Find Your First Car

You got your license—congrats! The road is officially yours. But wait: It's not yours quite yet. You still need something to drive. You have three main options here: purchase a car, borrow your parents' car, or be lucky enough to receive a car as a gift. Let's take an in-depth gander at each method, shall we?

Option 1: Buy Your Own Car

If you have between $1,000 and $5,000 saved, you can pick up your own set of wheels. You could spend more than that, but we don't recommend it. If you just want basic, reliable transportation, you can grab a Toyota Corolla or Honda Civic sedan from the early '00s for around five grand. If you want something with a little more character, an early '90s BMW 3 Series might run you between three and four thousand. (You'll likely need the other grand or so for repairs.) If you are on a tight budget but still want your own car, take a look at Hondas and Nissans from the late '90s. They are generally pretty reliable, and you can snag
one for $2,000.

When shopping for a car in this price range, you'll primarily be looking at a private sale—you buying the car from another person, rather than from a dealer. Craigslist is the obvious place to find a used car in your area, but beware of scams and weirdos. You might also take your auto search old school and browse the classified section of your local newspaper. Take a parent or two along when checking out any vehicle, and especially when paying for a vehicle.

Option 1b: Buy a Car From a Relative

Be on the lookout for auto opportunities within your family. If your aunt is getting a new car even though she only put 30,000 miles on her old one, she might sell you her barely used vehicle at a discount. We even know some lucky individuals who've been given cars by relatives simply because said relatives didn't want to go through the hassle of selling them.

This option also applies to your parents—if the timing is right, they might be shopping for a car the same time you are. You could buy their old car off them. Better yet, they might even lend that car to you—permanently.

Option 2: Get a Car From Your Parents

We do not recommend asking your parents to buy you a car. But depending on their financial situation and generosity, they may make this offer on their own. Who knows, they may even insist on it. In this case, they might want to buy you a new one because it's safer, more reliable, and easier to service. If your parents are footing the bill, they'll likely want to have a lot of input on what you should drive. Be ready to work with them and show that you appreciate the generous offer.

Option 3: Borrow Your Parents' Car

The most cost-effective option is to borrow your parents' car. This is likely the least convenient option, because you can only use the car when they're not using it. Then there's the whole matter of asking to borrow the car, which is its own special kind of art form. Instead of posing the question bluntly, talk about what you want to do without mentioning the car itself. The goal is to get your parents to say, "Oh, do you need to borrow the car?" And then you can say, "Wellllll, all right, I guess so." Be sure to thank them when you get back.

Three other things you'll be spending your new-car money on:


Maintenance and Repairs: Before you scratch out a check for a vehicle you want, do a little research to see how much maintenance and repairs will cost. In general, Japanese and American cars will be cheaper to own than most European models. Regular maintenance, like oil changes, will cost you between $30 and $100 every 5,000 miles or so. Bigger jobs, like replacing timing belts and fixing the A/C, can approach $1,000.

Fuel Costs: Make a note of the kind of gasoline each car requires. If you opt for a higher-performing model, it might require premium fuel, thereby increasing your expenses. The difference between regular and premium fuel can be as much as 30 cents a gallon, which comes out to roughly four bucks a tank, if your car holds 13 gallons, or $2,700, if you're driving a tanker truck.

Insurance: Before you can drive, you need to be insured. You can buy your own insurance, which is usually very expensive for young people because they get in more accidents, or have your name added to your parents' policy. We recommend the latter; if it raises their insurance fees significantly, offer to kick in the difference.



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