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, publishing original and objective content, by enabling users to conduct research and compare information for free – so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that compensate us. This compensation may impact how and when products are featured on this site, including the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews that you read on this site. We do not consider the vast array of companies or financial deals that could be available to you. Kali9/Getty Image
4 min read Published 16 September 2022
Written by Allison Martin Written by Allison Martin’s work began over 10 years ago as a digital media strategist, and she’s since published in numerous prestigious financial media outlets, such as 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 since the end of 2021. They are dedicated to helping their readers feel confident to control their finances by providing concise, well-researched and well-written information that breaks down complex topics into manageable bites. The Bankrate promise
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We receive compensation for the promotion of sponsored goods and, services, or through you clicking specific links on our site. Therefore, this compensation may influence the manner, place and in what order products appear within listing categories, except where the law prohibits it in the case of our home equity, mortgage, and other home lending products. Other factors, like our own website rules and whether a product is offered in the area you reside in or is within your self-selected credit score range could also affect how and where products appear on this site. Although we try to offer a wide range offers, Bankrate does not include details about each financial or credit item or service. It’s your turn to walk across the stage shortly to be awarded your diploma and now it’s time to enter the real world. The purchase of a car could be a part of your 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 pick out the perfect ride, do your research and obtain preapproved the purchase so that you make an informed decision. Pick the right car for your lifestyle post-graduation The prospect of owning your own car is exciting. But you should be careful not to being distracted, or you could choose a vehicle that suits your taste but isn’t practical. What’s your commute to and from work? If it’ll be lengthy it’s a good idea limit your searches down to vehicles with good performance in terms of fuel efficiency — especially with the current trend in gas prices. At present, it’s around $3.70 to the gallon in regular fuel, according to AAA, which is less than the last months average $3.96. Still, this figure is significantly higher than the median price per gallon , which was $3.18 in the same year earlier. Go to the website and use their online tool to view the average annual fuel costs for any vehicles you are considering. The tool lets you narrow by year, year-old, and model, or view some suggestions for the fuel-efficient cars. Size and accessories Will a compact car suffice, or do you need something larger, such as a crossover or pickup truck? What about features — are certain ones a «must-have» in your list? If you recently landed an opportunity with a decent starting salary after graduation, you may have access to the latest technologies and features. Still, you could be better off with an affordable car the features until you start working and get more established in your career. Safety features How secure is the vehicle you’re considering? Request an official copy of the vehicle’s . It contains maintenance records and provides information on whether the car has been involved in any collisions. It is a good reference. You can search for safety ratings and check for recalls by entering the vehicle’s model and model, or VIN. Make a decision between used and new There’s plenty to love about a new car. It’s clean, in great form and smells delicious. But the reality is some are just as solid as the others. Plus, you could purchase an extended warranty for around $1,500 and have added assurance that you’re covered in the scenario of a major mechanical breakdown. Consider the following when deciding between a brand new or used vehicle: New vehicles are covered by a manufacturer’s guarantee. This warranty could save you lots of money if your car is damaged and needs major repairs within the initial several years that you own it. New cars usually have modern technology. You may also find a slightly used car with your desired features. Certain used cars may come with low mileage. This means that if you don’t encounter any mechanical problems for a long time, maintenance costs are likely to be less and you’ll be able to get a better price. Certain used cars are . They are issued the seal of approval from the manufacturer after being brought up to a set standard mechanically and have an limited warranty from the factory. Take a look at the entire cost of ownership of a vehicle. Besides the monthly payment for fuel, as well as insurance premiums for automobiles You should also factor in maintenance and repair costs. In 2021, the median cost for repairs, maintenance and tires was 9.55 centers per mile as reported by . However, the costs differ according to the vehicle you own, but you can use the calculator to estimate how much you may be spending over the course of. The cost of annual registration renewals typically vary from less than $20 to around $200, is an additional factor to keep in mind. Some states assess an annual fee that is fixed for registration, while other states use the vehicle’s age, energy efficiency, or weight in calculating the registration fee. Explore cars and apply for financing before going to a dealership The majority of dealerships offer financing in-house however it is better to do this begin shopping before purchasing a car. It is important to know the amount you’re able to afford and also get quotes from your credit union or bank can help you determine a purchase price that works. Additionally, you’ll have greater leverage when . The deal won’t depend on your ability to get financing from the dealer, and you can behave like a cash buyer. Understand the benefits of buying vs. leasing. There’s a lot of chatter around and which one is more suitable. Here are some advantages of both options to consider The lease payment on the latest vehicles are generally less expensive. If you have your sights set on a specific car that’s a bit expensive, you may be able to pay for the monthly installments by leasing. There’s a manufacturer’s warranty for leases of a new car. It usually covers you until 36,000 miles or 3 years, so you won’t have to worry about spending a fortune on repairs if a mechanical issue comes up. There are no mileage restrictions if you buy a car. However, if you choose to lease, you’ll be restricted to between 10,000 and 15,000 miles per year or you could end up paying exorbitant mileage fees. They can cost you between 10 cents to 25 % of a mile, or more, depending on the terms of the lease agreement. 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 when the lease expires unless you choose to . Next steps Ultimately, buying an automobile in college is one of the most significant purchases you’ll make. To ensure that you are getting the best deal make sure you do the necessary research to locate an automobile that is compatible with your lifestyle and budget. It is equally important to obtain pre-approval for financing before you visit any dealerships and evaluate the advantages of buying or leasing to determine which is the best option. Find out more
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Allison Martin’s writing began over 10 years ago as a digital content strategist, and she’s since been published in a variety of top financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down complex subjects into bite-sized pieces.
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