A flood of newly minted graduates will soon be on the road to new adventures. For many young adults, the first stop will be the local automobile dealership, particularly if they already have a job lined up. Here are a few tips on choosing an affordable and safe vehicle.
Compare costs of buying versus leasing. The average consumer keeps a vehicle for around six years. Edmunds.com recently calculated the costs of acquiring a vehicle via three different scenarios: Buying used, buying new and leasing. Comparing the three options can help a young adult get a ballpark estimate for the actual out-of-pocket expenses of operating a vehicle. Most studies —this one included — show that purchasing a quality used automobile can save a lot of money compared with leasing or purchasing a new car.
Look for a fuel efficient vehicle. Choosing an economical vehicle is an important part of starting off on the right foot financially. Check out this list of fuel-efficient vehicles that can help you save money each and every time you fill up.
Don’t sacrifice safety. These days you don’t have to choose affordability over safety. Today’s cars are safer than ever, even those that don’t cost a fortune. Here’s a great list of cars that are easy and the pocketbook and designed to keep you safe. Happy driving!
