Certified Center
Graduating college is an exciting time and all of us at BMW of West Springfield 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 BMW College Graduate Program, you may be able to purchase a new or Certified Pre-Owned BMW for a great rate plus $1,000 off, making this next adventure easier.
If you’re looking for a new BMW 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.
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 BMW is a great option when it comes to affordability and reliability. They often come with a full CarFax Report and extended warranties as well.
Know the Difference between Buying and Leasing
There are 3 ways to buy a car: pay cash for it, finance it, or lease it.
When financing a BMW 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 BMW you are technically “renting” it. The car doesn’t belong to you and once your lease is over, you will need to return the vehicle back to 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 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