someday! :)

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  34. We are saving to get another car. We need to get some money saved and get a nest egg for emergencies on the car.

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  35. Tell me about it. Buying a car is just one step. Then you have to spend the next many years caring for it; registering, insuring, inspecting, and fixing natural wear and tear problems. My car is in the shop now so I know what you mean.

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  36. Oh, men and their cars! Some people need intervention when it comes to cars. some can obsess about it. Proper research can give them a good deal.

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  37. This was written from the experiences of two young people who went through the process

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  38. Budgets. Such a hard thing to stick too but great when you do!

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  39. I am a big spender and that has got me into trouble one too many times. Thanks for sharing your lovely article. :)

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  40. Thank you! Very informative! Good thing I don't plan on buying my own car. I'll just forever leech on my boyfriend perhaps. Haha!

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  41. The piggy bank is soooo cute. Thanks for such an informational post!

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  42. Some very good points here, a really helpful post.

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