Buying a Car as a College Student

Buying a car as a college student can be daunting. Whether you’ve purchased a car in the past or not, being a full-time student adds a new factor to the mix. If you’re looking for a car while at school, the following tips can help you make the best decision.

Research

The first step to buying a car while you’re in college is to do your research. While researching your purchase is important at any age, it’s especially vital when you’re a student. Because you don’t have much disposable income, you need to ensure the car you’re buying is the right one for you and your situation. 

For instance, if you’re going to school in the PNW, you’ll likely want something with four-wheel drive and good traction for harsh winters. On the flip side, students in the south should gravitate toward vehicles with good gas mileage and cooling systems. If you see a new Volvo for sale in your community, check out the safety features, efficiency, and cost. Purchasing a car that can handle multiple terrains like a Volvo XC40 or a Subaru Forester can help you stay on budget and stay safe no matter what locale you’re in.

Shop Around

The second step to buying a car as a college student is to shop around. More often than not, the first vehicle you check out won’t be the right one for you and your situation. You may like the first one you see, but there may be one in your area with a better value, better gas mileage, or better condition. When you shop around, you give yourself the best chances for a wise purchase. 

Part of shopping around is having a trusted advisor to help you make purchasing decisions. Even if this isn’t your first vehicle, having someone you can rely on for advice on mechanics, pricing, or even the timing of your purchase will give you peace of mind when you’re getting ready to buy a car. Keeping a level head while you shop around will help to ensure your car is the best one you can get.

Finance Your Purchase

The final step to buying a car while you’re a student is financing the purchase. If you’re like many other college students, you don’t have much money to spare. Whether you’re buying a new car or a used one, the vehicle and paperwork that you’ll need before you hit the road are expensive. Without proper financial planning, you could dig yourself a hole or ruin your credit by buying a car. 

Rather than potentially ruining your finances, make sure you sign up for a payment plan that works for you. If the seller offers monthly payments, that may be the best option for you and your budget. As a college student, you are in a position to build your credit for larger purchases down the road. With a good financing plan on your vehicle, you can keep your credit score going up while your bank account stays in the black. 

End Notes

To sum things up, buying a car while you’re a student doesn’t need to feel impossible. By following these steps and taking the advice of trusted people around you, you can purchase a vehicle with no damage to your finances.