<p>I got a newer used car when I was 20 with a well-paying job (for my age/being in school full time) and several years of great credit by then. My interest rate was still well above a student loan interest rate. (I also paid off my car two years early… which is always a possibility if you’re good with money and have a pretty small loan payment)</p>
<p>I think I am going to take out that subsidized loan for this year. I was originally going to do it anyways and if I don’t need it I can always pay it back with no interest against me. I’m the type of person who tries on 10 different shirts at a mall and walks out buying nothing.</p>
<p>DS did not have his own car all years in college. Because of this, he has not had as much experience in driving and maintaining a car as his peers of the same age do, e.g., his high school friends back in his old hometown. (However, many of his college friends are just like him: rarely drive. This is because their campus is very “walkable” so most students do not drive.)</p>
<p>In slightly less than two years, he will graduate from grad school. I think it is about time for him to get used to owning/driving a car, especially when he will likely have more time in the next 9 months during his ‘research year.’ I think taking care of a car costs not only money but also TIME. It is a good idea to learn how to own and maintain a used car when he likely has more time.</p>
<p>It is true that the expense is high. But I think he needs to accumulate such an experience sooner or later. So why not now.</p>
<p>Before we shipped the car to him, we had tried very hard to fix whatever problems we could find on our end (including one problem that took almost half a year to find a good mechanic to fix!) So we still prefer that he inherits a used car that has no major problems.</p>
<p>We do not know WHEN he needs to have his car registered (likely within 2 months?) and I think he likely needs to change his driver license from our state to his new state (where his school is and where he needs to register the car.) We do not have much opportunity to talk to him so we do not know his progress on this front.</p>
<p>BTW…the car we gave to DS is the larger but older car of the two cars we have: a 2009 2.5L compact sedan. We keep the 2010 1.8L subcompact for ourselves because we think we are more experienced drivers.</p>
<p>I think his loan amount will be larger than OP’s at graduation. I think his starting salary will be slightly less than $50K annual income after he graduates. So it will take him a long time before he pays off the loans. (definitely will not be paid by us.)</p>
<p>You should get a motorcycle. You can park them anywhere and get places faster. And the insurance isn’t that much and they don’t use alot of gas. You don’t need to get a Hayabusa but you can get a fast ninja for like $5000 used.</p>
<p>@ kollegekid1
I’m not a big fan of motorcycles.</p>
<p>I remember Bob who got a motorcycle freshman year.
I remember Bob who dropped out of our college sophmore year because of the broken legs he got with the motorcycle he got freshman year.</p>
<p>Getting a motorcycle is a horrible idea. That’s a ‘fun’ vehicle. Not a practical means of transportation. Especially if OP lives in an area where there are cold, snowy winters or a lot of rain. </p>