You have finally reached a new milestone in your life. You’ve completed your degree and have your qualification in the bag, which opens a world of possibilities and opportunities. Now that you are entering a new phase of your life, you may have people telling you what to do with your finances, from moving out of your parents’ home to purchasing your first car. And while both these seem like the “normal” next step of life, they are big decisions to make, and you should be sure that you are making the right one for yourself.
Depending on your entry-level salary, opting to move out of your family home and purchasing a vehicle can cause a dent in your finances. And, it can make achieving other dreams more difficult, such as saving up for things you’ve always wanted while also being able to live comfortably now.
But, when it comes to purchasing a vehicle, you can buy one and still ensure you are in a comfortable position. There is a wide range of second-hand vehicles available in perfect condition, and car loans for recent college graduates like graduate finance can help you acquire financing because credit history is not essential.
So, read the article below to find out the benefits of buying a car after graduating college or university and how it can help you succeed in life.
Improves your job opportunities
As someone who is only entering the job market now, you may move from one workplace to another. This will help you get better salary and career opportunities. However, one downside of not having a car is that you may not be able to take some job opportunities because of the distances you’re required to travel. It can either be too far from home or lack safe public transportation to get you to and from work. However, when you buy a new car, you won’t have to worry about that. Instead, you can apply for any job that is suitable for your career path and simply calculate how much you will need for petrol. This ensures that you aren’t only reaching your career dreams and moving upwards, but you’re also doing it safely to ensure that you remain comfortable in your new path.
The ability for work social interaction
When you start a new job, it is always advised that you network and get to know your colleagues on a friendly level. This will help you feel more comfortable asking for advice and assistance, which is necessary when you start your career. In most cases, workplace gatherings where you can get to know your bosses, supervisors, and other seniors are usually after hours. Without a car, this can put you at a disadvantage as you may not be able to stay after hours and socialise. This makes it harder for you to build connections and references for your career as your 8 to 9 hours in the office or on-site aren’t enough to get to know people as everyone is focused on work and reaching deadlines. When you have your pair of wheels, you can stay after hours and socialise and truly experience the work-life and the benefits of building a network.
Improves safety
Whether you are a doctor working at a public hospital or an engineer who has to go on-site, you may have unpredictable hours. You may have to start work at the crack of dawn or go to remote areas. Whether it is summer or winter, this can be a safety hazard, especially if you’re using public transport alone. Buying a vehicle gives you the freedom and safety to travel to work without the fear of being unsafe when waiting for public transport or getting lost on your way to work. When you start your career, a lot may happen and ensuring you’re comfortable and safe is always key. Because there will be times when your parents or friends can’t come and pick you up for work, having a car will always ensure you are safe and have a plan for anything that may come your way.
Saves you time
No one likes being late to work, and your boss won’t appreciate it if it’s a regular occurrence. Sadly, when you don’t have a car and rely on public transportation, it isn’t in your hands. The driver of the taxi or bus, and other drivers on the road, are in control. Even if you wake up earlier, anything may happen that can deter your journey to work. There are some cases where taxi drivers get stopped by traffic cops as they don’t have the required documentation to be on the road. This can lead to time wasted and potentially make you late. When you have your vehicle and the necessary documentation and are a good driver, you won’t have to worry about being late because of such issues. You can also find a route that allows you to get to work much faster without needing to wake up three to four hours earlier.
Helps improve your money management
As someone who is only getting used to having a salary of your own, it can take you time to adjust and budget accordingly. This can lead to reckless spending and poor management skills. However, whether you choose to see the benefits of owning a car vs leasing one or not, you are expected to pay a monthly payment. Having a car payment, especially for the long term, can help you learn how to allocate your money to things that are important to you. With a large sum of money leaving your bank account, it can also show you how much money you have left and what you need to do to spend it wisely. Considering the additional costs of maintaining a vehicle, it is a great way to learn how to be responsible with your money. This can also help you realise that you may need additional funds to help cover expenses, ultimately helping you pursue a side hustle that can accommodate your lifestyle. It can also put things into perspective and help you see what you need in life and what brings you value when you spend money.
Final thoughts
When you think of owning a vehicle, immediately think of the freedom it brings and how liberating it is to travel wherever, whenever. It not only helps you in your personal life, especially as a young adult, but it also helps you in your career. Having a car can help you seize any opportunity that comes your way in a safe manner that will keep you at ease. While a vehicle does come with many responsibilities and is costly, you truly reap the benefits once you have one. We hope that these reasons help you consider applying for graduate finance, start your car shopping journey, and get started on the road to success.
