Should You Buy A Car In University?

Most of the students these days want a car as soon as they enter university. They still do not understand how much of a financial burden it can be for a few years at least. The first question that comes up on the minds of these students is which car to buy. Let us rephrase the question a little and ask them if they really need a car in university.

 Things to consider before buying a car:

There are several things that a student should consider before buying a car.

- Does the university have good public transport facilities?

- How is the public transportation?

- How far is the university from home?

- Can expenses be managed after paying for the car?

One place where cars beat public transportation is when the student has to go home on a vacation. If they stay half way across the country, the car loses again here. They can fly instead of driving and save energy, money and time. Vacations are not that long and spending a little more time with their loved ones is always welcome.

 Is buying a car affordable:

The next thing that a student should consider is if they can afford the car. Some students try to get a car on their own without getting their parents involved. This is a very difficult task though. Most of the car companies look for a good credit history before giving a car loan. This is not at all possible for students. Another thing a few banks look for is a steady income. Most of the students just do part-time jobs, which cannot be accounted for a steady income. So they will have to involve their parents if at all they decide on buying a car.

Once they buy a car, they will have some major expenses added to their budget every month. This includes monthly installments for the car, fuel costs, parking and insurance. Considering these costs, taking over a family’s old sedan would be a much better option for a student. They can at least save on the monthly installments of a new car. Even old cars have expenses of their own. These cars have to be serviced regularly. Small parts that wear out quickly have to be replaced periodically. Major components like the engine and transmission would not need work often. But if at all they let go, they have to be taken to a shop. Car Transmission Repair Costs Can Vary from one shop to another. So students should make sure a research is done on the various shops around campus before taking them there.

Buying a car is a huge responsibility for any student. Students should take time to decide and go for it only if they are very sure on owning one.