Frequent question: Should a college student lease?

Is it better for a college student to lease a car?

As a college student, car payments and maintenance should be the last thing on your mind. College students should consider leasing their next car because of the low monthly car payments, little to no down payment, and overall reliability of a newer car.

Is it smart for a college student to lease a car?

There are a number of benefits to leasing a car. With a lease, your teen can get a new car with the latest safety features, a full warranty, and affordable monthly payments. Leases are typically for two to three years, often the same amount of time that a college student may have parking access at school.

Is it worth getting 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.

Can college kids lease a car?

Although there is some flexibility with credit requirements for leasing, in general you’ll need to have a solid credit score to lease a vehicle for a low monthly payment.

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Is it a bad idea to lease a car?

Leasing a car can make more sense than an outright purchase under a certain set of circumstances. The biggest factor is your annual mileage. If you put less than 15,000 miles per year on your car, then leasing might be a good option. Mileage is the most important element in determining your car’s resale value.

Do most college students have a car?

Then again, many colleges do encourage you to bring your car. In fact, 48% of students have a car on campus, according to a 2016 survey from U.S. News & World Report. And at 14 of the 215 schools surveyed, at least 90% of students have a car.

What is the most reliable car for a college student?

What Are the Best Cars For College Students?

  • Safety. …
  • Gas Mileage. …
  • The Jeep Wrangler. …
  • Mazda3. …
  • Toyota Prius. …
  • Volkswagen Jetta. …
  • Honda CR-V. The CR-V is a small SUV that makes an excellent vehicle for a college student. …
  • Hyundai Elantra. The Hyundai Elantra is another excellent choice for students on a budget.

Does it make financial sense to own a car?

And if you buy a used car that is roughly a decade old you’ll put yourself in an even better financial situation. Buying a new car can make sense in some situations, but it almost never makes the most sense from a numbers standpoint. That is in part because of the opportunity cost associated with your purchase.

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