posted 6 years ago

First Time Buyers Cash Saving Tips

Economically minded first time buyers wanting the best possible purchase face a tricky decision.

Economically minded first time buyers wanting the best possible purchase face a tricky decision. After all, motorists must choose a vehicle they can afford to buy, fuel, tax, maintain, repair, and insure. So, let's consider how to minimise these expenses.

There is a wide choice of vehicles on the market but it is important to have realistic aspirations. Many prestigious used cars appear to be great value for money, but the running costs could actually make your hair turn grey. Buying a low-powered supermini could therefore be the best choice for many first time buyers.

Choosing the right engine for your vehicle also minimises expenditure. After all, low-powered models travel considerably further on a gallon of fuel than their more monstrous siblings. Modest engines therefore minimise expensive trips to the petrol station and keep emissions in check. Low emissions are particularly important for post March 2001 vehicles as this defines the cost of road tax.

Superminis also earn plaudits for being cheap to maintain and repair. However, even modest costs add-up so it is worth shopping around for the best prices on servicing, tyres, repairs, etc. Repair costs can also be reduced by initially buying the best supermini you can afford. Whereas vehicles can be purchased for a few hundred pounds this is often a false economy.

One of the least favoured but most essential costs is insurance. Prices vary considerably and the quickest way to source several quotes is through price comparison websites. Premiums may be reduced by taking a Pass Plus course, adding a named driver, limiting mileage, and agreeing to a larger excess. It is also worth adding breakdown cover for extra peace of mind.