First Car?

[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!

[delph998]

Hey Mz_Doc-

My first car was a 1995 Ford Mustang. Yes, I was profiling in my ride, but the payments were $373/month because it was purchased brand new. With me being so young, all of my money went to my car payment and insurance. So my advice would be to make sure you can afford the monthly payments and insurance. Also, keep your credit score up so if needed you can refinance for a lower interest rate a year later.

I have an '05 Nissan Altima...you're making a great choice!

Good luck to you!

[Gina1201]

Good Luck!! I just recently purchased my first car. Before that, my grandfather was footing the bill. However, with my new "I'm Grown" perspective I decide to step out on my own. I purchased a 2004 Chevy Malibu Maxx. I only had to put $170 down plus my first month's insurance. I went through Progressive for my insurance and they were great to work with. Plus, I have my car loan through my credit union so the interest is only 6.74.

My suggestion is if you don't know a lot about car dealers and cars, take someone who does. Car dealers will try to get you for what they can.

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!

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

[AlphaFrog]

My only advice is to shop around at banks/credit unions for rates, and go to the dealership pre-approved for the lowest % rate you can find. They're likely to give you extra money off to finance through them or try to compete for your financing by offering you a better rate that way.

[dzdst796]

Also keep in mind that the money you put down isn't really going to reducing your purchase price it really goes towards taxes and the title and other minor fees. Unless you are putting a large amount down or have excellent credit make sure you do your homework. You might have to settle for what you can afford right now rather than what you want.

[Mz_Doc]

Thanks for the pointers everyone! I am definitely taking it all in. I'm spending major time on the internet researching, so I will let you know how everything works out! Thanks!!

[Kamryn]

I bought my first car around this time last year.

When you go to the dealership,


1. Know what you want, that way you don't settle for just anything. Their job is to sell cars. Some have so many little tricks up their sleeves, beware.
If they don't have what you want, don't be afraid to leave. There are other dealerships out there.

2. Get their business card, and contact them if you have any further questions. (The dealership isn't going anywhere, and you know where to find them, after all you're there.) I wouldn't give them any info until I knew I was buying the car.
A couple years ago when I first played around with the idea of buying my first car, I made the mistake of giving them my number and they called me for everything. It was annoying. I changed dorms every semester, so after that semester, they couldn't reach me at that number anymore. Last year, when they tried to get my number, I was adamant about getting their card and contacting them if I had any more questions.

It's great that you're doing a lot of research, I did and I'm very excited with my purchase. I got a very low interest rate, and a very good car. I my love car, it's so me! That's all I can remember for now, feel free to ask more questions. Good luck!

[Afrochic]

I've had several cars, but I actually bought my first car on my own two years ago. I look around at several dealerships before I decided what I wanted. I found my own finance company so I walked in the dealership with a check. I went to the Carmax website and found the car I wanted. I liked that they didn't try to hussle you. It's a no hassle dealership so you know the price of the car before you walk through the door, so you make the decision to buy or keep pushing. I had my car shipped from another city and paid a fee for shipping. If you purchase the car they just deduct that amount from your total. No complaints with the car, I got a Honda Accord fully loaded.

I was with Allstate. I loved Allstate and their service, but I felt it was too costly so I moved to State Farm. State Farm is a lot cheaper, but I do have Allstate roadside coverage.

[SummerChild]

I got a work study job in high school and saved up for several months. I paid it off in around 3 payments. I would recommend getting a car that will have manageable car note payments, if any. I don't know if you are in school but it might be a better use of your time to focus on your studies than working a time-consuming job to pay a car note. My sister tried to grow up fast and worked a full time job (even though she didn't have to) through college and her grades suffered horribly. Now she should like to go to grad school and is having a hard time. If you are still in college just remember that that time is short lived and you have the rest of your life to style and profile so you may consider getting something with little or no car note. Just my thoughts.

Back to the car ....It was a 1984 Mitsubishi Cordia. It was a red sports car that was about 6 or 7 years old at the time - it looked good but it had an engine problem (that my Dad told me about before I bought it) and it would run hot after driving it about one mile. LOL.
It was fly though. LOLOL. I would drive down the street with smoke coming out of the hood while drivers were trying to get my attention to see if everything was alright. I learned how to keep looking straight. LOL.

I gave it up after about 8 months or so and got a decent (albeit more expensive car) from a reputable dealer.

I still don't regret it. My Dad wanted me to get a station wagon (b/c it was more reliable) instead of the little sports car. He was tripping. I was only 16 or so and had to be cute.

In hindsight, I would say to consider whether the car will be safe and the level of risk that you are willing to take. I could have been stranded any day that I drove that car.

SC

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!

[cheerfulgreek]

1995 BMW 3 series. My dad gave it to me.

[BlessedOne04]

My first car was a 90 buick century, it had no paint a clean interior, one owner who took very good care of the car and kept good maintenance records. It cost me 700 dollars and it was one of the best investments to date. My advice is to take someone with you especially if you don't have great knowledge of cars, test drive and ask about the cars maintenance and accident record. Remember that you have to include insurance and upkeep about buying a car.

One last comment...

Don't hesistate or be afraid to walk away from a dealership when they start running game. Remember, there are many, many other dealerships who offer the same type of vehicles that are on their lot. And don't be afraid to tell them that!

[DSTdimepiece]

I have an Accord and love it. I had a Camry previously and it was nice too.

My very first car was an 83 Bonnieville. It was huge but it ran and I didn't have to pay for it. When it decided to give up the ghost, I was crushed. Ihad a lot of good times in that car. Also, you know who your friends are when you have to ride in an old car (or walk).