So there you have it. Your shiny new car is sitting outside your house patiently waiting to be taken on its first voyage. But unfortunately, there is some bad news. Your work, and the continued tugging on your purse strings, isn't over yet.
You now need to consider insurance, road tax and fuel costs, and perhaps putting away some money each month to pay for any repairs should anything go wrong.
No matter which car you buy, the law requires you insure it. The cost of your insurance will depend on the type of car you buy, your age, occupation, driving record, anticipated annual mileage and whether you use the car for business or pleasure. You will pay more for your insurance if you live in a city or a large town and if you park it on the road. It's also worth checking what's out there before you buy.
According to a survey by the Irish Financial Services Regulatory Authority, motorists can save as much as €2,000 by shopping around for their motor insurance.
Another thing to consider is that most insurance companies reward drivers if they don't make claims, therefore the longer you have your policy without making a claim, the lower your insurance premium should be.
There are two types of motor insurance policy: comprehensive and third party, fire and theft.
A comprehensive policy covers all the risks of third party fire and theft, plus the costs of repairing any accidental damage to your own car and reimbursing any medical expenses for you and your passengers incurred as the result of an accident in your car. A third party, fire and theft policy covers only the bare minimum.
It will pay out your liability for any injuries caused to other people, including passengers in your car.
It also pays out for any damage caused by your car to other cars and property, and recompenses you if your car is stolen or destroyed by fire.
One useful tip is that you can often reduce your insurance premium by buying a car with high safety features.
Most insurance policies will expect you to pay a specified amount, usually between €125 and €250, towards the cost of meeting each claim and if you agree to pay a higher amount towards each claim you can reduce your premiums considerably.
As far as servicing and spare parts go, AIB personal finance estimates you should need about €750 a year for the average car.
Road tax depends on the engine size of the car and is typically in the region of €300.
Another thing to consider, preferably before you buy the car, is the cost of fuel.
It's worth bearing in mind that while you may be attracted by the idea of a boy-racer type vehicle with a souped-up engine, this may not be the most economical to run.
An average car, doing 30 miles to the gallon and being driven for 10,000 miles a year, will currently cost about €1,750 a year in petrol, according to AIB.
However, with larger and high performance cars, the petrol costs are likely to be considerably higher.
Five tips on car shopping
Decide what sort of financing deal you want
Make sure you can afford the repayments
Shop around to see what offers are available
Check if payment protection is included and decide whether you want it or not
Ensure you understand the terms of the deal and any penalties for early redemption
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