Students have a high demand for affordable cars, because the ownership of a car entails considerable expenses, encompassing insurance, fuel, maintenance, and parking fees. Moreover, living near downtown Toronto, utilizing public transportation is a cost-effective means to commute to their academic institution. However, for those living in suburban areas, owning an affordable car with high performance may be a better option.
TOP AFFORDABLE CARS MEET A NEW GRAD NEEDS.
1. Honda Civic
- MSRP: $23,950
- Used Cars Range: $14,400 to $19,300
- Rating:4.7
Firstly, the Honda Civic stands out as one of the premier affordable cars for recent graduates. Notably, this car model has secured the esteemed Compact Car Best Buy Award from Kelley Blue Book for two consecutive years, in 2022 and 2023. Additionally, it is Honda’s most fuel-efficient vehicle, achieving 36 mpg in combined driving, making it an appealing choice for those mindful of both budget and environmental impact.
Following, for all Honda’s Civic models, an array of connectivity technologies is seamlessly integrated, encompassing Apple CarPlay, Android Auto, USB port functionality, and Bluetooth connectivity. For the 2024 version, Honda has fortified the Civic with the Honda Sensing driver assistance suite. In other words, it includes essential safety features like automatic emergency braking, lane departure warning, lane maintenance assist, and adaptive cruise control.
Notably, Honda extends enticing offers tailored for new graduates. To explore these promotions and gain more insights, you should examine offerings available at local Honda dealerships in your area.
2. Mazda 3
- MSRP: $24,170
- Used Cars Range: $11,600-$18,400
- Rating: 4.0 – 4.3
The Mazda 3 boasts not only the esteemed designation of being a Top Safety Pick but also delivers an impressive EPA-estimated fuel economy of 40 mpg in combined city and highway driving. Besides, an array of entertainment and convenience features enhances the driving experience, inclusive of a 7-inch touchscreen and the MAZDA CONNECT “infotainment” system, which incorporates voice recognition technology along with two standard USB ports.
This robust set of features contributes to the Mazda 3’s reputation as an economically viable choice for college students seeking affordability with quality. Mazda further extends incentives tailored explicitly for new graduates, offering a wider range of car models and facilitating easy access to Mazda car dealerships.
3. Toyota Corolla
- MSRP: $21,900
- Used Cars Range: $13,800-$19,000
- Rating: 4.4
Thirdly, the upcoming 2024 Corolla model will be equipped with Toyota Safety Sense 3.0, encompassing collision warning with pedestrian detection, automatic emergency braking, adaptive cruise control, lane departure warning, lane maintenance assist, traffic sign recognition, and automatic high beams.
At this time, all the models offer connectivity features like Bluetooth, voice recognition, multiple USB ports, Amazon Alexa, Apple CarPlay, Android Auto, and Wi-Fi connectivity.
Furthermore, with an EPA-estimated combined fuel economy of 35 mpg, the Toyota Corolla combines essential features as an inexpensive car, making it an ideal choice for beginners.
Explore more options here.
4. Toyota Prius
- MSRP: $21,900
- Used Cars Range: $13,800-$19,000
- Rating: 4.8
Ultimately, the 2023 redesign of the Toyota Prius introduces a sleeker, more aerodynamic form resembling a sporty vehicle. However, it maintains an impressive fuel economy of 57 mpg in combined driving.
Additionally, for students venturing into snowy regions, the option of all-wheel drive (AWD) is available.
Above all, recognized as a Top Safety Pick+ by the IIHS, the Prius offers advanced safety features, including automatic emergency braking with pedestrian detection, lane departure warning with driver assist, adaptive cruise control, lane-keeping assist, and high-beam assist.
Besides, the Prius represents one of the pricier options in its category and remains synonymous with the widespread adoption of hybrid technology. It’s an ideal choice for entry-level professionals seeking an upgrade within the Toyota brand’s range.
For access to nearby Toyota dealers, explore more options here.
LEVERAGE REGULATIONS FOR AFFORDABLE CAR OWNERSHIP.
1. Leverage regulations for affordable car ownership.
The “20/4/10 rule” is a helpful guideline for purchasing a car.
In other words, this rule suggests making a 20% down payment, and securing a loan term of 4 years or less. Besides, the total monthly car expenses should not exceed 10% of your monthly pre-tax income.
Following this rule can help you avoid overspending on a car and ensure that your monthly car expenses remain manageable.
2. Utilize the 10% to 15% rule of thumb.
The 10% to 15% rule is a useful tool to estimate how many cars you can afford based on your income.
In other words, the total running costs of a car should fall between 10% and 15% of your yearly income. Based on your salary, use the table below to determine how much car you can afford.
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