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The Best Cars for College Students 2010
Many automotive journals and websites try to dictate which cars are truly best for college students, but a student's individual personality, needs, budget, and even credit standing are all important ingredients to consider.
That said, we can safely put forth a few priorities important for college students:
1. Affordability of Purchase
2. Affordability of Ownership
3. Ease of Credit Approval
4. Amenities / Style
The difference between initial purchase price and cost of ownership is important. While a well-used vehicle may require a lower initial outlay of cash, it may have maintenance issues or high insurance premiums that will become a financial headache in the months to come. On the other hand, a new vehicle may cost more upfront, but minimal existing wear-and-tear, as well as factory warranties and such, may make the vehicle cost significantly less in the long run.
Low Purchase Price (New)
Both he Nissan Versa 1.6 and the Hyundai Accent Blue both offer retail prices in the neighborhood of $11,000 -- less than the price of many pre-owned vehicles. Importantly, however, neither have AC at this price -- a requirement for many students in warmer climates.
Air-conditioning adds around $1000 to the price of each, meaning their prices are now competitive with models such as Chevy Aveo and Kia Rio. Kia is often regarded as a manufacturer willing to work with people with poor credit, so those in need of a no credit or bad credit student auto loan (http://www.mycarlender.com/
Long-Term Affordability of Ownership
For those interested in vehicles that are particularly affordable over a period of several years, the Nissan Sentra or Kia Spectra may be good options to consider. The Spectra costs an estimated $28,000 to own for the first 60 months. The Sentra is slightly more costly, coming in at about $29,000 over 60 months.
Most students have not had sufficient life experience to build much in the way of a credit history. And with minimal credit, getting approved for financing can be challenging. For most students, having a parent cosign their agreement is the easiest way to get approved for a no credit auto loan (http://www.mycarlender.com/
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My Car Lender (http://www.mycarlender.com) connects car shoppers of all credit types to lenders and dealers who can preapprove them for car loans and auto financing.