It is a well-known fact that having a car for a student is great in terms of convenience and reputation. However, due to specific needs of students and their limited financial opportunities, to get a suitable vehicle might not be an easy task. Let’s check some tips on how to buy a car, the price of which can fit into your college budget.
Buying used cars
Being a student and having a limited amount of income means that it is quite impractical to get a brand new car. Buying a car that was already in use can save you a lot of funds.
Credit vs cash
There is always a temptation to get a loan from the bank and to buy a car of your dream; however, you need to be careful there. It is difficult to predict what your financial situation will be during your study, so it is highly advisable to buy your first car for cash. The last thing that you want to worry about on top of the stress during your exams is how to repay the loan for your purchase.
If you did decide to get a loan in order to obtain a car, you have to be financially well-informed. You do not want your car to be repossessed because you did not make payouts on time, so make sure you find the best deals in terms of payment amounts and interest ratings.
Fuel efficiency of the car
If you live off-campus and need to travel quite far, it is important to consider a vehicle which is fuel-efficient. Even if you really desire a powerful car at the moment, the consideration of potential fuel expenses for a student is a must.
If you chose to buy from an independent seller, don’t be afraid to haggle. You are a student with a limited income, so you cannot afford yourself to buy an overpriced item. Obviously, preliminary research regarding prices for the desired car model needs to take place, in order to get a car for its real price.
Even if a seller promises that the car is in ideal condition, make sure you have an opportunity to test the car. You need to check if everything is working, as you make a great investment being on a limited budget of a student. It would be also helpful if you could invite a professional who could inspect the car and help you figure out whether the car is indeed worth buying.
Purchasing a car for a college student is an important step, and a lot of things need to be thoroughly thought over. Make your decision with consideration so that your purchase brings you joy and an exciting experience of how to close a great deal.