Do your research.
Check out the Consumer Used Car Rating Guide or Consumer Reports.
Be aware.
Know what to look for to avoid buying a lemon or paying too much. Check out the Kelly Blue Book.
Don’t rush.
Don’t let a salesperson rush you into a car you don’t want. On the other hand, don’t rush into buying a car that isn’t what you really want or need.
Manage your money.
Remember that there are more factors to purchasing a car than just the sale price.
Establish your credit.
You may need a credit history to get the financing to buy a car. You can have your parents cosign the loan with you.
Ask for help.
Ask friends, family, teachers for help in closing the deal. Get the help of a mechanic to evaluate any used car you are considering.
Insuring Your First Car
One thing many young drivers don’t anticipate when purchasing their first car is the high cost of insurance. In some cases, teen drivers pay double for the same amount of insurance as older drivers due to age and inexperience. In fact, annual insurance costs of $5,000 or more are not uncommon when insuring a teen driver.
Keep in mind that insurance rates are based not only on the model of car you drive, but also on the town where you live, the miles you drive annually and your local population. Since these factors are out of your control, the best thing you can do to lower your insurance rates is to look for a car with a good crash safety rating and low average repair costs. Additionally, most insurance companies will reduce your annual premium if your vehicle has an alarm that prevents theft or is kept in a garage on a daily basis.
However, the two easiest ways to cut costs on car insurance are to get good grades in school and take a driver’s education course. Many insurance companies offer reduced rates if you maintain an A or B average and/or enroll in an approved driver’s training program.
While car insurance is expensive, it is also required by law. Many young drivers jump on their parent’s auto insurance. However you go about acquiring auto insurance, make sure you’re protected before you drive.
