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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 aim is to assist you make better financial choices by offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare information at no cost to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website come from companies that compensate us. This compensation can affect the way and where products appear on this site, including the sequence in which they be listed within the categories of listing, except where prohibited by law for our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does affect the content we publish or the reviews you read on this site. We do not cover the vast array of companies or financial deals that could be accessible to you. Kali9/Getty Image

4 minutes read. Published 16 September 2022

Written by Allison Martin Allison Martin Written by Allison Martin’s career began more than 10 years prior to that as a digital content strategist, and she’s since published in numerous prestigious financial publications, 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 committed to helping readers gain the confidence to manage their finances with concise, well-researched and well-written facts that break down complex subjects into digestible pieces. The Bankrate promise

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If you have questions about money. Bankrate can help. Our experts have been helping you master your finances for over four decades. We continually strive to provide consumers with the expert advice and the tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our information is trustworthy and reliable. Our award-winning editors and journalists create honest and accurate content that will help you make the right financial choices. Our content produced by our editorial team is objective, factual, and not influenced by our advertisers. We’re transparent about how we are in a position to provide quality information, competitive rates and practical tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or when you click on specific links on our site. Therefore, this compensation may affect the way, location 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 products for home loans. Other elements, such as our own proprietary website rules and whether the product is available in your region or within your self-selected credit score range may also influence the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include information about every financial or credit product or service. It’s your turn to walk across the stage soon to receive your diploma, and now you’re ready to enter the real world. The purchase of a car 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. Before you go to the dealership to select the ideal ride, do your research and obtain preapproved the purchase so that you make an informed decision. Choose the car that’s right for you post-graduation. The idea of buying the car of your dreams is thrilling. However, you must avoid 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 it’s a good idea limit your searches down to vehicles with good fuel economy ratings — especially with how prices for gas are changing. 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. Yet, it’s much higher than the average cost per gallon , which was $3.18 just one year earlier. Use the online tool to view the annual average fuel cost for the vehicles you are contemplating. The tool lets you narrow to year, make and model, or browse suggestions for the most efficient automobiles. Dimensions and other features Can a small car be sufficient or do you require something bigger, like an SUV or a pickup truck? What about features — are certain ones a “must-have” on your list? If you’ve recently secured an employment with a high salary that you will start after graduation, you may have modern technologies and features. But, you may be better off with an affordable car the features until you start working and become more established in your career. Safety features How safe is the vehicle you’re considering? Request an official copy of the vehicle’s . It includes maintenance records and discloses if the car has been involved in any accident. Another good source is the website. You can look up safety ratings and check for recalls by entering the vehicle’s model and model or VIN. Choose between used and new There is a lot to enjoy about a new vehicle. It’s shiny, in top form and smells delicious. However, some are as reliable. Plus, you could buy an extended warranty for about $1500, and get security knowing that you’re covered 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 have a manufacturer’s warranty. This coverage could save you a lot 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 features. But, it is possible to get a used vehicle with the features you want. There are some used cars that have low mileage. This means that if you don’t encounter many mechanical issues for some time. Maintenance costs will likely be lower , and you’ll get a better deal. Certain used vehicles are . They are issued the seal of approval from the manufacturer after having been brought up to a standard mechanically , and come with a limited factory warranty. Consider the total cost of ownership of a vehicle. Besides the monthly payments for fuel, as well as insurance premiums for automobiles and also take into repair and maintenance costs. In 2021, the average expense for maintenance, repairs and tires was around 9.55 centers per mile as reported by . Still, these costs vary by vehicle, but you can use the information to get an idea of how much you could spend over time. The annual registration renewal costs typically range from under $20 to a little over $200, is important to be aware of. Certain states charge a flat fee for registration, while other states use your vehicle’s age, energy efficiency, or weight in calculating fees for registration. Explore cars and apply for financing before going to a dealership Most dealerships offer in-house financing however it is better to do this prior to shopping for the car. It is important to 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 a purchase price that works. You’ll also have more leverage when . The purchase won’t be contingent on your ability to get financing from the dealer, and you’ll behave like the cash buyer. Know the advantages of purchasing vs. leasing There’s plenty of chatter around and which one is more suitable. There are a few advantages of both options lease payments on more recent cars are typically more affordable. If your eyes are set on a certain car that is a bit pricey it is possible to afford the monthly payment if you get a lease. You’ll receive a manufacturer’s guarantee for leases of a brand-new car. It typically covers you with a maximum of 36,000 km or three years, so you won’t have to worry about spending an enormous amount on repairs should a mechanical issue comes up. There aren’t any mileage limitations when you purchase a car. But if you decide to lease the car, you’ll be restricted to between 10,000 and 15,000 miles per year or risk racking up high mileage charges. The fees can range from 10 cents to 25 % of a mile or more, according to the terms in the agreement. The car will be yours once the loan is paid in full. Lease agreements work a little differently, but. You’ll need to return the car to the dealer once the lease is over unless you choose to . The next step is to buy a car at college is one of the most significant purchases you’ll make. To ensure that you are getting the best deal make sure you do your research to find an automobile that is compatible with your lifestyle and budget. It’s also important to obtain pre-approval to finance your purchase prior to visiting any dealerships and evaluate the advantages of buying or leasing to determine which one is better. Learn more

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Written by Allison Martin’s work began more than 10 years ago as an online 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 since the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.

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