<p>Several of the supplemental questions the schools had in common, but I have been chuckling about one school's question to list out each car owned by the household, who it belongs to, when it was purchased and what we paid for it... I guess that school wants to leave no stone unturned when finding funds to pay for school. Mom can sell her car and use the bus. ;-) Good thing I didn't buy that 2007 Jag for D just yet, think that would have looked odd? (ha!)</p>
<p>I think it's a good question. It's a good indicator of means, a recent history of discretionary spending, and a way to confirm whether the apparent financial need predicted by the Profile formula is corroborated by the recent spending of the parents.</p>
<p>If I were a school looking to disburse need-based aid, other things being equal I'd be less inclined to fork over 20K to a family that just bought a 2007 Jag for $50K (and perhaps has one or two other late model luxury cars, and perhaps a boat), than to a family that was struggling along with a single 10 year old Chevy.</p>
<p>D school asked that too, but only the 1st year
( we had 36 yr old1/2ton pickup and a 10 year old minivan)</p>
<p>
[quote]
struggling along with a single 10 year old Chevy
[/quote]
</p>
<p>So, having a 14-year-old Chevy pickup makes me gold, right? Sweet!</p>
<p>Here's hoping that the 6yo Odyssey and 5yo Subaru don't screw things up for our son...</p>
<p>"we had 36 yr old1/2ton pickup and a 10 year old minivan.."</p>
<p>See, to me, a 10 year old minivan screams need. :)</p>
<p>oh what a piece of crap that was- we had it for 12 years before we finally got rid of it- three transmissions-It actually drove well, but when it gets to the point when it is cheaper to get something new, than to keep fixing it...
still have the truck though- my H "needs" to have a truck - although it barely makes it to the dump ever once in a while :)</p>
<p>It also could mean a short list for who do we call for money. Let's see, this person is foolish enough to pay XXXX for transportation, they aught to be good for a donation or two. </p>
<p>Also they probably figure if you're used to making car payments, you'll get used to tuition payments.</p>
<p>I just got rid of our 10 year old minivan-- like yours, it was costing more in repairs many months than a new car payment. And with our son away at college and not driving, it was an "extra" car anyway. Glad to see it go-- done with Fords for a while, I think.</p>
<p>We should be in good shape then :-) with my trusty 11 year old car (best car EVER) and D's car is cute and sporty, but modest.</p>
<p>Sblake7 is right about this being a useful question. I recall an offhand comment by an aid officer about parents who beg for more aid because after their house, Lexus, and Mercedes payments there's not much left for college. There wasn't much sympathy expressed in that comment. :)</p>
<p>I don't think the colleges are actually looking at the value of the car for those of us who are driving ordinary vehicles -- even if you bought a new car within the past two years, if it is an economy model it probably doesn't make much of a difference. I do think they are trying to spot those families who spend down assets while everyone is driving a luxury vehicle. </p>
<p>My kids' colleges didn't ask for that info, so I don't know what questions are on the form, but if you are financing cars I think you should definitely note that and also note the monthly payment -- sometimes it is cheaper to buy a new car with a low monthly payment than to pay full cost for a used one. I know that when I was really short of money I bought a brand new car because I could finance it for around $200 a month over 5 years -- but at times when I had more money I opted for a used car that I could purchase for cash. </p>
<p>Also, if you have a job or other personal circumstances that require a large or expensive or car or truck-- make a note of the reasons you need that vehicle. </p>
<p>Unfortunately, sushi, while I can think of a good reason why someone might need a minivan, I can't think of any real need for a 2007 jag... so I think you'll have to wait on that one.</p>
<p>Calmom, because my husband and I are mechanically challenged, we have bought new cars most of the time. The peace of mind a new car brings, along with the lowered chances of repairs in those first three year or so, was worth it for us since we drive everywhere. Since we moved here several years ago, not knowing a soul here, we did not have any back ups if we had car trouble. It's a little easier now that we do know people and have friends that can step in when the car is in the shop or we have car trouble.<br>
I know several people who let their kids buy klunkers, and too often the problems that come with that land in the parents' lap. If your kid finds himeself in a potentially dangerous situation because his car has broken down, or cannot get rides for some critical things because his car is in the shop, who do you thing is on the front line to step in? Also those klunkers are no bargains, if the repairs are heavy, even worse in the money value of time expended and stress caused. My son bought a good used car that he had to finance over 5 years (got a very low interest rate), and he hopes to have the lump sum to pay it off after 3 years of payments.</p>