Helpful Car Buying Tips for College Graduates

May 15th, 2023 by

Congratulations, you did it! Graduating college is an exciting time and all of us at Patrick Hyundai congratulate you on your outstanding accomplishment.

One of the first things many college graduates do, after finding a job, is find a form of transportation. This usually means buying a new car. Thanks to the Hyundai College Graduate Program, you may be able to purchase a new for a great rate plus $400 off, making this next adventure easier.

If you’re looking for a new Hyundai to transport you through your next steps in life, check out our car buying tips for college graduates:

Know What You Can Afford

If you haven’t set a budget yet, now is a great time to start. Review how much you can afford to pay, taking into consideration how much you have for a down payment and how much you can afford monthly. Also, don’t forget you’ll need to pay for insurance, gas, and future repairs. Don’t rely on future jobs and their pay, focus on your earnings right now. Once you get that nice corner office job, then rework your budget.

Get Pre-Approved

Getting pre-approved for a car loan will not only show the dealership that you’re serious about the purchase but also tell you exactly what you can afford so you can save yourself from being oversold out of your budget. Plus, it will give you more power when it comes to negotiating the best deal. Get pre-approved now!

Consider Reliability and Safety

These might not be high on your feature list, but they are factors you need to consider when purchasing a new car. Although Bluetooth and backup cameras are great, getting from point A to point B safely is important. A Certified Pre-Owned Hyundai is a great option when it comes to affordability and reliability. They often come with a full CarFax Report and extended warranties as well. Check out our Certified Pre-Owned inventory.

Know the Difference between Buying vs Leasing

There are 3 ways to buy a car: pay cash for it, finance it or lease it.

When financing a Hyundai you are agreeing to pay a certain amount for the car. This includes tax as well. Sometimes you may need to put some money down to get the payment to where you want it and qualify for a loan. Once you pay the car off, you own it.

When you lease a Hyundai you are technically “renting” it. The car doesn’t belong to you and once your lease is over, you will need to turn the vehicle back into the dealership. This is a good option if you don’t want to keep the car for an extended period. You need to be aware that with leases there is a cap on the mileage you can drive each year, or you will be charged for each mile over your limit. You will also need to return the car in a good condition, or you will be charged a reconditioning fee.

There are benefits to both options:

  • Lease payment on newer cars is typically more affordable
  • You’ll get a manufacturer’s warranty when you lease a new car
  • There are no mile restrictions if you buy a car
  • You’ll own the car once you pay off the loan in full

Buying a car out of college is one of the biggest purchases you will make. Make sure to do your homework to ensure you get the best deal on a ride that fits both your lifestyle and budget. Stop by Patrick Hyundai at 1020 E. Golf Rd, Schaumburg, IL 60173 or call us at 224-279-6294 to get started today!