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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 decisions by providing you with interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information at no cost to help you 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 can affect the way and where products appear on this website, for example the order in which they may appear within the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will not influence the information we provide, or the reviews you read on this site. We do not include the vast array of companies or financial offers that may be open to you. kali9/Getty Images
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. 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 writing and editing for Bankrate since late 2021. They are dedicated to helping their readers to manage their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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This compensation could affect the way, location and in what order products are displayed within the listing categories, with the exception of those prohibited by law regarding our mortgages, home equity and other products for home loans. Other elements, such as our own rules for our website and whether the product is offered in your region or within your own 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 the details of every financial or credit product or service. You’ll be walking through the halls soon to receive your diploma, and now it’s time to go out into the world. A car purchase could be a part of the plan if you’re planning to reside in an area that public transportation isn’t your most efficient method of travel. But before you head to the dealership to choose the ideal car, you should do some research and get preapproved for and so that you can make an informed decision. Pick the right car for your lifestyle post-graduation The thought of purchasing your own car is exciting. But, it is important to avoid getting sidetracked, or you could choose a vehicle that suits your taste but isn’t practical. What’s your commute to and from work? If your commute is lengthy it’s a good idea focus your hunt to cars with high efficiency ratings in terms of fuel consumption particularly in light of how prices for gas are changing. At present, it’s 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 significantly higher than the average cost per gallon , which was $3.18 only one year earlier. Go to the website and use their online tool to view the average annual fuel costs for any vehicle you’re considering. The tool lets you narrow by year, make and model, and then view recommendations for the most fuel-efficient vehicles. Size and accessories Are compact cars enough or do you require something bigger, like the pickup truck or crossover? What are the best features? are certain ones a «must-have» on your list? If you have recently been offered an opportunity with a decent starting salary soon after graduating, you may have access to the latest technology and features. Still, you could 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 considering? Request an official copy of the vehicle’s . It also contains maintenance records. It will reveal if the vehicle was involved in any collisions. It is a good reference. You can look up safety ratings and search for recalls by entering the vehicle’s model and model or VIN. Choose between used and new There’s a lot to love about a new car. It’s shiny, in top condition and smells great. But the reality is some are as reliable. Additionally, you can purchase an extended warranty at around $1500. You’ll also have assurance that you’re protected in the scenario of a major mechanical breakdown. Consider the following when deciding between a brand new or used ride: New cars have a manufacturer’s warranty. This coverage can save you a significant amount of money if your car breaks down and requires major repairs in the initial few years of ownership. New cars often have all modern features. But, it is possible to discover a second-hand car that has the features you desire. Some used cars can have low mileage. Therefore, if you don’t experience numerous mechanical issues over time, maintenance costs will likely be lower and you’ll be able to get a better price. Certain used vehicles are . They receive the seal of approval from the manufacturer after being brought up to a certain level mechanically and are covered by an limited warranty from the factory. Take a look at the entire price of owning a car. In addition to the monthly installment as well as fuel and auto insurance premiums and also take into repair and maintenance costs. In 2021, the median cost of maintenance, repairs and tires was 9.55 centers per mile according to . The costs can vary by vehicle and you can utilize the information to get an idea of how much you may spend over time. Annual registration renewal expenses typically range from under $20 to just over $200 annually, is important to consider. Certain states have an annual fee that is fixed and others rely on your vehicle’s age, the efficiency of its fuel or weight to calculate the registration fee. Research cars and get financed before going to a dealership The majority of dealerships offer financing in-house however, it’s better to get it prior to shopping for the car. It is important to be aware of what you’re able to spend, and quotes from your bank or credit union will assist you in deciding on the best price for your purchase. There’s also more leverage . The purchase won’t be contingent on your ability to get financing through the dealership, and you can behave like an actual cash buyer. Understand the benefits of buying instead of. leasing There’s plenty of debate about which option is better. There are a few advantages of both choices to think about The lease payment on the latest cars are typically cheaper. If you’re keen on a certain 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 for leases of a brand new car. It typically provides coverage for up to 36,000 miles, or three years, which means you won’t have to worry about spending thousands of dollars on repairs when there is a mechanical problem that arises. There aren’t any mileage limitations if you buy a car. However, if you choose to lease, you will be restricted to a range of 10,000 to 15,000 miles per year or risk racking up excessive mileage fees. They can cost you between 10 cents and $25 cents for each mile or more, subject to the conditions of the lease agreement. You’ll own the car once the loan is fully paid. Lease agreements operate differently, but. You’ll need to return the vehicle to the dealer after the lease ends unless you decide to . The next step is to buy an automobile during college is among the largest purchases you’ll make. To ensure you get the best price, you want to do the necessary research to locate the right vehicle that fits your lifestyle and your budget. It’s equally important to obtain pre-approval for financing prior to going to any dealership. You should also evaluate the advantages of buying and leasing to determine which option is best. Learn more
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Allison Martin’s writing started over 10 years ago as a digital content strategist, and she’s since been featured in several leading financial outlets, including 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 since late 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-studied details that cut otherwise complicated topics into digestible pieces.
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