I finished school a little over a year ago. It took me a little longer since I put myself through it but in hind sight I'm glad I did. I think I learned more from managing my finances through college than I did from the institution.
I was one of the fortunate graduates that found a very good job. Needless to say I am driving the same old MB I've had all along. While I would like to have a new car and can easily afford it my brains logical thinking steps in and voids any thought I have of the purchase. Sure my 300E has around 265,000 miles but it is in good shape and the repair bills for the month are significantly less than a payment would be.
I've basically made a promise to myself that once I've finished paying off my school loans I may allow myself to buy a used MB. However it will be paid in full at the POS. I might add I am only 3 and half months into my career and I have already paid off half of my student loans.
Sorry just had to add that. I'm siked that I'm almost debt free!!