Students often have their hearts set on getting a new car after graduation (either high school or college).  Before they go, they probably want to bone up on the “tricks of the trade” that they may encounter there.  This LifeHacker article highlights their top five inaccuracies that buyers might encounter on the car lot:

• That “limited time” deal will probably be back later
• You don’t have to finance through the dealership
• Advertised financing deals are often misleading
• Those awards from JD Power, Motor Trend and others aren’t as important as they sound
• EPA estimated gas mileage can be misleading, even without intending to be

———-

Better yet, convince them not to buy a new car and check out one of the most popular NGPF lessons on buying a used car.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.