It’s happened to at least one person you know, if not more. Maybe it’s even happened to you. Unemployment is hitting people hard all over the country, but those who live in major cities seem to have been hurt the most. The Bureau of Labor Statistics, a division of the Department of Labor, reveals that in states with large cities like New York and Illinois, the unemployment rate averages more than 8% of the population, while other states like Wyoming with smaller cities are just hitting 6%.

Droves of mass layoffs make living in these major hubs virtually unaffordable when there’s not a job to be found. Despite reports that the economy is “getting better”, a mass exodus of 20-something’s from the city back to the suburbs is undeniably taking place. With young adults moving into cheaper apartments or their parents’ houses, one of the biggest concerns facing everyone is: “how will I get around without a car?”.

Maybe you had a car but sold it before moving. Or maybe you own a car, but it is terribly old and not suited for much besides driving to the local grocery store. Whatever the reason, you need a new set of wheels, and you need it now. But how do you finance that new car when you are living off virtually nothing with unemployment or getting paid the bare minimum at a job you somehow managed to find?

A new culture of young adults returning home and looking to buy cars has been referred to as “the boomerang kids”, and it’s no surprise that their number is growing.

This term, mentioned in an article written by Healthy Workplaces (a website dedicated to helping businesses run successfully) in 2003, outlines the trend of boomerang kids and details the economic and physical stresses that parents and children face upon moving back home, thus making hunting for or financing a car virtually impossible.

“During economic downturns families are already faced with significant demands; the now -cluttered nest may heighten the family stress level even further,” the article states.

And in fact, according to Newyorklife.com, 56% of men and 43% of women ages 18-24 live with one or both parents, while 65% of recent college graduates have moved back into their childhood homes.

Lack of public transportation in the suburbs such as the subway only elevates the need for a car. Young Money, a website with articles about investing written primarily by young adults, states that January 2009 was the worst month for auto sales in more than 25 years.

According to Edmunds.com, buying a used car today is “more reliable than ever before”. The website also states that financing rates for used cars have dropped in recent years. So what’s the solution? Buy a used car?

Krystal Figiel, a 25-year old recent graduate of LIM in New York, moved back to her parent’s house in Cincinnati, OH in June and found that she quickly needed to solve her lack of transportation problem.

“There’s no public transportation out here, and you have to drive everywhere,” she said. “[Before buying a car] I had to take my mom’s van or have my boyfriend pick me up, or just be at home and do nothing! Those were my options.”

So what were the considerations when searching for a car?

“I went with a new car because I knew I would have it longer and the mileage would be higher than buying a used car,” she said. Figiel decided to purchase a 2009 Toyota Matrix. “I took out a loan and I will be making payments on it- everything’s in my name.”

As far as qualifying for the loan and making payments, Figiel found she was met with little resistance despite her current lack of a job.

“I let them know I was currently interviewing for jobs and my dad co-signed on the loan,” she said. She does use the car now to go on interviews. “The payments are reasonable right now, especially since I’m not paying rent or utilities. To get from one point to the other without asking anyone else for their car was the main purpose.”

Buying a newer car for better mileage is resonant with a plan recently passed by the House of Congress on June 10th called the CARS act. Backed by President Barack Obama and introduced by Ohio Rep. Betty Sutton, this act involves trading in used cars for newer, more fuel-efficient vehicles.

In an aim to boost auto sales and stimulate the economy, car owners will now get a $3,500 voucher by trading in a vehicle getting 18 miles per gallon or less. If the new car purchased gets 10 MPG higher than the old vehicle, the voucher increases to $4,500.

The stipulations of the bill have been set to impact the environment as well as individual economic situations, and get “clunkers”, or old cars, off the road.

With more than a few options, figuring out the best economic plan for your situation may be difficult. It always helps if you have support, but remember, the decision is yours alone. Financially sound advice is great, but in the end, trust that you will have what it takes to make the right decision and figure out your best mode of transportation - hopefully the rest will fall into place.