This Year's College Grads Will Spend An Average Of $15,000 On A Car

Sales

So what can you get for $15K?

It's good to know that younger people today are still interested in cars. However, they’re not quite like their parents (or even grandparents, in some cases); high-performance isn’t quite what they’re after. Instead, this year’s college graduates are after value and efficiency, according to a recent survey conducted by CarGurus. First reported by the Detroit Bureau, most college grads this year plan to spend roughly $15,000 or less on their next car. Yes, they plan to buy used, and 67% of those surveyed plan on making a purchase shortly.

What’s more, 57% are planning to fund their car without any parental assistance. Sounds good, right? Well, it’s a good start but as the survey further discovered, these young people still have more to learn about car ownership costs. For example, 25% surveyed believed it’ll only cost around $250 annually for insurance, and 28% believed it’ll cost less than $500 annually. What’s the actual average? $2,000 annually. Still though, a $15k budget for a used car is pretty spot-on. CarGurus claims these young buyers can get, for example, a 2014 Nissan Leaf for $10,500 to $13,500. If an EV won’t work for them but still want to be green, a 2010-11 Toyota Prius can be bought for around $12,000.

You Might Also Like
Weird Wheel Designs You Won't Believe
Weird Wheel Designs You Won't Believe
Awesome Concepts That Became Boring Production Cars
Awesome Concepts That Became Boring Production Cars

More conventional sedans, like the Hyundai Elantra, are being sold for as low as $8k (for 2010 models). Want a crossover? A 2010-2014 Kia Soul also sells for less than $15k, too. Before buying, however, these grads really ought to check insurance rates first, as a tip. Oh, and welcome to the real world.

Gallery

7
PHOTOS