Congratulations on finishing college. Now you might be facing your first major adult purchase: buying a car for the first time. It can feel overwhelming when you’ve got student loans, entry-level pay, and hardly any credit history to deal with. But relax, at Titus-Will Ford, we’ve got your back. This guide tells you everything you need to know about owning your first car, from budgeting to insurance considerations, plus some car-buying tips and tricks to help you purchase with confidence.
Understanding Your Postgraduation Budget
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Owning a car costs more than just the sticker price. Monthly expenses include your payment, insurance, maintenance, and gas, which in total can add up to $1,000 or more. Add in student loans and rising living costs, and it’s easy to underestimate how much room you have in your budget.
Credit Basics for Recent Graduates in Tacoma
Your credit score can make or break what type of financing you can get and the interest rates you’re offered. If your score is low or building, don’t panic, you still have options. Having a cosigner or a small down payment available can be a huge help while your credit history is still developing. Getting a secured credit card and making regular payments or becoming an authorized user on a parent’s account can kickstart your credit journey. Getting preapproved for a loan before visiting dealerships will also help you have a clear sense of your budget.
Financing Incentives for New Graduates
Many car makers love new graduates and will be willing to offer you special deals. For example, Toyota offers recent graduates a $500 rebate on all new Toyota models when you finance or lease through an authorized dealer. Similarly, Honda also offers new or soon-to-be graduates $500 toward the finance or lease of new models from 2024 or later. Ford provides an impressive $750 off financing or $500 off leasing on select models, such as the Ford Bronco, Bronco Sport, Escape, and Mustang, while BMW gives recent graduates $1,000 off any new or certified preowned (CPO) car.
Smart Shopping for New Graduates in Tacoma
Tacoma has plenty of local car dealerships, but at Titus-Will Ford on South Sprague, we understand the unique challenges graduates face, and we’re here to help, not use pushy sales tactics. We offer a range of new Fords as well as a selection of used models from different brands, with many under $15,000. Models such as the Toyota Corolla and Honda Civic are favorites among new buyers thanks to their reputation for longevity, limited maintenance needs, smooth handling, impressive safety tech, and value retention. Both offer grads what matters most — reliability and efficiency.
CPO cars are also worth considering. They cost more than typical used cars but offer extended warranties and go through detailed inspections. Both Honda and Toyota give you powertrain coverage for seven years or 100,000 miles from the point of purchase, plus additional parts coverage and roadside assistance for a limited time.
Before buying used, always get a prepurchase inspection from a trusted mechanic — it can save you thousands in expensive repairs later on. Take the car for a test-drive, too, to see if it’ll work for your lifestyle. A model such as the Toyota Corolla should feel light and nimble, offering responsive steering and a comfortable ride.
Insurance Considerations for Young Drivers in Washington State
Car insurance is a must, and younger drivers often pay much more. However, some insurers offer discounts to young professionals postgraduation. You can also save money by bundling your car insurance with your renters’ insurance, taking defensive driving courses, or opting for usage-based insurance if you don’t drive much.
The minimum state-required coverage in Washington is $25,000 for bodily injury per person, $50,000 per accident, and $10,000 for property damage. However, these limits won’t stretch far in the event of a serious accident. Medical bills and repairs often exceed these amounts, leaving you paying out of pocket. That’s why we recommend full coverage insurance, especially if you’re financing, since lenders typically require it.
Ready To Get Behind the Wheel of Your First Vehicle?
If you’re ready to shop for a vehicle postgraduation, contact us at Titus-Will Ford, where our team gets what new graduates need. We’ll walk you through your options and find you the perfect car that fits your budget, lifestyle, and goals without any sales pressure.
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