You’re ‘Sweet 16’ is just around the corner and it’s time to start the official car search? Or, heading off to college and you need a car? Now, before you log onto every automobile website out there, you need to have a sit-down with the parental units. Legally, the minimum age to purchase a vehicle (alone on loan) is 18, so you WILL need a cosigner if you’re under 18.
There are a lot of things that need to be considered. You need to create a little budget sheet outlining your potential costs of ownership. You need to figure out ‘how much’ you can afford for a new car. Whether it’s a monthly payment you need to stay under or simply a cash amount. You need to know your limit and remember to never ‘live beyond your means’!
- How will you be paying for the car? Cash or Finance?
- How much cash do you have to put down?
- Insurance quotes?
In regard to choosing the right vehicle:
- What’s your price range? Monthly payment?
- What options do you need?
- Any deal breakers?
- Consider warranty coverage & extended service plans
Buying a car should be fun, so have fun! But try to stay calm and remember this is probably your first financial investment. Be smart and have fun!
First time buyers, what questions do you have for me?