Quick Answer: Is it worth having a car in college?

Owning a car while attending college makes sense for some students, while others have little choice or desire and may be okay with other transportation options. You should factor in your transportation costs as part of your college decision-making process.

Is it good to have a car in college?

Having a car in college can mean all kinds of things: freedom, flexibility, and access. But it can also bring a long list of the unexpected, like parking problems, high expenses, and maintenance costs.

Should freshmen bring car College?

They said that not having a car on campus would save me time, money, and the occasional headache. … The school explains that keeping freshman on their feet makes them more involved in on-campus activities, and it also reserves parking space for upperclassmen. Then again, many colleges do encourage you to bring your car.

How much should a college student spend on a car?

But to answer your question, $2500-$5000 is reasonable for a student needing a vehicle to get around town. In reality, you should spend as little as you can to get a reliable-ish vehicle that meets your needs.

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Is it smart to have a car in college?

Owning a car in college can help you make and save money, too. Since you can commute a little further, you’ll be able to consider a wider selection of off-campus jobs. And with all that carrying capacity, you can tackle a week’s worth of grocery shopping in a single day.

Is it smart to buy a car in college?

The latest vehicles on the market may have advanced tech and features, but if you’re a college student looking to save, it’s best to buy used. Typically, pre-owned vehicles cost less and have lower monthly payments than newer models available.

What car should I buy as a college student?

Best New Cars and SUVs for College Students

  • 2021 Toyota Corolla. Starting Price: $20,780 | Rating: 4.4. …
  • 2021 Hyundai Elantra. Starting Price: $20,645 | Rating: 4.8. …
  • 2021 Honda Civic. Starting Price: $22,005 | Rating: 4.7. …
  • 2021 Mazda3. …
  • 2021 Subaru Crosstrek. …
  • 2021 Kia Seltos. …
  • 2021 Hyundai Kona. …
  • 2021 Honda HR-V.

Should I sell my car before college?

Absolutely this! Though it’s risky, you could consider renting it out while you’re in school. Draw up an agreement with someone who’s in need of a car for a short while. Even to a car service company like those guys who drive people to and from medical appointments.

Can freshman have cars at Harvard?

Any undergraduate who has the money can park in a Harvard-owned lot. Graduate students go through a lottery at registration to determine who gets parking, because most of them live in the area north of the Yard where parking lots such as the Everett St.

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What is a reasonable car payment?

Many financial experts recommend keeping total car costs below 15% to 20% of your take-home pay. … For example, if your monthly paycheck is $3,000, your car payment would be about $300 and you’d plan on spending another $150 on automotive expenses.

What car can I afford on 60k salary?

Multiply this by 5 and you need to make at least $6000 a month, after taxes. This next part is incredibly simplified, and may not apply to your situation directly. That leaves $72,268.75 per year, divided by 12 is about $6022 per month. So, to afford a $60,000 new car, you need to make around $90,750 a year.

Is 30000 too much for a car?

If you do not have 30k cash and no debt, yes, 30k is too much. The only time you should ever get a car loan is when you are borrowing the money at a very low rate, and you have carefully considered that buying a new car is worth the instant loss of money and instant depreciation for your particular situation.

What are the cons of owning a car?

Pros and cons of buying a car

Pros: Cons:
No mileage limits Higher monthly car loan payments
Ability to sell car anytime Post warranty maintenance expenses
Freedom to customize/modify Depreciates over time
Generally lower insurance costs Large down payment

What are the cons of your vehicle?

Owning a car can get expensive, other than the initial price, you’d have to worry about gas money, insurance, maintenance, parking fees, car parts, and possible upgrades.

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Why you should and shouldn’t buy a car?

It’s not fair or right, but new cars depreciate faster than used vehicles. … To put it simply, if you buy a brand new car without a down payment, or if your monthly loan payment isn’t high enough to compensate for depreciation, you could end up owing more than the vehicle is worth.

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