Three Tips for Buying a Car if You’re a Student
August 12 2019, Lake View Auto Sales
Buying a vehicle is an important task, especially when it’s your first vehicle and especially when you’re a student. In such a situation, planning and thinking ahead is essential.
Indeed, buying a vehicle when you’re a student involves rather different considerations compared to buying when you’re financially stable and in the middle of your career.
When you’re a student, your budget is generally smaller (but that’s likely to change in a few years). Your needs are also likely to change over the short and medium term. A car, on the other hand, is a long-term investment, especially if you’re the one financing the purchase.
Avoid Debt
It’s no secret that debts accumulate when you’re a student. It’s hard to get a university degree without incurring debt, but you can choose not to add to it with a less expensive car loan. You must, therefore, plan your budget and avoid stretching out payments for too long.
Avoid financing terms that are between 72 or 84 months. Think about it! When you graduate in a few years, you’ll be making a living. Do you really want to be stuck with a three or four-year loan after graduation? It’s best to choose a vehicle that will be paid off or almost paid off by the end of your studies. You will then be able to choose what to do with the car once you start your full-time job.
Space Is Important
You may not need a lot of space now, but that might change once you have a family. Even if you follow our previous advice and pay off your car by the end of your studies, you may not necessarily wish to sell your car immediately. This means you should aim for a vehicle that will be able to accommodate your changing needs over the next few years. In doing so, you will maximize your investment.
Reliability Should Be a Priority
The last thing you’re looking for is a vehicle that breaks down the morning of your exam. You also don’t want to be paying to fix a car that breaks down every month. Do some online research on the reliability of the models that are available to you and choose the least risky option!
