7 reasons why buying a car as a recent graduate is the next step

Having a car brings with it a level of freedom you could never unlock. But, as convenient as it may be, for most people, purchasing a vehicle isn’t achievable without some financial assistance.

You’ll need to apply for vehicle financing; however, this is typically a challenge for recent graduates because their credit score may not allow them to buy a car.

  As a recent graduate, you barely have a credit history that lenders can review to learn about your paying behaviour and decide if they can trust you to repay the loan amount. But, there are ways for recent graduates to purchase a vehicle.

This is through graduate finance, a car loan option for recent graduates where credit history is not essential.  Graduate car finance in South Africa was introduced because lenders saw that many graduates who enter the job market couldn’t obtain financing as they didn’t have a credit history.

With that, they have made obtaining financing easier as long as you have a job that ensures you can meet your repayment expectations. Now that you know about graduate finance and how you can potentially afford this purchase, below are seven reasons why buying your own vehicle is the next step. 

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Convenience 

One of the major benefits of owning your own set of wheels is the convenience it offers. You can have peace of mind knowing that you do not need to ask people to take you anywhere.

And your plans no longer need to accommodate others and their schedules. As a young adult who recently entered the job market, you have a lot going on in your life. Apart from having an active social life, you need reliable transportation when running errands and travelling to work.

Depending on where you live, having a vehicle is more convenient than taking public transportation or walking, especially with the high crime rate and inadequate transportation system in South Africa. 

Safety

Having a car offers you safety and peace of mind and allows you to travel without putting yourself in danger or relying on others. One of the biggest challenges with minibus taxis is that they pose serious threats to passengers and other road users. This is because the vehicles aren’t properly maintained and are usually old and in bad physical condition. Plus, taxi drivers are notorious for being bad drivers as they rush to transport passengers so they can continue bringing in money. 

Freedom 

Freedom is one of the luxuries that come with being an adult. It enhances your life as you’re able to do what makes you happy. Having your own vehicle will simplify things and enable you to live freely. For example, you will be able to go wherever you wish to go and leave whenever you wish to leave. Without it, your freedom is limited, and you’re dependent on others and public transport. This can prevent you from truly enjoying life’s experiences as you’ll always have to consider how you will be travelling back and forth. When you have your own car, you have the freedom to see friends and family, move, apply easily for jobs or even relocate. 

Time 

Time is a precious resource you can never get back. Buying a car as a graduate student can help you save it. Carpooling or taking public transport requires more time as you are dependent on other people and their schedules. When you have a car, you are in control of your time. It is easier and faster to go to work or run errands as you don’t need to depend on other people. As long as you factor in traffic, you’re set to be on time wherever you go. 

Responsibility

When you were younger, most of your significant responsibilities were taken care of by your guardian or parents. As you enter adulthood, you need to become more responsible for yourself. While the perks of having a car trump the negatives, having your own vehicle isn’t all fun and games; it requires discipline and responsibility. This means learning to stick to your finance agreement and budgeting for additional car costs such as petrol, insurance, repairs and maintenance. This will teach you to become more responsible with your money and how to budget accordingly. You’ll also learn to understand credit better, enabling you to build your credit score in future. 

Ease

As you grow older, you’ll start taking on more responsibilities, like helping out at home while you live with your parents or keeping things in order when living on your own. Having a car may make those responsibilities easier to deal with. For example, if you’re in charge of grocery shopping, you won’t have to worry about struggling to find someone to pick you up, paying a lot of money for a lift service, or standing in long taxi lines with heavy items. With your own car, you’ll have a simpler and more convenient life. 

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Costs 

The cost of public transport to travel back and forth from work or running errands can become costly over time. Taxis continue to increase their costs without improving the quality of their service. Some people who work far from home have to take two to three different taxis or buses before they reach their destination. This is time-consuming and can become costly. But, if you opt for a vehicle with good fuel economy, you can lower the cost of transportation and still have the ease of travelling wherever you need to. 

Final thoughts 

Many first-time car buyers in South Africa, especially recent graduates, are often sceptical about purchasing a vehicle while still earning their entry-level salary. And while it can be an expensive cost, it has several benefits that make your daily life easier for you. Plus, there is a wide range of affordable vehicles available to ensure you have a car loan that you can manage. So, choose wisely and enjoy the bliss of having your own set of wheels.

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Contact the newsroom by emailing: Thelma Koorts  (editor) brakpanherald@caxton.co.za or Stacy Slatter (news editor) stacys@caxton.co.za

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