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 better financial choices by offering interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct research and compare information at no cost - so that you can make informed financial decisions. Bankrate has partnerships 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 website are provided by companies that compensate us. This compensation could affect how and where products are displayed on this website, for example the order in which they may appear in the listing categories, except where prohibited by law. This applies to our loans, mortgages, and other home loan products. However, this compensation will have no impact on the content we publish or the reviews you see on this site. We do not consider the vast array of companies or financial deals that could be open to you. Kali9/Getty Image
4 min read . Published September 16, 2022
Written by Allison Martin Written by Allison Martin's work started over 10 years ago as a digital media strategist. She's been published in several leading financial outlets, 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 passionate about helping readers to manage their finances through providing concise, well-researched and well-written information that breaks down otherwise complex topics into manageable bites. The Bankrate promise
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We receive compensation for the placement of sponsored products and, services, or through you clicking certain hyperlinks on our website. So, this compensation can influence the manner, place and in what order products appear within listing categories, with the exception of those prohibited by law in the case of our home equity, mortgage, and other home loan products. Other elements, such as our own rules for our website and whether or not a product is available in the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include the details of each financial or credit item or service. You're walking across the stage soon to receive your diploma and now you're ready to journey into the real world. Buying a car may be part of the plan if you're planning to be living in a place where public transportation isn't the most efficient method of travel. Before you go to the dealer to select the ideal ride, do your research and get preapproved for the purchase so that you make an informed decision. Select the vehicle that is suitable for your needs post-graduation. idea of buying your own car is exciting. However, you must avoid becoming distracted. Or, you may choose a car that fits your style yet isn't practical. What's your commute from and to work? If your commute is lengthy, you may want limit your searches down to vehicles with good efficiency ratings in terms of fuel consumption particularly in light of how gas prices are trending. At present, it's around $3.70 to the gallon in regular fuel according to AAA which is less than the last month's median of $3.96. Still, this figure is more than the median price per gallon of $3.18 only one year earlier. Go to the website and use their online tool to view the annual average fuel cost for the vehicles you are contemplating. You can narrow your search by year, make and model, or view recommendations for the most fuel-efficient vehicles. Size and accessories Can a small car be sufficient, or do you need something larger, such as an SUV or a pickup truck? What about features -- are certain ones "must-have" on your list? If you've recently secured an opportunity with a decent pay that will begin after graduation, you may have access to modern technologies and features. However, you might be better off with a smaller ride without all the until you begin work and become more established in your career. Safety features How safe is the vehicle you're looking at? 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. The is another good resource. You can search safety ratings and check on recalls using the car's make and model, or VIN. Make a decision between used and new There is a lot to appreciate about a brand new car. It's clean, in great form and smells delicious. However, there are some that are as reliable. Plus, you could buy an extended warranty for around $1500, and get security knowing that you're protected in the case the worst happens and you experience a mechanical failure. Consider the following when deciding between a used and new ride: New cars come with a manufacturer's warranty. This warranty could save you a lot of money in the event that your vehicle has a breakdown and requires major repairs in the initial few years of ownership. New cars often have all modern features. But, it is possible to get a used vehicle with the features you want. Certain used cars may be low-mileage. This means that if you don't encounter numerous mechanical issues over time. The maintenance cost will likely be lower and you'll get a better deal. Some used cars are . These are given the manufacturer's seal of acceptance after being upgraded to a certain level mechanically and are covered by a limited factory warranty. Think about the whole cost of car ownership Beyond the monthly payments as well as fuel and insurance premiums for automobiles You should also factor in maintenance and repair costs. In 2021 the average expense for maintenance, repairs and tires was 9.55 centers per mile as reported by . However, the costs differ according to the vehicle you own however, you can use the information to estimate how much you may be spending over the course of. The annual registration renewal costs typically can range from as little as $20 to just over $200 per year, are also a factor to consider. Certain states have fees in a lump sum and others rely on the vehicle's age, the efficiency of its fuel or weight in calculating registration fees. Explore cars and apply for financing prior to visiting a dealer. Many dealerships provide in-house financing however it is better to do this prior to shopping for a car. It is important to know the amount you're able to afford and the quotes you get from your bank or credit union can help you determine the best price for your purchase. There's also greater leverage when . The purchase won't be contingent on your ability to secure financing through the dealership and you'll be able to behave as an actual cash buyer. Know the advantages of purchasing as opposed to. leasing There's plenty of chatter around and what is the best option. Here are some benefits of both options to consider: Lease payments on newer automobiles are usually cheaper. If you're keen on a particular vehicle that is a bit pricey, you may be able to afford the monthly payments when you lease. You'll get a manufacturer's warranty for leases of a new vehicle. It usually will cover you with a maximum of 36,000 km or three years, meaning you don't have to worry about spending an enormous amount on repairs should an issue with your vehicle arises. There are no mileage limits when you purchase a car. If you opt 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. These can range between 10 cents and 25 cents per mile or more, according to the specifics of the lease agreement. You'll own the car once the loan is fully paid. Lease agreements work a little differently, though. You'll need to return the car to the dealer after the lease is over unless you choose to . The next step is to buy a car at college is one of the biggest purchases you will make. To ensure you get the best price make sure you do the necessary research to locate an automobile that is compatible with your lifestyle and your budget. It is equally important to obtain pre-approval to finance your purchase prior to visiting any dealership and consider the advantages of purchasing versus leasing to decide which option is best. Find out more
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Allison Martin's writing started over 10 years ago as a digital content strategist, and since then she's been published in several leading financial outlets which include 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 passionate about helping readers gain confidence to control their finances through providing clear, well-researched facts that break down complicated topics into digestible pieces.
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