There comes a time when every young adult will inevitably have to return their parents’ car keys and decide whether to buy their own set of wheels or not. Whether that time comes in high school, during college or sometime after grad school graduation, there’s no doubt that eventually you’ll need to think about buying a car of your own before you start your career. But how do you go about buying your first car when your future seems uncertain and your current cash flow may be lower than you’d like? Keep reading to find out what you should consider before buying your first car.
- Cash flow. Your financial situation can play a big part in what kind of car you can afford. Are you a full-time student living off of a stipend from your parents? Or, do you have a job that can help you pay for your new car purchase? Depending on what your financial situation, you may be able to set a realistic car buying budget with that income information.
- Condition. Before you go car shopping, you should consider what condition of car you can afford. For example, you may have your eye on a new car, but a gently used pre-owned car would likely be more affordable.