First Car Purchase/Car Loan, need help, confused where to start

If you're buying used, buy Japanese and not German if you don't know how to work on your own cars

I agree with the previous posters who suggested buying a used car, although you haven't mentioned which vehicle you're considering buying. Your insurance premiums will be very high until the age of 25, and you may have to carry certain coverages (usually high amounts) based on loan terms.

A brand new car will also have a major depreciation in value immediately. If you absolutely dread the idea of a true used car or think of it as a "hand-me-down", consider buying a certified pre-owned model from 2012 or 2011. Sometimes they're BARELY used and you could probably save $15K. It would be nice to keep that money and put it towards another major purchase in the future, right?

Less than a year ago I was in a similar situation. After much thinking, calculating, and detailed research, I got a fantastic deal on a 2007 Toyota from a private owner. It only had 52,000 miles on it and cost me less than 10K. The seller even allowed me to take it to my mechanic for inspection, who said this Toyota was "built to last", like all Japanese cars. The only maintenance the car needed was new tires, new brake pads, radiator flush, and new coolant.

Good luck.

Quote from impact1400 : I agree with the previous posters who suggested buying a used car, although you haven't mentioned which vehicle you're considering buying. Your insurance premiums will be very high until the age of 25, and you may have to carry certain coverages (usually high amounts) based on loan terms. A brand new car will also have a major depreciation in value immediately. If you absolutely dread the idea of a true used car or think of it as a "hand-me-down", consider buying a certified pre-owned model from 2012 or 2011. Sometimes they're BARELY used and you could probably save $15K. It would be nice to keep that money and put it towards another major purchase in the future, right? Less than a year ago I was in a similar situation. After much thinking, calculating, and detailed research, I got a fantastic deal on a 2007 Toyota from a private owner. It only had 52,000 miles on it and cost me less than 10K. The seller even allowed me to take it to my mechanic for inspection, who said this Toyota was "built to last", like all Japanese cars. The only maintenance the car needed was new tires, new brake pads, radiator flush, and new coolant. Good luck.

I have been looking at Certified Pre-Owned as well. I think a lot of them still come with warranties which is helpful.