Buying a Car for College

Most teenagers would have their first car during college. Some will have the opportunity to have a brand new car, others would be given the family car, and others would be given the chance to own a second-hand car. Whatever the reason is, here are some tips for college students to take note of.

Two to Three is the Key Age

If you’re given the opportunity to own a brand new car, then good for you. But if you’re going to buy a second-hand car, the key car age to remember is two to three years. Car value greatly depreciates after two to three years. If you’re lucky, you could find a car with very minimal mileage at that number of years. Consider how many times the car has been to long-distance trips or even out-of-town trips. The longer the mileage, the bigger the chance that you’ll be encountering problems with car parts such as radiators, mufflers, leafsprings, and so on.

Dealers could be a Better Deal

While there is a big chance that you’ll get a cheaper offer if you buy from an owner himself, you’ll be safer off buying from a dealer. Dealers, especially the registered ones, are checked by the government and they wouldn’t dare to goof off with a car that is good as junk. It’s too risky for them and they need to maintain a good reputation to keep customers coming. Original car owners, on the other hand, can market that their car is great but you might end up spending more for the repairs. For college students who still rely on their allowance, money is a luxury that you won’t have.

Consider Payment Options

It’s very rare to find a car finance option where the monthly payment will just equal to the amount paid in full. If you have the money, you might as well pay it all up already. The saving is actually pretty big compared to the monthly payment option. Also consider if you’ll end up spending less if you borrow a car loan from the bank to pay for the car in full or if you just pay the car on a monthly installment.

Always Ask from the Experts

Your parents may be no experts in cars but they will definitely know more about buying cars than you. Ask help from those older than you. You may already be a college student but you still have a lot of years to go when it comes to experience.

About DJ

Part-time technology consultant, part-time blogger -- I let the blogs do the show and tell

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