College Savings Tip: Don’t Buy A Car for Your Kid
While the thought of zipping round campus in a flashy new car will undoubtedly appeal to your college bound youngster, think twice before shelling out money on a new vehicle. Foregoing a college car can save both you and your child some serious money.
The savings to you for not having to buy a car may be obvious, but your child can end up saving money as well. The first consideration is car insurance. Young drivers are among the most expensive groups to insure. Whether you or your kid will be paying the insurance, it will likely be $100 or more per month.
The high cost of gas is another consideration. With the stop-and-go driving of college campuses, even fuel efficient cars can rack up high gas bills. Add on the cost of parking passes or meters and you’re looking at another $100 per month in expenses.
These days most college campuses have excellent shuttle systems that can take your child around the school easily. So think about all the money both you and your child will be saving before agreeing to a campus automobile.