Buying a Car in College with Low Income

<p>I'm a high school senior just awaiting to go to college this fall. I was already accepted to Cornell University for ED so I am pretty much just getting ready here and there for next semester, finding out what I need and such. Before I even applied to Cornell, my mother promised me that if I got accepted, she would hand me her Lexus, a promise that unfortunately had no credence behind it due to my mother's financial situation. </p>

<p>Coming from a low-income family, I can't help but be jealous of all my friends (especially spoiled kids) driving around cars and being able to go out, even on weekdays. I feel robbed of my accomplishment and as if I should be rewarded for working so hard for four years. I know it's selfish and that others don't even get acknowledgement from their parents for getting accepted to great colleges, but this is just how I strongly feel. I strongly wish to be behind the wheel.</p>

<p>Buying a car is, obviously, financially difficult, particularly for a kid from a financial background like mine. But I still think it's possible, given smart financial management. Therefore, I would like to ask, have any of you been in my situation and still managed to be able to buy a car in college? It doesn't have to be in freshmen year. If it helps, I managed to receive nearly a full scholarship to Cornell (still have to pay ~$2000 through work study and such). How can I buy one in college? I'm aware that certain organizations provide auto grants/auto loans to students, even to students with low credit scores, based on their academic merit. Is really buying a car in college for a low income student possible?</p>

<p>How about leasing a car?</p>

<p>You won’t need a car in Ithaca. Having one might make your life a bit easier, but you’ll be fine without one. It’s certainly not worth the financial strain.</p>

<p>I’d recommend not getting a car at all. If you think you need one, just buy one for like 2-5 grand. Get a nice classy mid 90’s bmw or volvo beater and you’re set.</p>

<p>

Forgive my ignorance, but what exactly is leasing?</p>

<p>

I appreciate the input. However, I believe eventually, I’m going to have to buy a car and my financial situation isn’t going to change any time soon.</p>

<p>If you live on campus you will never need a car. You’re just paying for a convenience you can’t afford.</p>

<p>I meant after I graduate from Cornell undergrad. When I start attending grad school, I’m pretty sure I’m going to need a car.</p>

<p>It sounds like you just want one because all your friends have one. Like others said you don’t need a car if you are going to be on campus. But if you are determined to get one, I would recommend a Volvo 850.</p>

<p>Pay for a car when you need one:
[Cornell</a> University - Ithaca Carshare](<a href=“http://www.ithacacarshare.org/csh_cornell.html]Cornell”>http://www.ithacacarshare.org/csh_cornell.html)</p>

<p>This Carshare thing is the way to go.</p>

<p>I pay for college on my own and needed a car sophomore year. (Yes, needed one since I had to get across town for ROTC). Fortunately, my twin brother goes to the same school so we were able to split the costs of a 2000 Honda Accord which we got for under 2K. I’ll be honest though, without having a brother to split the initial price of the car, and now the insurance, repairs, and gas, there’s no way I would be able to afford it.</p>

<p>I suggest you ride with friends. There’s no shame in it, trust me. Use Carshare and save up your money to buy a car Senior year.</p>

<p>So pay gas, insurance and maintenance for 4 years because you’re going to need a car at the end of those 4 years. Makes sense.</p>

<p>If you really want a car, you could do what a lot of high school students do: Get yourself a job, save your money, and buy something cheap with four wheels that runs. You’ll be far more appreciative of something of worked hard for rather than something that was a reward from your parents for being a good kid.</p>

<p>PS–Why on earth would you want to be saddled with a monthly car payment?</p>