What Should I Know When Buying A Car?

By Grant Baldwin--> April 9th, 2009
Filed under Cars, Spending

Finally ready to be done driving Mom’s old mini-van huh?  You mean you didn’t enjoy the orange residue of Cheetos that covered the seats or the fragrant smell of your Dad’s gas problem?

Well, congrats on moving up and entering into the world of automobile ownership.  Here’s my 2 cents of what you should know when buying a car…

  • Pay Cash – Do NOT go into debt to buy your first car.  In fact, don’t go into debt to buy any car.  A car is something that goes down in value, so why would you want to borrow money to buy something you’re losing money on?  It doesn’t make sense.  Save up and pay cash for a car.  I’m sure you may not have a lot saved and may only be able to afford that $1,000 clunker, but it will be worth it.
  • Do Your Research – There are various types of research you should do when buying a car.  Once you find a car you’re interested in, check the website KBB.com (Kelly Blue Book), which is the guide in the car world for how much a particular car should be worth.  Also, go to CarFax.com, where you can look up the history of a specific car.  That way you will know how many previous owners there were, any major damage you should know about, etc.
  • Try To Buy From An Individual – I don’t have anything against buying a car from a dealer or a car lot, but you will almost always find a better deal from an individual.  Check the classifieds in your local paper, look up on Craigslist, sites like Cars.com, or even just bigger parking lots where people park their cars with for-sale signs in the windows.  Individuals are usually easier to negotiate with than a dealer might be.     

If all you can afford are old, rusty, beat-up junkers, then tomorrow I’ll provide some advice and encouragement to warm your wounded heart.

YOUR 2 CENTS: Any other tips you would recommend when buying a car?

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2 Responses to “What Should I Know When Buying A Car?”

  1. Stephanie PTY says:
    April 14, 2009 at 8:29 pm

    I’m saving up cash for my first non-hand-me-down car right now! My car is still in great shape, and I won’t have need for a new one for many years… but that’s why I’m saving now! JFK once said the time to fix the roof is when the sun is shining… and I say the time to save for a car is when the one you have still works! This way, I’ll have plenty of time to save up for a really great car when the time comes to get a new one.

    [Reply]

  2. Christy Mckiernan says:
    February 7, 2010 at 10:20 am

    I had fun understanding this post. I want to see more on this subject.. Thanks for writing this nice article.. In Any Case, I

    [Reply]

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