Tips for Buying a First Car
Many of you out there are just like I was when I bought my first car.
You have saved up a couple thousand dollars and you are sick of driving your moms mini-van to school especially when your friends have the newest model mustang (lucky kids with rich parents).
I understand you are ready to buy a car and finally own something of real value.
However, before you start walking out to car dealerships there are a couple of points that I want you to know.
Suggestions and Advice for Your First Car
I did make a few mistakes on the first one but it managed to work out fine.
I just could have saved a little more money.
When I was 17 I had saved up $5000 from working and I bought a 1997 BMW 318i.
The car ran well and had no major problems but I did spending about $2000 on it in repairs for the air conditioning and normal maintenance.
However, it got nearly 30 mpg which was great.
However in my sophomore year of college some fraternity guy in his huge truck smashed my car and totaled it.
Luckily my friends and I were not hurt but I didn't have a car for 3 months until after I got the money from the other guys insurance company.
That year over Christmas break I bought my 2nd car.
It was a 1997 BMW Z3 with less miles on it, several options, and new paint.
I spend only $6250 on it.
The difference is the 2nd time I bought from an individual, inspected the car, saved up more money, and bought the car in the time of year where I would get the best price.
You have saved up a couple thousand dollars and you are sick of driving your moms mini-van to school especially when your friends have the newest model mustang (lucky kids with rich parents).
I understand you are ready to buy a car and finally own something of real value.
However, before you start walking out to car dealerships there are a couple of points that I want you to know.
Suggestions and Advice for Your First Car
- Save up more money- I know that is not what you wanted to hear but I'm trying to help you out and this is the truth.
If you save up only $4000 you will not be able to get much of a car.
Now on the other hand if you manage to save up $7000 you will get a lot more car for the little bit of extra money. - Buy your car from an individual- Dealerships are out there to make a profit and they buy and sell cars for a living.
They know what they are doing and know how to negotiate because they are professionals.
They are going to make a profit off of you.
On the other hand if you buy from an individual off of Craigslist you will get a much better deal. - Get the car inspected- It is worth spending the extra $100 to make sure the car is in tip-top shape.
If the person selling the car will not allow it to be inspected then walk away.
They are trying to hide something - Buy a car in the right season- Did you know that the time of year affects the price of cars? For example if you are trying to buy a convertible in the spring in southern California you are going to pay more than if you were to buy that same car in the middle of winter in North Dakota.
I did make a few mistakes on the first one but it managed to work out fine.
I just could have saved a little more money.
When I was 17 I had saved up $5000 from working and I bought a 1997 BMW 318i.
The car ran well and had no major problems but I did spending about $2000 on it in repairs for the air conditioning and normal maintenance.
However, it got nearly 30 mpg which was great.
However in my sophomore year of college some fraternity guy in his huge truck smashed my car and totaled it.
Luckily my friends and I were not hurt but I didn't have a car for 3 months until after I got the money from the other guys insurance company.
That year over Christmas break I bought my 2nd car.
It was a 1997 BMW Z3 with less miles on it, several options, and new paint.
I spend only $6250 on it.
The difference is the 2nd time I bought from an individual, inspected the car, saved up more money, and bought the car in the time of year where I would get the best price.
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