Planning new car purchase. Colleen Hoffman has just graduated from college and needs to buy a car to commute to work. She estimates that she can afford to pay about $450 per month for a loan or lease and has about $2000 in savings to use for a down payment. Develop a plan to guide her through her first car buying experience, including researching car type, deciding whether to buy a new or used car, negotiating the price and terms, and financing the transaction.