Our Guide to First Time Car Buying for Recent College Graduates
If you’re a recent or upcoming college graduate, there’s a good chance you’ll soon be experiencing a lot of life changes. For example, many college graduates will be getting a new car for the very first time, which often raises a number questions. We’re happy to answer those questions for you if you contact us at Mazda of Manchester. In fact, we’re going to help answer one of the more common questions right here: Should college graduates lease or buy a car?
If you’ll soon be getting a new vehicle for the first time, you’ll have to decide if it’s a better option for you to lease the car or purchase it. It’s a big question to answer but one you’ll need to work through to ensure you’re making the best financial decision. Thankfully, we’re here to help.
First Time Car Buying Tips for Recent College Graduates
There is no right or wrong answer to the question of whether you should lease or buy your first vehicle after college. Instead, the decision depends on your personal needs and financial situation. So, here are some things to consider:
Consider leasing if:
- You can only afford lower monthly payments or still have monthly payments to make on your student loans
- You’re well established in a job/career and know that you won’t be exceeding the lease mileage limit to pursue new job opportunities
- You want continuous coverage under the vehicle’s factory warranty, helping keep repair costs low for recent grads who don’t have the disposable income to pay for them
Consider buying if:
- You’re unsure about your future employment situation or plan to do some post-college traveling, requiring the freedom to put on as many miles as you need
- You need the freedom to quickly change vehicles should your driving needs change (such as upgrading to an SUV should you have kids or need the additional cargo space for an unexpected move)
- You want to someday eliminate monthly car payments to make room for other monthly bills in the future, such as those that might come with having kids or buying a house
As you can see, deciding whether a college graduate should lease or buy a car really depends on the individual situation. To help you work through it, set up a detailed budget, as well as a projection of where you’d like to be a few years from now or how you expect your life might change in the coming years. Then, use our tips above to make an informed decision on your next vehicle. If you have questions or want to start shopping around, contact us today at Mazda of Manchester.