How to buy your first car without going broke

Buying your first car after graduation (or while you’re still in college) can be tricky — especially at a time like this when prices are soaring.

The average price of a new car was $46,000 in June and the average price of a used car was $28,000, both up more than 20% since the start of the pandemic, according to Cox Automotive analysis of vAuto Available Inventory data. The market is so competitive that buyers are paying thousands of dollars over the asking price in many cases. And prices aren’t expected to come down until at least 2023.

So, under those circumstances, if you’re in the market for your first car, it’s going to be a challenge.

Before you get caught up in the buying frenzy,…