Buying Your College Grad a Car? Read This First!
Your recent grad just landed a great job and now they’re in need of a car for work. Fast forward a few weeks and now you’re buying them their first car – it’s a sweet gesture that they’ll appreciate forever. However, buying a car for yourself is one thing, while buying a car for someone else to manage is a whole other beast. Here are a few tips and tricks to remember in order to maximize the benefits of this important purchase and set your grad on the steps to success.
Take Advantage of College Grad Discounts
Before deciding on a car, scope out the possible deals your grad is eligible for. Instead of buying the car in your own name, have your grad put their name on it. College graduates up to two years out of school can take advantage of special discounts, including manufacturer rebates ranging from $500-$1000. Additionally, GM offers supplier pricing for a wide range of models, and Toyota will give recent grads a $750 rebate that can be combined with other current offers going on. By taking your time to check out these deals, you’ll be able to save money on your purchase while your college grad gets the added benefit of building their credit.
Consider Certified Pre-Owned
Can’t decide between a new or used car? A certified pre-owned vehicle is a great middle ground for those who want the reliability of a new car but don’t want the high price tag. Buying a car through these means will ensure it’s in great condition and they can often come along with special perks. CPOs are inspected, refurbished, and certified before going back on the market. While they won’t be as cheap as a regular used car, they typically come with great benefits like extended warranties and special financing. This is a fantastic way to ensure your grad has a quality vehicle to begin their journey into adulthood without breaking the bank.
Finding a car that fits the exact make, model, mileage, and package standards of your grad is not going to happen right away. Be sure to allow ample time to research and to shop around for the best deal before deciding. Search dealerships online to go through their new and used inventory; go talk to local dealerships in person to get a feel for their price point; or look to third party websites to see what other people are paying so you can get a good idea of your price range. Don’t be afraid to search far and wide, a two hour drive to a neighboring city could save you thousands. If you’re having little luck in your search for a new Audi for sale in Peoria, AZ, try looking in a bigger city like Phoenix, or go one city over to Scottsdale. A bigger population means there will be more cars, so widening your market will increase your chances of scoring a good deal.
Consider Their Future Costs
Auto insurance is non-negotiable and maintenance repairs are inevitable, especially when a young grad is involved. To ensure your grad won’t be overwhelmed with bills they didn’t foresee, be conscious of the effect your choice can have on insurance rates. Higher priced cars require more money to replace which drives rates up, so choosing older models can lessen this burden. Be sure to think twice about that great deal on the used luxury car. The upfront cost could be reasonable, but those future service costs could easily break the bank for your grad, and your kind present could turn into a nightmare. Save them the stress and opt for a car that suits their current financial situation.
Don’t Forget to Test Drive
At the end of the day, making sure your grad is comfortable driving the car you’re going to buy them is key. Take them to dealerships, let them go on a few test drives and get a feel for what they enjoy. Side by side comparisons can be very telling when you have a lot of potential choices. If they’re stuck deciding between a few models, a test drive should easily clear up the confusion. Because this is their first car, they don’t quite know what they prefer in a car, so it’s also a nice teachable where you can tell them about the features of each car. When all is said and done though, the car itself isn’t what matters the most – it’s the memories you’ve built with your grad.