New car a bad idea??

<p>We need to buy a new car at some point in the near future (probably a Honda or Nissan). My question is-- does it matter when we actually buy it in terms of financial aid if my S1 will be attending college in 2010? That is, is there any reason for us not to show having a new car (and is that even something colleges know about from the financial aid forms)?</p>

<p>Some colleges do ask what kind of cars you own. Those schools are ones that use PROFILE or their own financial aid apps. I don’t think getting a new car is a problem as long as you are not buying a luxury car, even at those schools.</p>

<p>Get a new car before you fill out the Financial Aid Forms. That way, you have less cash in the bank.</p>

<p>LOL, I would say don’t let your kid’s impending college attendance prevent your family from adequately getting around. You still need to live even though he will be applying next year, right?</p>

<p>FAFSA doesn’t ask any questions about the kind of car you drive. If he’s planning to apply to schools that use PROFILE, they may ask about it, but I don’t think the kind of car you drive or how many you own will have a major impact on how much aid you’ll get.</p>

<p>To the largest extent possible, pay cash for the car, and as OperaDad says, do it before you file FAFSA. Ditto for any other large planned cash expenditures: the college laptop, the roof replacement, the property tax bill.</p>

<p>LasMa-- the idea being to have less cash showing in a bank account?? Can always just put some under the mattress, right (as long as no one has plans on buying me a new bed anytime soon, lol)</p>