Owning a car in college has its perks. No more waiting for the bus in the cold or paying for an Uber every time you need to go somewhere. But with great power comes great responsibility, and owning a car also means dealing with things like researching the best car insurance for students, familiarizing yourself with basic car maintenance, and—of course—the initial cost of buying the car itself.
If you’re a college student who is thinking about taking the plunge and buying a car, this guide is for you. Below are tips to help you make the best decision for your needs and budget.
Set a budget
Before you even start looking at cars, it’s important to have a realistic idea of how much you can afford to spend. Keep in mind that along with the purchase price of the car, you’ll also need to factor in things like gas, insurance, and upkeep costs.
Once you have a number in mind, stick to it! It can be easy to get caught up in the excitement of buying a car and end up spending more than you intended.
Do your research
Not all cars are created equal, and you’ll want to make sure you’re getting the best bang for your buck. Read online reviews, compare features and prices of different models, and take some time to learn about common problems associated with specific makes and models. This research will pay off in the long run by helping you avoid costly repairs down the road.
Get a loan pre-approval.
Unless you’re paying for your car outright (lucky!), you’ll probably need to take out a loan to finance your purchase. Getting pre-approved for a loan from your bank or credit union before heading to the dealership can give you some negotiating power and could help you avoid being taken advantage of by an unscrupulous salesperson.
Take your time test driving different cars
Once you have an idea of what kind of car you want, it’s time for the fun part: test driving! Most dealerships will let potential buyers take cars out for a spin, so take advantage of this opportunity to get behind the wheel and see how each one feels.
This is also a good time to ask questions about features, warranty options, etc., and get a feel for each dealership’s customer service before making your final decision.
Don’t be afraid to negotiate on price—and everything else too
Remember that everything is negotiable when buying a car: price, trade-in value if applicable, extras like extended warranties or gap insurance, etc.. Don’t be afraid to haggle a bit and stay in control of the negotiation in order to get the best deal possible—after all, that’s what negotiations are for!
Make sure everything is in writing before signing on the dotted line!
After all your hard work researching and negotiating, be sure that any promises made by the dealership are put in writing before signing any paperwork associated with your purchase/loan agreement.
This includes things like promised repairs or maintenance services, special financing rates or terms, etc. By getting these things in writing beforehand, you can avoid headaches down the road if something goes wrong or isn’t as advertised.
Research insurance companies and get quotes
If you are buying your very first car, then you may not realize that insurance can be very expensive, so you’ll want to make sure you’re getting the best deal possible. Research different companies and compare their rates before making a decision.
You may also want to consider talking to your parents about being added to their insurance policy if they have a good rate—this could save you some money.
Keep up with regular auto maintenance
Most people know that you should get your oil changed every few months and keep an eye on your tire pressure, but there are lots of other little things you can do to keep your car running smoothly. For example, regular washing and waxing will help to protect the paint job and keep the value of your car high.
In addition, caring for your tires will not only improve your gas mileage, but it will also help to extend the life of your tires. And don’t forget about checking your fluids! It’s important to keep an eye on your coolant levels, as well as your brake fluid and power steering fluid.
By taking a little time each month to perform some basic maintenance tasks, you can keep your car running like new for years to come.
Purchasing your first vehicle as a college student can be overwhelming, but following these simple tips can help make the process smooth sailing.
