In recent years, several prominent carmakers have introduced discounted rates on new and used vehicles for students; some deals are exclusively offered to those who have recently graduated or are about to finish college, while others are available to enrolled students at any level. Companies benefit from these promotions by reaching out to young men and women as they gain a significant amount of purchasing power for the first time in their lives, while students love these deals because, by the time graduation rolls around, every bit of savings goes a long way.
- General Motors: The College Student Discount Program from General Motors enables students and graduates to save up to thousands of dollars on eligible new and unused Chevrolet, Buick, and GMC models. Students may purchase up to two vehicles per calendar year under the program.
- Honda: The Honda College Grad Car Financing Program rewards recent master’s, bachelor’s, and associate degree earners with $500 in cash with the purchase of a 2015 or newer, unused Honda automobile, as well as the option to defer payments for up to three months. The offer is valid for all vehicles listed on the Honda website with a graduation cap icon. Graduates must present proof of employment within 120 days and will not be eligible for the promotion if their credit history is adverse.
- Hyundai: The Hyundai Grad Program is available to any college student who is planning to graduate within the next six months, or has earned a degree within the last two years. Those eligible will be able to purchase any unused 2014-15 Hyundai model with no down-payment and will receive an additional $400 rebate upon purchasing the vehicle. Buyers may also defer their first payment for up to 90 days. This offer expires on January 4, 2016.
- Nissan: Under the Nissan College Grad Program, any student who is going to graduate within six months or has earned a degree in the last two years from an accredited two- or four-year institution may receive up to $3,000 off a select 2015 or 2016 Nissan car.
- Subaru: The Subaru College Graduate Financing Program operates a little differently than other student-friendly carmaker promotions. Students who are set to graduate within six months or have graduated within the last two years from an accredited college or university may be eligible to apply for financing with Subaru and establish credit within their own name. This program exclusively covers unused 2015-16 Subaru models. The maximum financing amount is $25,000; students with an adverse credit history will not qualify for the promotion.
- Toyota: The Toyota College Graduate Finance Program rewards vehicle buyers with a $750 rebate upon the purchase or lease of a new and unused Toyota model. The program is exclusively available to graduates who will graduate in the next six months or have earned their degree within the last two years. Interested students should visit their local Toyota dealer or call (800) GO-TOYOTA for a list of models covered under the program.
- Zipcar: For graduates who would rather not purchase a vehicle, Zipcar offers a solid alternative: self-service access to compact cars 24 hours a day without actually owning one. For a low hourly rate (which factors in gas and insurance), clients can utilize a Zipcar for as long as they wish. Zipcar operates in nearly 200 cities in 39 U.S. states (as well as the District of Columbia), and many of the company’s storage facilities are located on or near college campuses.
“Good student discounts” have enabled college students across the country to insure their vehicles and use them during the course of their education. These discounts reward students for their good grades by offering full auto coverage at relatively inexpensive premiums; as long as the students maintain good academic standing and avoid collisions or too many traffic fines, the monthly rates will remain low. Here are details about “good student discounts” from five of the country’s top insurance providers.
While most major insurance carriers offer such a discount, these are particularly notable. For each company, provide the following:
- Allstate: Under the good student discount from Allstate, full-time students 24 years or younger will receive a 20% discount on their monthly premium. Furthermore, the student’s parents will receive a 35% discount on their monthly auto premiums if the student is attending an accredited college or university less than 100 miles from mom and dad’s permanent residence.
- Esurance: Available in 44 states, the Esurance good student discount is offered to any full-time high school or college student with a GPA of 3.0 or higher (or a “B” average). Those who qualify will save up to 10% on “liability, collision, and medical payments coverages.”
- Geico: Geico offers a discount for full-time high school and college students between the ages of 16 and 25 that earn a “B” average. Although the discount rate will vary, depending on the state and the policyholders driving history, students can save up to 15% on their premiums and other covered expenses.
- Nationwide: Full-time high school and college students (ages 16-24) may qualify for the Nationwide good student discount if they earn a “B” average or higher; homeschooled students may also qualify with standardized test scores if they are within the top 20%. The discount can result in savings of up to 15% on monthly premiums.
- State Farm: High school and college students may qualify for a discount of up to 25% under the State Farm good student discount, and eligible students will also save money after they graduate until they turn 25. Additionally, student drivers who avoid traffic citations and at-fault collisions for three years under a State Farm policy will receive a “Good Driver” discount of 10%.