{"id":5564,"date":"2022-12-06T06:38:41","date_gmt":"2022-12-06T06:38:41","guid":{"rendered":"https:\/\/mocktheorytest.com\/resources\/?p=5564"},"modified":"2022-12-06T06:38:41","modified_gmt":"2022-12-06T06:38:41","slug":"how-to-afford-your-first-car","status":"publish","type":"post","link":"https:\/\/mocktheorytest.com\/resources\/how-to-afford-your-first-car\/","title":{"rendered":"How to afford your first car"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">While cars are, in general, relatively cheaper than ever in terms of performance and safety, it&#8217;s still a thousand or two required to get anything reasonable, and then you have to insure it. As a new driver, your insurance could cost you almost as much as the car, and you&#8217;re more than likely going to need a <a href=\"https:\/\/mocktheorytest.com\/resources\/cheaper-insurance-for-learner-drivers-with-telematics\/\" data-type=\"post\" data-id=\"2009\">telematics<\/a> quote to get it at a good price.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"332\" src=\"https:\/\/mocktheorytest.com\/resources\/wp-content\/uploads\/2022\/12\/ford-fiesta-600x332.jpg\" alt=\"\" class=\"wp-image-5565\" srcset=\"https:\/\/mocktheorytest.com\/resources\/wp-content\/uploads\/2022\/12\/ford-fiesta-600x332.jpg 600w, https:\/\/mocktheorytest.com\/resources\/wp-content\/uploads\/2022\/12\/ford-fiesta-300x166.jpg 300w, https:\/\/mocktheorytest.com\/resources\/wp-content\/uploads\/2022\/12\/ford-fiesta-768x425.jpg 768w, https:\/\/mocktheorytest.com\/resources\/wp-content\/uploads\/2022\/12\/ford-fiesta-1536x849.jpg 1536w, https:\/\/mocktheorytest.com\/resources\/wp-content\/uploads\/2022\/12\/ford-fiesta.jpg 2000w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Every year in the UK around 2.3-2.6 million new light passenger vehicles (cars) and over 7 million used cars are sold. Nearly 10 million transactions: how do you get in on the action?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, you need to decide a budget. Something like a ten-year-old Ford Fiesta with 100,000 miles on the clock will cost you \u00a31000-1500. If you&#8217;re doing insurance on your own, rather than being added to a parent&#8217;s policy, insurance will be anywhere between \u00a3700-1200 for third party, fire and theft with a \u00a3500 excess for social and commuting use. Then you need to budget for repairs and fuel. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Therefore, starting to save early is the key. Income from a part-time job during school holidays, evenings and weekends should be almost 100% disposable (unless you have mean parents!) Be sure to investigate how you can <a href=\"https:\/\/www.studysmarter.co.uk\/explanations\/math\/pure-maths\/compound-interest\/\">compound your returns<\/a> by using bank savings scheme. You could possibly get higher returns investing in something more risky, but you need to be prepared to lose money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Will your parents lend you money? If so, they might give it to you interest-free, or for a low interest rate that is better than a finance company. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;ve managed to save towards the vehicle, but can&#8217;t quite make it, you could investigate whether you can get traditional finance. This can be had for anywhere from around 8%. However, avoid taking on too much finance. You must understand the payment terms, how long you&#8217;ll be paying it for and how much you will pay in total. The best use of finance is when it allows you to get something perhaps a few months earlier, but you can pay it off within 6 months in full. That way, you don&#8217;t end up paying massive amounts of interest, but you do get the benefit of the vehicle earlier than you would have if you had saved the whole amount. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are also non-conventional sources of funds such as selling unwanted items, or engaging in a side gig that makes you a few extra pounds. There are also plenty of <a href=\"https:\/\/resumegenius.com\/blog\/career-advice\/jobs-for-teens\">jobs which are good for teenagers<\/a> to help earn extra cash.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Setting money aside early means you&#8217;ll be more prepared for when you want to purchase your first car.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While cars are, in general, relatively cheaper than ever in terms of performance and safety, it&#8217;s still a thousand or two required to get anything reasonable, and then you have to insure it. As a new driver, your insurance could<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/mocktheorytest.com\/resources\/how-to-afford-your-first-car\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":2,"featured_media":5565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to afford your first car - Highway Code Resources<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mocktheorytest.com\/resources\/how-to-afford-your-first-car\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to afford your first car - Highway Code Resources\" \/>\n<meta property=\"og:description\" content=\"While cars are, in general, relatively cheaper than ever in terms of performance and safety, it&#8217;s still a thousand or two required to get anything reasonable, and then you have to insure it. 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