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Originally Posted by Mz_Doc
About three weeks ago, my mother had an accident with my car. Thankfully, she was alright but my car was totaled. The insurance is just about finished with all of their paperwork and I've decided that I would like a Nissan Altima, either a 02, 03, or 04. I have decided that I would like to pay for this car on my own instead of my mom paying for it, being that becoming financially independent is one of my goals for the new year. My question to everyone is, What or how did you go about saving for your first car? Do you have any advice or things you wish you had known when you got your first car? Thanks!
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The first car I financed was brand new, and I didn't put any money down. I had a 9% interest rate (which was good back in 1995), but my payments were $370 per month, because I didn't put any money down. I remember I walked in the dealership with $500, thinking that was going to make a difference. However, I learned that for every $1,000 you put down, it knocks your monthly payment down $20-$25.
With that being said, make sure you go in knowing what you can afford, and do the math on your own (don't let those folks at the dealership do it for you, because they are looking out for THEIR pockets- not yours!) For instance, I currently have a 2005 Nissan Altima SL, which I bought brand new. I put $3,000 cash down, plus I had a trade-in, AND they gave me $500 towards my purchase for recently obtaining my Masters degree. AND I got a 1% interest rate because I have good credit. All of these factors brought my payments down to $245 per month. So basically, make sure you do your homework so you can be informed. If you go to a dealership asking them a lot of questions (letting them know you are ignorant to the "game" of vehicle negotiation), most dealerships will try to make as much money off of you as they can.
I can go on and on with the advice for buying a vehicle, but I'm going to stop here (this post would be too long). Just make sure you do your homework.
Good luck, and good choice on wanting a Nissan Altima
