Advice for First-Time Car Buyer

Submitted by BeatchaKimchi t3_z7yrz7 in personalfinance

I am a new grad who recently commissioned as a US army officer and will start training in January. I have never owned a car in the US, and am looking to get a car soon. I originally planned on leasing a new car, but after some research and considering my future unpredictable lifestyle, it seems like buying a used car as a first car is the best move financially.

Where should I start in terms of looking for used cars? I've had some bad experiences in the past about the reliability of used cars, so even if I have to overpay, I'm willing/have the means of paying a premium on newer or certified used cars. Is it better to have a co-signer, as I have not owned a car in the past and have limited credit history? My parents currently live overseas, so ideally I would not like to have a co-signer. I haven't had an income in the last 6 months, but I will be earning money in about a month and have a good amount of savings dedicated to a car purchase, plus my parents are willing to chip in a percentage of the car payments.

Apologies for the newbie questions, this will be the first car I ever buy, so I've been overloaded with a bunch of new information.

1

Comments

You must log in or register to comment.

dmcand3 t1_iy8s4uh wrote

I wouldn’t rush into financing a vehicle. If you have money saved and start to generate income - go buy a Honda or Toyota that is used. Pay cash, don’t finance.

3

playboiiclouti t1_iy8t0h3 wrote

To piggyback off of this, remember that you are the one with the buying power. If the deal doesn't seem right to you, walk away. Find another dealership that would be willing to help you get what you want. Some are more than willing to help you buy car with them instead of their competitors.

1

BeatchaKimchi OP t1_iy8ydjt wrote

Are sites like Caravana and Carmax good places to look for used cars? Also, what mileage should I be looking for?

1

dmcand3 t1_iy8z3u2 wrote

I would go to a used car lot, maybe at a dealership but also any marketplace would do. Somewhere you can bring the car to a certified mechanic and have them check it. That should be a third party mechanic, not the dealership mechanic.

2

raustin33 t1_iy9qsf9 wrote

> Caravana and Carmax

They tend to be on the higher end for price, and folks pay it for the convenience. Unless you can't, I'd try local dealerships first. Seeing and driving the car is worth doing.

2

shayne_sb t1_iy8us5i wrote

Find a good mechanic to have them look at the car before purchase. Research what you need or want. You will probably know more about it than the sales guy. If you are considering financing, get pre-approved loan from your bank/credit union. Don't rush into the purchasing process. Read all documents and ask questions if you don't understand, dealerships are trying to get you through the process so they can focus on the next buyer. Consider private sale.

1