Tips on Buying A Car in College
Owning a car can be of enormous benefit while you are in college. It opens a new world of possibilities. You enjoy flexibility and independence because you no longer need to depend on others for transport. More job opportunities will also show up. If you are ready to get a car, here are some tips and ideas that will be valuable to you.
1. Buy a Used Car
Buying a new car is not a bad idea, but you when you are earning less than $10 an hour and you have student loans and other bills to pay each month, a used car will be more economical. Remember that new cars are great but they also depreciate quite fast within the first eighteen months. If you want to enjoy the perks of a new car without paying the high price, you can buy a car that is about three years old with 30,000 miles or less on it. The car will offer the comfort and utility of a new car at a much lower sales price and with a low cost of insurance.
2. Purchase Your Car From a Dealer
Buying a car directly from the owner involves a higher level of risk. Sometimes, the car may come out clean without any major repairs required. But there are also cases where the buyers needed to spend a lot money to do repairs, buy rims, and other accessories to get the car to funciton perfectly. Buying from a dealer gives you the opportunity to enjoy certain warranties that a private seller cannot offer. You may also get a certified pre-owned car that carries a manufacturer’s warranty. Also, dealers will allow you to trade in your old car at a fair price. You can also use their financing options, when you need them.
3. Use the Smartest Payment Option
As much as possible, you should pay cash for your car. This may limit the options you have, but financing with a car loan will cause you to pay more and you will have to grapple with monthly car payments for next four to five years. If you can’t pay cash, you can either save and reduce the amount of money you borrow or hold on for some months till you have enough savings to pay cash outright. If you decide to finance the car, make sure you evaluate your options and opt for a deal that has low interest rates and flexible payment options. You should also shop around first to get quotes from different lenders.
4. Know What to Look For in the Car
Buying a used car is much easier now than it was a decade ago. Today, you can use the vehicle identification number (VIN) to get details about the history of the car online. You can also find out if the car has been involved in an accident or not. That, however, does not exclude the need for a thorough inspection by a competent auto technician. A technician will help you to inspect every part of the car from the engine, to the interior. He will tell you the true state of the vehicle so you can know if you will need to do any major repairs on the car.
With these tips, you will be able to get a good deal on the car you want to buy. Remember that your college car is not your last car so you should focus more on functionality and leave out some of the perks that will cost you a lot of money.