Real World 101: Life After College

It's common knowledge that as soon as you drive a new car off the lot, you lose 15 to 30 percent of what you paid for it. As someone who is just getting started in your financial life, this is a good enough reason to buy something used. You'll pay less, get better "drive off the lot" deal, and feel better about yourself.

That said, watch out for car salesman trying to unload junker. Here are some tips to follow so that you'll wind up with the best car for your money.

• Once you find a car you like, have an independent mechanic inspect it. This usually costs around $100, and it could save you thousands in future repairs if he spots something wrong with the car.
• Have the dealer show you the car's inspection history. If they won't show it to you - or say they don't have it - consider that a red flag.
• Write down the car's Vehicle Identification Number, or VIN, and run it through a national database such as CARFAX. You'll get the car's full history, including odometer readings, accidents, and sales.
• Read the warranty and make sure you understand what is covered and what is not.
• Bottom line: never buy a car without sleeping on the final offer first. No matter what the salesman tells you, you can always come back tomorrow.