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Carmakers, dealers top up deals to attract graduates - July 11, 2009
Before purchasing, be mindful of model size, insurance and useful electronic aids
Thousands of college and university students are graduating, receiving their hard-earned diplomas and embarking on new paths in life.
For many, this new path will involve owning their first car. They'll either be purchasing a vehicle for themselves, or they'll be proud owners of a vehicle, courtesy of mom and dad.
Automakers go to great pains to appeal to recent graduates. They offer special features and financial incentives (graduate rebate programs) that are specifically geared to this "youth" demographic.
Cash incentives vary from manufacturer to manufacturer and usually range between $500 and $750. These rebates are over and above any consumer retail offers. Special financing opportunities and approvals are also available to first-time buyers.
The youth market is desirable for another reason. Automakers believe that young drivers have no preconceived notions about a particular brand and, as such, are more prone to choosing brands based on a vehicle's own merits.
Many popular automotive websites, magazines and organizations publish lists of the top vehicles for graduates. These sites are well worth exploring and contain lots of good research and analysis.
Whether you're planning to purchase or lease a vehicle for a recent college/university graduate, one of your main considerations should be safety. Parents who have teenage drivers would agree.
I'm sure most graduates would prefer a fancy sports car or a luxury sedan, but such options are not affordable or practical for young drivers. High insurance rates for such vehicles make them impractical as well.
The insurance industry and consumer groups maintain that certain categories of vehicles are inappropriate for young drivers. These typically include pickup trucks, select sport-utility vehicles, sports cars and smaller cars.
Pickups and sport-utility vehicles are more susceptible to rollovers, especially among young, inexperienced drivers.
Small cars tend to perform poorly in crash tests and, therefore, offer limited protection compared to mid-size sedans.
The sports/muscle car category is a no-no for practical reasons. The most common types of traffic accidents among young drivers involve single-vehicle crashes. Plus, insurance rates for sports cars are much higher than for mid-size sedans.
What do experts regard as the best category for recent grads? It's no surprise that mid-size family sedans with four cylinders win out over trendy or "cool" vehicles. Many models, import and domestic, are available in this category.
Another thing to consider when researching vehicles for recent grads is Electronic Stability Control (ESC). ESC is a safety mechanism that operates in the background of a vehicle, which, in certain circumstances, will prevent a vehicle from skidding by applying the brakes to specific wheels, or cutting the engine.
According to the Canadian Automobile Association (CAA), 48 per cent of serious road accidents in Canada are the result of a loss of control.
Experts agree that if you plan on purchasing a crossover vehicle for a recent grad, ESC should be a top consideration.
Transport Canada estimates that ESC has resulted in 30 per cent fewer motor vehicle accidents and approximately 225 fewer deaths.
For a list of ESC-equipped vehicles for 2007, 2008, 2009 and 2010 model years, visit www.tc.gc.ca/roadsafety.
For complete ratings on crashworthiness on vehicles in all segments, check out the U.S. Insurance Institute for Highway Safety website at www.iihs.org/ratings.
With careful planning and research, you can find a vehicle that meets all safety and financial criteria for the recent graduate in your family.
For all the graduates across Canada, I know that it's thrilling to get a new set of wheels to complement that shiny new diploma.
But remember: drive carefully and responsibly at all times.
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