4 Essential Tips for Buying a Car for Your College Student

As you look at your child before he heads off to college, you can see that he is more of an adult now than he's ever been. That maturity means giving him more responsibility and independence, which can mean giving him a personal set of wheels. Owning a car is important, especially if he lives far from school. It allows him to get to and from classes speedily and conveniently, but most important of all, it teaches him the value of being responsible, because cars require a high level of care.

When it comes to buying a car for your incoming college freshman, there are so many options available to you that it's possible for you to get overwhelmed with your choices. Let the tips below help you narrow your list down to the best cars for your needs and budget. Here are four considerations you must make.

1. Big or small?

While it's easy to fall for a flashy SUV, it's not likely to be the best option for your young, budding driver. Campus parking spaces are often at a premium, so it's often more beneficial to have a tiny car that can fit in the smallest available spots. Plus smaller vehicles tend to be more economical with fuel consumption, which is good news for parents with not a lot of disposable income. Not only that, a smaller car can limit the number of barkadas that your teen can drive around with, hopefully reducing the risk for distracted and drunken driving.

2. Buy or lease?

Buying a car often makes more sense than leasing. A cash purchase gives you full ownership of the vehicle, and monthly payments are less. However, if you are unsure about the long term or want a little flexibility, leasing may be the way to go.

3. New or used?

While new cars are more expensive than used ones, the former may lead to more costly maintenance and repairs. That said, if you are planning to buy used, it's advisable to buy a model that is still under warranty. Many car manufacturers now offer warranties as long as five years, with some even providing unlimited distance warranty that's transferrable to new owners. Consider buying a certified pre-owned vehicle, as these go through a rigorous inspection process to ensure their good condition, with their warranties fully or partially restored.

4. What about alternatives?

One last question you'll want to answer before buying your college-bound kit a car: Does he really need it? Depending on where he is staying, he might be able to take advantage of train or bus systems, thus eliminating the need for a car. Or he may get around more easily using a bike or skateboard. Other options include carpooling, and even using a car-sharing app. So before you buy a car, make it a point to ensure the benefits outweigh the disadvantages so the car doesn't end up becoming a liability to your college kid.