FIRST TIME BUYER'S RESOURCE CENTRE

Tips for the first time buyer


Congratulations!  You're shopping for your first car, and we couldn't be more excited for you. At Downtown Hyundai, we specialize in helping first-time buyers find the right car at the right price with no stress. Here are some things to consider as you start the process.


1: How much will it cost?  


An online payment calculator like this one (http://www.autotrader.ca/finance/calculator) can help you understand how the purchase price of the vehicle translates to a finance payment. If you've already got a monthly payment in mind, our Product Advisors can help you understand all of your options.



2: Should I finance or lease?


Standard financing breaks up the full purchase price of the car, plus all applicable taxes and fees, plus interest, into monthly installments.  When you've made all of the payments, you own the car outright. The larger your down payment, the lower your payments.


Lease pricing is based on the depreciation of the car over the term of the lease  Your monthly payment is based on the difference between the purchase price (plus all taxes, fees, and interest) and the residual (lease-end) value.  This means you only pay for the depreciation of the car during the term of the lease.  


When the lease is up, you can either return it to the dealer, or buy it outright for the residual value determined at the beginning.  With a lease, your monthly payments are lower, but you are restricted to a set number of kilometers per year.  Leases with higher mileage allowances carry a higher monthly payment.  As with traditional financing, a larger down payment will reduce the monthly payments.

3: What about insurance?


In order to get your first insurance quote, check out https://www.shopinsurancecanada.ca. You can enter the make, model and year of the car you're considering, and get quotes from multiple insurance companies all in one convenient site.



Getting an insurance quote ahead of time will help make sure you're prepared to make a purchase when the time is right.


4: How do I choose a car?


Great news! Across the board, cars are safer, more reliable, and more efficient than ever before.  You really can't make a bad choice!  So, how do you narrow down all the options?  


The first step is to decide what matters most to you. Here are some things to think about:


Cost of ownership  From maintenance costs, to fuel costs, to repair costs, to insurance costs, there's a lot that goes into the total cost of owning a car.  CAA has a great tool on their website https://www.caa.ca/carcosts/ that can help you estimate the annual ownership costs for the cars you're considering.

Functionality


How will you use the car? Planning to haul your friends or family up to the cottage? Weekly trips to Home Depot?  Where do you park? Is it a tight fit?  Thinking about what needs to fit inside and where the car needs to fit will help you find the right category to shop.


Features


Music lover?  Look for an upgraded audio system!  Animal lover? Leather or Leatherette seats make cleanup a breeze.  City dweller?  Driver assistance features like parking and blind spot sensors can help tame the chaos of the urban jungle. Our product advisors will help you find the car that's got everything you want.


Style


Let's be honest, buying a car is both a practical and an emotional decision. Driving a car that looks cool is like having a good hair day every day!  Hyundai's award-winning Global Design Chief, Peter Schreyer (formerly of Audi), was named an Automotive News All-Star in 2017, and it shows across our line.


Taking an inventory of your priorities will help you and your Product Advisor zero in on your perfect first car. Do not hesitate to contact us with any questions: sales@downtownhyundai.com or 416 465 9000.