Originally Posted by GM Doosh

Two years ago, when we were working on new ads, we talked to a lot of college students about their first new car purchase, and how to best reach students like themselves. Many students told us that they couldn’t afford a car while in school and they aspired to own one soon after graduating. A common remark was, “As soon as I get my first job, I want to get a new car.”

Originally Posted by carleton

Rule #1: DO NOT BUY A NEW CAR like most new graduates do. Drive whatever you have right now until the wheels fall off.
Rule #2: Save that $400/month that you would have paid for a car. This will allow you to gain interest...not pay interest.
Rule #3: When the time comes that you do need a car, pay cash for it with the money + interest that you have saved.

There were more, but those are relevant to this thread.