A graduate’s guide to buying a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing high-quality and impartial content, by enabling users to conduct research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website come from companies that compensate us. This compensation may impact how and where products are displayed on this site, including the order in which they appear within the listing categories, except where prohibited by law for our mortgage, home equity, and other home lending products. However, this compensation will affect the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial deals that could be accessible to you. Kali9/Getty Images
4 minutes read. Published 16 September 2022
Written by Allison Martin Written by Allison Martin’s work started over 10 years ago as a digital media strategist, and she’s since published in numerous prestigious financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers to take control of their finances by providing clear, well-researched facts that break down complex subjects into digestible pieces. The Bankrate promises
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They ensure that what we write ensures that everything we publish is accurate, objective and trustworthy. Our loans journalists and editors concentrate on the things that consumers are interested about most — the various types of loans available as well as the best rates, the best lenders, the best ways to pay off debt and more . This means you can feel confident when making your decision to invest your money. Integrity in editing
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We are compensated in exchange for placement of sponsored products and services, or when you click on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when the products are listed within categories, except where the law prohibits it in the case of our home equity, mortgage, and other products for home loans. Other factors, such as our own rules for our website and whether the product is offered in your region or within your personal credit score may also influence the way and place products are listed on this website. We strive to provide an array of offers, Bankrate does not include details about every financial or credit product or service. You’re walking through the halls soon to receive your diploma and now it’s time to go out into the world. Buying a car may be a part of your plan if you plan to live in an area where public transportation isn’t the best way to get around. However, before heading to the dealer to pick out the perfect vehicle, conduct your own research and be preapproved for the purchase so that you make an informed decision. Pick the right car for your needs post-graduation. idea of buying the car of your dreams is thrilling. However, you must avoid getting sidetracked, or you might choose a car that suits your taste however isn’t practical. Commute How long is your commute to and from work? If your commute is long it’s a good idea focus your hunt to vehicles with good efficiency ratings in terms of fuel consumption particularly in light of the current trend in gas prices. At present, it’s around $3.70 each gallon of regular gasoline according to AAA, which is less than the last month’s median of $3.96. However, this is significantly higher than the average price per gallon of $3.18 only one year ago. Visit the and use its online tool to view the average annual fuel costs for any vehicles you are considering. It is possible to narrow down by year, year-old, and model, or view suggestions for the most efficient automobiles. Dimensions and other features Will a compact car suffice for you, or do you require something bigger, like a crossover or pickup truck? What about the features — are certain ones “must-have” in your list? If you recently landed a job with a good starting salary following graduation, you might have modern technology and features. But, you may prefer smaller vehicle without all the features until you start working and become more established in your job. Safety features How secure is the car you’re thinking of buying? Request a copy of the vehicle’s . It includes maintenance records and provides information on whether the car was involved in any collisions. Another good source is the website. You can search safety ratings and search on recalls using the vehicle’s make and model or VIN. Make a decision between used and new There is a lot to enjoy about a new vehicle. It’s shiny, in top form and smells delicious. However, there are some that aren’t as trustworthy. Plus, you could purchase an extended warranty for about $1,500 and have added peace of mind knowing you’re safe in the scenario the worst happens and you experience a mechanical failure. Think about the following factors when choosing between a new and used vehicle: New vehicles have a manufacturer’s warranty. This insurance can save you a significant amount of money in the event that your vehicle has a breakdown and requires major repairs during the initial several years that you own it. New cars typically have modern features. But, it is possible to get a used car with your desired features. Some used cars can have low mileage. Therefore, if you don’t experience numerous mechanical issues over time. The maintenance cost will likely be lower and you’ll be able to get a better price. Some used cars are . They receive the manufacturer’s seal of approval after being upgraded to a certain standard mechanically and have an limited warranty from the factory. Consider the total price of owning a car. In addition to the monthly payment, fuel costs and insurance premiums for automobiles You should also factor into repair and maintenance costs. In 2021 the average cost for repairs, maintenance and tires was around 9.55 center per mile, according to . The costs can vary depending on the type of vehicle, but you can use the calculator to get an idea of how much you could spend over time. The cost of annual registration renewals that typically can range from as little as $20 to around $200, is important to keep in mind. Certain states charge a flat fee and others rely on the age of your car, its the efficiency of its fuel or weight to determine registration fees. Explore cars and apply for financing before going to a dealership Many dealerships provide in-house financing however, it’s better to get it prior to shopping for an automobile. You want to have a concrete idea of the amount you’re able to afford, and quotes from your bank or credit union can help you determine an amount that is feasible for you. You’ll also have more leverage . The sale won’t be contingent upon the ability of you to obtain financing through the dealership and you’ll behave like the cash buyer. Understand the benefits of buying instead of. leasing There’s a lot of debate about which option is better. Here are some advantages of both options: Lease payments on newer cars are typically less expensive. If your eyes are set on a certain car that’s a bit expensive and you’re not sure if you’ll be able to afford the monthly payment when you lease. You’ll receive a manufacturer’s guarantee when you lease a brand new car. It usually will cover you for up to 36,000 miles or three years, so you won’t need to worry about spending a fortune on repairs if an issue with your vehicle arises. There are no mileage limits if you buy a car. If you opt to lease, you’ll be restricted to between 10,000 to 15,000 miles per calendar year, or risk racking up high mileage charges. These can range between 10 cents to 25 cents per mile, or more, depending on the terms that the contract for lease. You’ll own the car once the loan is fully paid. Lease agreements work a little differently, however. The lease will require you to return the car to the dealer after the lease expires unless you decide to . Next steps Ultimately, buying cars during college is among the most significant purchases you’ll make. To ensure you get the best deal it is important to conduct your homework to find an automobile that is compatible with your lifestyle and your budget. It’s equally important to obtain pre-approval to finance your purchase prior to visiting any dealership and consider the advantages of purchasing or leasing to determine which option is best. Find out more
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Allison Martin’s work started over 10 years ago when she was a digital content strategist, and since then she’s been published in a variety of top financial publications 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 editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched details that cut complex subjects into bite-sized pieces.
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