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 smarter financial decisions by offering you interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare data for free to help you make financial decisions with confidence. 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 deals that are displayed on this website are provided by companies who pay us. This compensation can affect the way and when products are featured on this website, for example, for example, the order in which they may appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial deals that could be available to you. Kali9/Getty Images

4 min read . Published 16 September 2022

Written by Allison Martin Allison Martin Written by Allison Martin’s career began more than 10 years ago as a digital media strategist. She’s published in numerous prestigious financial publications, 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances with concise, well-researched and well-written information that breaks down otherwise complex subjects into digestible pieces. The Bankrate promises

More information

At Bankrate we aim to help you make better financial decisions. We are committed to maintaining strict ethical standards ,

This post could contain the mention of products made by our partners. Here’s how we make money . The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a proven track record of helping people make smart financial choices.

We’ve maintained our reputation for more than four decades through demystifying the financial decision-making

process, and giving people confidence in which actions to follow next. process and gives people confidence in the next step.

You can rest assured that we’re putting your interests first. All of our content is created with and edited

They ensure that what we write will ensure that our content is reliable, honest and trustworthy. The loans reporter and editor are focused on the areas that consumers are concerned about the most — the different types of lending options, the best rates, the most reliable lenders, ways to pay off debt and more . This means you can feel confident when making your decision to invest your money. Integrity in editing

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we’re putting your interests first. Our award-winning editors and journalists provide honest and trustworthy information to assist you in making the right financial decisions. Our main principles are that we appreciate your trust. Our mission is to provide our readers with reliable and honest information. We have editorial standards in place to ensure this happens. Our reporters and editors rigorously fact-check editorial content to ensure the information you’re receiving is true. We have a strict separation with our advertising partners and the editorial team. The editorial team of Editorial Independence Bankrate does not receive direct compensation through our sponsors. Editorial Independence Bankrate’s team of editors writes for YOU – the reader. Our goal is to give you the most accurate information to assist you in making wise financial choices for yourself. We adhere to strict guidelines in order for ensuring that editorial content is not influenced by advertisers. Our editorial team is not paid any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. Therefore when you read an article or a report you can be sure that you’re getting reliable and dependable information. How we make money

You have money questions. Bankrate has answers. Our experts have helped you understand your money for over four decades. We continually strive to give our customers the right guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate follows a strict standard of conduct, which means that you can trust that our information is trustworthy and reliable. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial decisions. Our content produced by our editorial team is objective, factual and uninfluenced by our advertisers. We’re honest about the ways we’re in a position to provide quality content, 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 receive compensation for the placement of sponsored products and, services, or when you click on specific links on our website. Therefore, this compensation may affect the way, location and in what order the products are listed within categories, except where the law prohibits it regarding our mortgages, home equity, and other products for home loans. Other factors, like our own rules for our website and whether a product is available within your region or within your personal credit score could also affect how and when products appear on this site. We strive to provide a wide range offers, Bankrate does not include details about each financial or credit item or service. You’re walking across the stage soon to receive your diploma, and now it’s time to go out into the world. The purchase of a car could be part of the plan if you plan to reside in an area that public transportation isn’t your best way to get around. However, before heading to the dealer to choose the ideal vehicle, conduct your own 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 the car of your dreams is thrilling. But you should be careful not to getting sidetracked, or you might choose a car that suits your taste but isn’t practical. What’s your commute from and to work? If your commute is lengthy you might want limit your searches down to vehicles with good performance in terms of fuel efficiency — especially with the current trend in gas prices. It’s currently around $3.70 per gallon for regular fuel according to AAA which is just a bit lower than the previous month’s average of $3.96. Still, this figure is significantly higher than the median price per gallon of $3.18 only one year ago. Go to the website and use their online tool to see the average annual cost of fuel for any vehicles you are contemplating. The tool lets you narrow by year, year-old, and model, and then view some suggestions for the fuel-efficient vehicles. Dimensions and other features Will a compact car suffice for you, or do you require something more substantial, like a crossover or pickup truck? What about the features — are there certain features that are “must-have” in your list? If you have recently been offered a job with a good salary that you will start soon after graduating, you may be able to with the latest technology and features. However, you might prefer a smaller ride without all the hassles until you get started and get more established in your job. Safety features How safe is the car you’re thinking of buying? Request an official copy of the vehicle’s . It contains maintenance records and provides information on whether the car was involved in any accident. It is a good reference. You can search for safety ratings and check on recalls using the vehicle’s make and model or VIN. Decide between new and used There’s plenty to enjoy about a new vehicle. It’s clean, in great shape and smells good. However, some are just as solid as the others. Additionally, you can buy an extended warranty at around $1500, and get peace of mind knowing you’re covered in the scenario the worst happens and you experience a mechanical failure. Think about the following factors when choosing between a used and new car: New cars come with a manufacturer’s warranty. This warranty can save you a significant amount of cash if your vehicle has a breakdown and needs major repairs within the first couple of years after you purchase it. New cars usually have modern features. But, it is possible to get a used vehicle with the features you want. Some used cars can have low mileage. So, you shouldn’t have many mechanical issues for some time. Maintenance costs will likely be lower , and you’ll receive a better deal. Some used cars are . These are given the seal of approval from the manufacturer after being upgraded to a level mechanically and are covered by a limited factory warranty. Think about the whole cost of ownership of a vehicle. Besides the monthly payment, fuel costs and insurance premiums for automobiles and also take into repair and maintenance costs. In 2021, the average cost of maintenance, repairs and tires was 9.55 centers per mile according to . Still, these costs vary by vehicle however, you can use the calculator to estimate the amount you can expect to be spending over the course of. The cost of annual registration renewals typically range from under $20 to around $200, is important to keep in mind. Certain states charge a flat fee, while others use your vehicle’s age, energy efficiency, or weight to calculate registration fees. Find out about cars and finance prior to visiting a dealer. Most dealerships offer in-house financing however, it’s better to get it before you start shopping for the car. It is important to have a concrete idea of the amount you’re able to afford and the quotes you get from your credit union or bank will help you decide on a purchase price that works. You’ll also have greater leverage when . The purchase won’t be contingent on your ability to get financing through the dealership and you’ll be able to behave as the cash buyer. Learn the advantages of buying instead of. leasing. There’s a lot of discussion about which one is more suitable. There are a few advantages of both options to consider The lease payment on the latest vehicles are generally less expensive. If your eyes are set on a certain car which is expensive and you’re not sure if you’ll be able to afford the monthly payments when you lease. There’s a manufacturer’s warranty when you lease a new car. It usually provides coverage for up to 36,000 miles, or three years, which means you won’t need to worry about spending an enormous amount on repairs should a mechanical issue comes up. There are no mileage restrictions when you purchase a car. If you opt to lease, you will be restricted to a range of 10,000 and 15,000 miles per calendar year, or be at risk of accruing exorbitant mileage fees. These can range between 10 cents to 25 % of a mile or more according to the specifics that the contract for lease. The car is yours after the loan is paid in full. Lease agreements operate differently, but. You’ll need to return the car to the dealer after the lease expires unless you decide to . The next step is to buy a car during college is among the biggest purchases you will make. To make sure you get the best deal make sure you do your homework to find the right vehicle that fits your lifestyle and budget. It’s equally important to obtain pre-approval for financing prior to going to any dealership and evaluate the advantages of buying or leasing to determine which is the best option. Learn more


Allison Martin’s writing began over 10 years ago when she was a digital content strategist, and she’s since 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down complicated topics into digestible pieces.

Auto loans editor

Related Articles Auto Loans 4 minutes read in Mar 07 2023 Automobile Loans 4 min read Mar 02, 2023 Car Insurance 7 min read Feb 15 2023 Automobile Loans five minutes read October 10 2022

In the event you liked this information along with you want to obtain details relating to payday loans online same day nz i implore you to check out our webpage.6 months ago