Let's be honest with ourselves. Unless you recently signed a $90,000,000 contract to represent Nike in one of the biggest sporting sponsorships of all time, chances are your mom won't be buying you a Hummer. Most of us young adults who are looking to purchase our first car have loans, debt, more schooling or other things to pay for before deciding to spend $40,000 on a vehicle. We want to get the best deal for what little amount of money we have.

There are some things that you need to keep in the front of your mind and one of the biggest questions is "new or used?" Each has its pros and cons. A new car comes with a warranty, a clear car history, and fidelity. Chances are, the car won't be in the shop for a good year or two, and you won't have to deal with the hassles of having to go without wheels for weeks on end while the repair shop tells you that the part you need seems to be out of stock. However, a used car is much softer to your account balance and has already depreciated in value (which won't hit you as hard) if you try to resell the car. If you choose carefully, a used car can be just as reliable as a new one.

• Factory warranty. A new vehicle has much better coverage.
• You can choose all the gadgets and doo-dads you want. In one word: customization.
• Lemon Law coverage. If it's proven to be defective, you have some legal recourse to be reimbursed or compensated.

• Sky high prices, both up front and/or monthly.
• Depreciate quickly (i.e. lose value just driving it off the lot). Many new cars lose 40% of their value in the first 3 years.
• Insurance rates for young drivers with new cars are astronomical. You might be able to afford the car but not the insurance payments, making the car unaffordable. Visit insurance.com to compare quotes.

• Lower, more affordable prices. Borrowing and making monthly payments might not be necessary, saving you money on interest.
• The depreciation is less dramatic. If you take care of the car, it will retain more of its value if you need to sell it.
• Many to choose from. Whether it is an ex-wife dumping her former husband's car (Mike Tyson gave his mansion to his wife for $1), an elderly person no longer able to drive, or some other unusual circumstance, people are always selling cars. Visit autotrader.com and cars.com to shop around.
• Get more car for the money. A car that is a few years old can be purchased for almost half of the original price and still have many new safety and convenience features.

• Repairs. Be it worn out bearings, exhausted exhaust systems or hot air conditioning, something usually needs to be fixed or upgraded--almost guaranteed. Plan to include repairs into your purchase price.
• Little or no warranty. If it breaks, you're screwed.
• Resale value. Cars that have had two or three owners become harder and harder to sell.

On a more personal note, if your bank account looks like mine, I recommend buying used. If you do your homework, a used car can be every bit as thrilling as a new car. It might not be as shiny, but it is more affordable and practical, especially if it's your first car. Plus, you can buy a lot of car wax from what you saved. Even buying a car that is just a year old can be exponentially cheaper than buying it new, right off of the lot.