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When you go to college, you will have to make a major decision about having a car. On the one hand, cars can be a great convenience. On the other hand, they can be a great cost. Here are three questions to ask yourself when deciding what to do.
1. Do I need a car in my campus community?
Even if you already have a car from your high school years, it is a good idea to consider whether or not you really need a car on campus. If you are going to college in an urban area or on a campus with excellent public transportation, it might be a good idea to leave your car at home or sell your car and use the profit to pay for college expenses. Once you’re in school, you can navigate your city by walking, or by riding the bus or subway. This can save you a tremendous amount of money because you will not have to pay for parking, gas, car insurance or car maintenance and repairs.
2. How will I get home for breaks and holidays?
If you don’t take a car to college, you will need to factor in the cost it will take you to make periodic trips home on a bus, plane or train. If you attend college close to where you are from, family members might be able to pick you up and bring you home from school. Or you may be able to coordinate rides home with other students from your hometown who do have cars. If you have a car and you live a drivable distance from your college campus, you will need to consider how much it costs to keep your car in good running condition, as well as how much it will cost to put gas in your tank. Whatever you decide, you should plan your college finances accordingly so that you can travel safely and still be able to make the trips you want.
3. What factors should I consider when getting a car for college?
If you decide you do, in fact, need a car for college and you don’t already have one, you will need to weigh the pros and cons of new and used cars. For instance, a new car might have valuable safety features and is almost certain to be reliable. A used car will probably have less expensive monthly payments, but it might not be as safe or as reliable. You need to examine all aspects of both possibilities. You will also need to consider where you will park your car while you’re at college, and how much it is going to cost to do so. Think about gas mileage and maintenance. You probably won’t be making a lot of money while you are still a student and it can be hard to make ends meet when paying for all of the expenses associated with a car.
Ultimately, the decision about whether to take a car to college comes down to how much you need a car versus how much it will cost you. Carefully think about everything from financial costs to convenience costs, and you will make the decision that’s right for you.