When purchasing a car, it is important to understand how you can apply the Smarter Buying Process. For some, buying a used car makes far more sense than buying a new one. Some may even decide to lease a car instead of buying one. Regardless, we find it’s important to evaluate the advantages and disadvantages of each and choose which option feels right for you.

Another thing to consider when buying a car is whether you should buy from a dealership or a private party. To provide you with some direction, we’ve broken down some of the details below:

Financial Beginnings is a national 501(c)(3) nonprofit that empowers youth and adults to take control of their financial futures. Their educational programs incorporate all aspects of personal finance to give individuals the foundation they need to make informed financial decisions. Financial Beginnings reaches more than 200 K-12 schools and colleges and more than 100 community-based organizations annually, serving all groups with special focus on populations most in need. For more information, visit www.financialbeginnings.org.