Many college students don't have cars because they are busy studying and don't have a job, so they can't qualify for a car loan. Those who do buy a car need to take different social and financial conditions into account than someone who has completed school and is working full-time. Some students use cars that belong to their parents, or that were purchased for them by their parents.
Buy Used
A brand-new car is an indulgence that isn't appropriate for someone still in college. One- or two-year-old cars that are in excellent condition can be bought for thousands less than a new car. Some will even still have the warranty in effect. If you are a college student or buying for a college student, focus on getting a solid, dependable car that isn't going to give you trouble and require expensive repairs in the near future. Ideally, buy from someone you know or from a reputable dealer.
Pay for Value
When you enter the car market, you may be tempted by cheap cars that look like really good deals. However, unless the owner is really ignorant about cars, virtually any car that is really cheap is cheap for a reason. Paying little money for a worn-out or problem-plagued car is just paying to inherit someone else's problems. While you can save a lot of money buying used as opposed to new, you need to find the happy medium between too new and too old, which translates to too expensive and too cheap.
Considerations for Students
Young students who are away from home for the first time probably have a lot to learn about many things, including car maintenance. Students who don't have the inclination, the talent or the time to care for their own cars should develop a relationship with a good mechanic who can perform regular oil changes, tune-ups and repairs. Students should also investigate the complications of owning a car at their college. Parking can be expensive on some campuses, and crime and break-ins also need to be taken into consideration in some areas. Be sure the student understands that the cumulative expenses of a car, including gas, insurance, registration and maintenance, can add up to a substantial amount of money.
Traps to Avoid
Students who own cars need to have cars that their budgets can support. Making large payments on an excessively expensive car may be a distraction from college courses and may require the student to get a job to help pay for the car. A student who is the only person in his circle of friends with a car may find himself constantly being asked to give rides to people. A student who buys a car without a convenient place to park it may find himself with a car that he is paying for but not using very much.
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