Mar 26, 2017 11:54 AM EDT
Owning a car while in college offers many enormous benefits, and it is incredibly exciting to feel that sense of independence. However, since students generally do not have any experience on purchasing cars, it will be better to have some research done to make sure that they get their money's worth.
Here are some helpful car buying tips for the students who want to purchase their own while in college.
Buy used car
While it is not really bad to buy a brand new car, students must also consider their college expenses and student loans especially when they are earning less than $10 an hour, according to The Boca Raton Tribune. This is why it is more practical and economical to just buy a used one. Even if new cars are great, their value also depreciate quite fast. After all, there are so many used cars that are still able to provide the same comfort and utility that new cars can offer.
Buy from a dealer
According to College Info Geek, it is better to purchase used cars from a dealer because of many reasons. For one, they are subject to "implied warranty laws"; the certified pre-owned cars they sell are also less likely to have problems; and lastly, financing options are available.
Use the smartest payment option
The best way to pay for the car is by cash. If this is not possible at the moment, it is better to save for the car so that the amount that students need to borrow will be reduced. It is important to have all the available options for payment evaluated, and if paying by cash will not be possible, look for a deal with the lowest interest rates.'
Know what to look for in a car
Aside from checking the history of the car, a thorough inspection by a competent technician will be more helpful because he can tell if the vehicle is in a good condition, or if it needs some major repairs.
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