Whether you are an undergrad, recent grad, or working on a master's or doctorate, car dealers love students and have special deals to help make it easier to get into your first car! However, there are special considerations when buying a car for a student. Here are some things to mull over when you are considering buying a car as a student, or for a student.
Other car-related expenses.
Money is a commodity that is in short supply while you are a student. If you are thinking about buying a car, there are additional expenses to consider. The price of the new insurance must be considered, as well as any maintenance costs. Domestic cars are a good choice for these reasons, as the maintenance costs on a domestic car tend to be relatively low. The cost of gas will also need to be factored into your budget.
Very often, driving through college towns means navigating narrow streets and lots of parallel parking. You'll want a car that has good rear visibility. It should also be easy to turn down smaller roads. With this in mind minivans and SUV's are usually not good choices for cars while on campus. You're better off going with a smaller car, such as Chevy Cobalt.
New car specials.
To help move their new car inventory, some manufacturers offer specials for students. Credit isn't considered as much as the student's current transcripts, to show that they are a student in good standing. The types of specials offered vary throughout the year, but often include very low or no APR financing, as well as Bonus Cash offers to be put toward the purchase of a vehicle. If you choose to purchase a new car, it could also have the added benefit of helping you to establish credit. As you make regular, on-time payments to your car loan, you'll begin to build a credit history.
While some students do just fine without purchasing a car while in college, others may find that it is a necessity. If you fall into the latter category, be sure to consider how much driving and the type of driving you'll be doing in your new car. Think about how many miles you'll be logging each week, as well as how often you'll be driving home, and if anyone else will be relying on you for transportation, such as younger brothers and sisters. You want to make sure that you choose a car that matches your budget, as well as your lifestyle.