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4 min read . Published 16 September 2022
Written by Allison Martin Written by Allison Martin’s career began more than 10 years prior to that as a digital content strategist. She’s been published in several leading financial media outlets, such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances with precise, well-researched, and well-sourced information that breaks down complex subjects into digestible pieces. The Bankrate guarantee
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This compensation could affect the way, location and in what order the products are listed within categories, except where the law prohibits it regarding our mortgages, home equity and other home loan products. Other elements, such as our own website rules and whether the product is available within your area or at your personal credit score may also influence how and when products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. You’re walking through the halls soon to be awarded your diploma and now you’re ready to journey into the real world. The purchase of a car could be a part of the plan if you’re planning to be living in a place in which public transportation isn’t the best way to get around. But before you head to the dealership to select the ideal ride, do your research and be preapproved for and so that you can shop with confidence. Pick the right car for your needs post-graduation. prospect of owning your own car is exciting. But you should be careful not to being distracted, or you might choose a car that fits your style but isn’t practical. Commute How long is your commute to and from work? If your commute is long, you may want limit your searches down to cars that have good fuel economy ratings — especially with how gas prices are trending. It’s currently around $3.70 to the gallon in regular gasoline according to AAA which is slightly lower than last month’s average of $3.96. Still, this figure is more than the average price per gallon , which was $3.18 in the same year ago. Go to the website and use their online tool to see the average annual fuel costs for any vehicles you are contemplating. The tool lets you narrow down by year, make and model, or browse recommendations for the most fuel-efficient cars. Dimensions and other features Will a compact car suffice, or do you need something bigger, like a crossover or pickup truck? What about features — are there certain features that are “must-have” on your list? If you’ve recently secured an employment with a high pay that will begin after graduation, you may have the latest technologies and features. However, you might be better off with a smaller ride without all the until you begin work and get more established in your job. Safety features How safe is the vehicle you’re looking at? Request a copy of the car’s . It also contains maintenance records. It will reveal if the vehicle has been involved in any accident. It is a good reference. You can look up safety ratings and check for recalls by entering the vehicle’s model and model, or VIN. Decide between new and used There’s plenty to enjoy about a new vehicle. It’s clean, in great form and smells delicious. However, there are some that are as reliable. Plus, you could purchase an extended warranty for about $1,500 and have added assurance that you’re protected in the case that you suffer a serious mechanical failure. Consider the following when deciding between a used and new car: New cars have a manufacturer’s warranty. This warranty could save you a lot of cash if your vehicle is damaged and needs major repairs within the initial few years of ownership. New cars typically have modern technology. But, it is possible to find a slightly used car that has the features you desire. Some used cars can come with low mileage. So, you shouldn’t have any mechanical problems for a long time, maintenance costs will likely be lower and you’ll get a better deal. Certain used vehicles are . They receive the manufacturer’s seal of approval after having been brought up to a standard mechanically and have a limited factory warranty. Think about the whole cost of car ownership Beyond the monthly installment, fuel costs and insurance premiums for autos You should also factor into repair and maintenance costs. In 2021, the average cost of maintenance, repairs and tires was 9.55 centers per mile as reported by . The costs can vary depending on the type of vehicle however, you can use the information to estimate how much you could be spending over the course of. The cost of annual registration renewals typically vary from less than $20 to a little over $200 per year, are also a factor to be aware of. Some states assess a flat fee for registration, while other states use the vehicle’s age, energy efficiency, or weight to calculate registration fees. Explore cars and apply for financing prior to visiting a dealer. Most dealerships offer in-house financing, but it’s wiser to before you start shopping for an automobile. You should have a concrete idea of what you can actually afford and also get quotes from your bank or credit union will help you decide on the best price for your purchase. Additionally, you’ll have more leverage when . The sale won’t be contingent upon the ability of you to obtain financing from the dealer, and you’ll behave like a cash buyer. Learn the advantages of buying as opposed to. leasing There’s plenty of chatter around and what is the best option. There are a few advantages of both choices to think about The lease payment on the latest vehicles are generally more affordable. If your eyes are set on a specific car that is a bit pricey and you’re not sure if you’ll be able to pay for the monthly installments when you lease. There’s a manufacturer’s warranty in the event that you purchase a new car. It usually provides coverage until 36,000 miles or three years, so you won’t have to worry about spending a fortune on repairs if there is a mechanical problem that arises. There are no mileage restrictions if you buy a car. But if you decide to lease, you will be restricted to a range of 10,000 to 15,000 miles per year or you could end up paying high mileage charges. They can cost you between 10 cents and $25 cents for each mile or more, according to the terms in the agreement. The car is yours after the loan is fully paid. Lease agreements work a little differently, but. The lease will require you to return the vehicle to the dealer once the lease expires unless you choose to . The next step is to buy an automobile in college is one of the most significant purchases you’ll make. To ensure you get the best price make sure you do your research to find a ride that complements both your lifestyle and budget. It is equally important to get preapproved for financing before you visit any dealership. You should also consider the advantages of purchasing and leasing to determine which is the best option. Find out more
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Written by Allison Martin’s work began over 10 years ago when she was an online content strategist and she’s since been published in various top financial media, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.
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