Buying your first car is a rite of passage, a thrilling declaration of independence, convenience, and adulting. For many, it’s the first major investment after finishing college or landing that first “real” job. And that was me. Brimming with excitement, armed with Google knowledge and “expert” advice from a few friends, I embarked on the great car hunt. I believed I had it all figured out.
Spoiler alert: I didn’t.
Looking back, there are a few things I wish someone had told me. And if you’re about to sign on the dotted line — or swipe that cheque — let me spare you some pain with lessons I learned after the fact.
Buying Price vs. Ownership Cost Are Two Different Universes
That “affordable” car might bankrupt you.
I bought a used German BMW 32i that looked like a steal at the time. Stylish, powerful, and just within my budget — or so I thought. What I didn’t factor in were the ongoing costs. Insurance premiums were steep. Routine servicing required parts that had to be imported. Fuel consumption was atrocious.
Within a few months, I realized I was not just fueling a car — I was fueling an expensive lifestyle I hadn’t signed up for. In hindsight, I should’ve asked: Can I maintain this car comfortably, or am I buying for ego?
Mileage Is Important, But It’s Not Everything
We’re often told to check the mileage first. Low mileage? Great. But here’s the kicker: a car can have low mileage but still be a ticking time bomb.
Mine had 68,000km on the odometer. Sounds good, right? What I didn’t know was that the car had spent years parked, barely used, and rarely serviced. The engine seals were dried out, and the transmission had issues due to poor upkeep. Within a year, I spent nearly a quarter of the car’s value on repairs.
Lesson? Maintenance history > mileage. Always.
A Test Drive Doesn’t Reveal Everything
The test drive was smooth. I drove around a block with the seller, and the car purred. What I didn’t do was take it to a trusted mechanic for inspection — a mistake that cost me dearly.
There are things you won’t notice in a 10-minute test drive. Hidden chassis issues, signs of flood damage, brake system problems, worn-out suspension — the list goes on. Insist on a pre-purchase inspection by a mechanic who doesn’t have a horse in the race.
Insurance Is Not Just a Post-Purchase Formality
I treated insurance like an afterthought — like buying a phone case after getting a new phone. But insurance isn’t just about theft or accidents. It’s about peace of mind.
My first breakdown, in the middle of nowhere, was a nightmare. I had third-party insurance and no breakdown cover. Towed at my own expense, waited hours in the sun, and paid through the nose for repairs. Had I known about comprehensive insurance with add-ons like roadside assistance, I’d have saved time, money, and stress.
Depreciation Is Real, and It’s Fast
A new car loses value the moment you drive it off the lot. I didn’t know how fast that decline would be. When I tried to resell the car just two years later, its value had dropped by almost 35%.
The lesson? Don’t overstretch your finances thinking this is a long-term investment. In many cases, your first car is a stepping stone, not a forever vehicle.
Don’t Buy Without a Clear Financing Plan
I paid for my first car in cash — all at once. It wiped out my savings and left me financially exposed. No buffer for emergencies. No room for car repairs. It was a financially reckless move disguised as ownership pride.
Today, I know better.
If I had to do it all over again, I’d choose the smarter route — one that balances convenience with financial sense. Stanbic Bank’s Vehicle and Asset Finance is tailor-made for first-time buyers and seasoned motorists alike. Instead of draining your savings, you can spread the cost of a new or used car over flexible payment periods, with structured interest rates that don’t break your back. Even better? Stanbic can finance up to 100% of the purchase price for qualifying vehicles, including motorcycles, tractors, and equipment, making mobility and business dreams more accessible. Add in their partnerships with reputable dealers and insurance providers, and you have a truly seamless car ownership journey.
Take it from someone who learned the hard way: buying your first car should be a joyful step, not a financial trap. Go in with your eyes wide open, your options evaluated, and a trusted partner like Stanbic by your side.
Related Content: My Car Buying Experience in Kenya: A Journey Of Dreams, Doubts, And Discoveries
