In many students’ minds, “car” and “graduation” go together. For some, it’s because a post-grad job requires a vehicle to commute to and from work. Others may simply want a car to maintain their independent lifestyle from college (especially if they plan to move home).
This isn’t changing for the class of 2016, either. According to a recent survey conducted by CarGurus, almost one-third of upcoming graduates plan to buy a car. And of them, 57% plan to pay for it entirely on their own.
Buying a car is a major purchase—even if you opt for a moderately priced used one. Taking this on yourself is a big sign of financial freedom, but it’s also a big financial responsibility. To handle it wisely, keep in mind the following hidden costs.
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