If you're a student in college and ready to buy your first car, you may be surprised to know that many dealers are eager to do business with college students, even if they have limited credit or no credit. Here are some things to think about if you are planning on buying a car.
New or Used?
When you buy a car you should have some idea as to how long you plan on keeping it. There are definitely benefits to buying a new car if you a college student. Many dealers offer special car loans for students, which can make it very affordable. In addition, a new car means that there is less likelihood of needing to pay for repairs with the car. If you are planning on keeping the car for several years, getting a new car might be the way to go. On the other hand, buying used means that you can often get a great deal, as the car has already taken its biggest depreciation hit. Financing for students is also available for used cars, through your local financial institution.
Do some research
Just as you would research a subject for a term paper, it's also important to research the car you will be buying. You should begin your search by deciding on the make and model. Reviews from websites such as Consumer Reports can help you determine which car will be right for you. You'll also want to consider the year the car was built, as sometimes the design of a car can vary greatly from year to year.
Get a checkup
Once you have determined the type of car you want and found a dealer or seller, you should take the car to a local mechanic so they can look it over and let you know about any possible problems. This step is necessary for used cars only. If the mechanic finds any issues, you should attempt to negotiate with the seller to either get them fixed or to adjust the price accordingly.
Because you'll be using your car every day for at least the next couple years, you should not take this purchase lightly. Do your homework and you'll be sure to get a great deal.