Should you buy a new or used car? That depends. Ask yourself a couple of questions.

1. Are you good with cars? Can you fix pretty much anything that goes wrong?

2. Are you willing to work on your own vehicle?

If you answered yes to these questions, then buying a used car is smart. Purchase a vehicle that already has some miles on it and has already depreciated quite a bit. From that point on, you won't lose much money when you resale the vehicle, and if you're handy, you won't be nickled and dimed to death by mechanics costs.

On the other hand, if you answered no to the above questions, you'll probably want to purchase a newer vehicle. Newer is the key word. You can save yourself a bundle by not buying a car right off the lot. Instead, look for a car that has 20,000 miles or less. These cars should still be under warranty and will be relatively problem free.

Finally, whether you're buying a new or used vehicle, do your homework first. Figure out exactly what you want in a car. Then check consumer reviews. And lastly, enjoy the ride!

Learn more about this author, Holly Simmons.
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