When people are buying a car for the first time, the first thing that catches their attention is the sticker price on the vehicle that is sitting outside in the dealership parking lot. “Oh, I can afford this!” they will exclaim when they see the price. However, the price that you see on the sticker on the vehicle is often just a rough estimate of what you will actually end up paying for the vehicle.
When I first bought my car, I had no idea how much I would qualify for. I knew how much I was making, but I didn t even have the first clue when it came to financing and figuring out facts, figures and other sorts of numbers. I brought another female friend with me to the dealership, thinking that because she had purchased cars in the past that she would be able to help me out. No such luck. In the end, the salespeople at the various dealerships that I visited had a field day with me, trying to swindle me and get me to purchase a car that was well beyond what I would ever be able to comfortably afford. Why, at one dealership, I distinctly remember that the salesman actually took me for a test drive in a $35,000 car and told me that I would be able to afford it! I later found out that this was a price that was well beyond my capabilities at the time.
Buying a car for the first time is a major decision, one that will affect you for a long time if you make a mistake. Regarding the price of actually owning a vehicle. In the state of North Carolina, I didn t know that there was a vehicle tax that you receive in the mail shortly after purchasing a vehicle. Depending on which county you live in, the vehicle tax may be higher or lower. In Wake County, the vehicle tax is currently three percent of the purchase price of the vehicle minus a trade in. If you don t have a car to trade in, then this is just three percent of the purchase price. So, if you are buying a car for twenty thousand dollars and think that you are going to get off scott free, you had better think again and prepare yourself for a heft vehicle tax bill in the mail.
I was shocked to receive my first vehicle tax bill in the mail. Why hadn t the dealership told me about this? Suddenly, I was faced with paying a $440 per month statement for my car plus a new vehicle tax bill for the amount of $375. I actually had to resort to asking my parents to help me out that month because my current paycheck wouldn t cover the difference! In addition to this, people who are buying a car for the first time also need to take into consideration the fact that when you own a car, you have to pay for regular upkeep such as filling it with gasoline, taking it in for regular oil changes and occasionally battling unexpected hiccups such as flat tires, car accidents, etc. In the end, you wind up paying far beyond whatever the sticker price read out. Therefore, it pays to do your research and make sure that you take ALL things into consideration!
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