Yes, it might cost a lot to maintain, but it takes a lot of repair bills to become more expensive than high car payments. If you must buy, choose a good used car. Find a knowledgeable friend or pay a mechanic to check it out before you purchase. People starting out usually don t have many assets to protect, so your insurance will initially just need to cover replacing any minor losses, notes insurance agent Jeff Flowers. Then, as assets grow, insurance coverage needs to increase accordingly.
Flowers also recommends insuring with a financially solid company.
Insurance is complicated, so get expert advice. Ask your parents, friends, or co-workers for recommendations on insurance agents, then talk to them about your needs. Also, be sure to review your coverage at least annually to guarantee adequate protection and fair rates. In Retire Rich , Bambi Holzer notes, Regular saving is the key to a successful retirement. Do it early and often, and it can be relatively painless.