A University Student I Know Wants A Car... And I’m tired of hearing about it.

Being back at home means I’m forced to put up with the family again. Being back at home also means living in the boons with no car. Coincidentally, being back at home means putting up with my younger sister complaining about living in the boons with no car.

I suppose I can only blame myself for having to listen to her complaints for so long: she’s asked me to write about the possibilities of buying a car since school let out for the summer.

She’s a university student herself and would like nothing more than to have a car of her own parked in that driveway. Her biggest obstacle—as I’m sure is many others—is that she’s not really financially prepared for that type of purchase.

But, in an effort to silence the home, I’ve told her that I will look into the pros and cons of buying a car while in school.

Should She Buy?

Over at simpledebtfreeliving.com, there’s a nice list of resources on buying cars. The first tip they recommend is deciding whether or not you truly need a car. Many people are attracted to the idea of simply owning a car without looking at other options. Can you get to school by bus instead? Can you consider getting a job closer to home?

The cost of buying a car will more than likely outweigh what you spend on a bus trip to school or what you will make at a job across town.

Used Vs. New

Over at the allyourloans blog, it’s suggested that you buy used, but buy wisely. This is for the most obvious reason: it’s usually cheaper. But, they warn that you want be careful because you could end up with a car that will cost you more in repairs than if you had bought the brand new version. If you do feel that you are able to afford a new automobile, here’s something you may want to consider…

Rebates

While I’m a little reluctant to share this information with my sister as I feel it may give her the wrong idea after she’s done school, I’ll share it with you: Some car companies offer rebates to students. I know that over at Mazda, they offer up to $750 off of new vehicles for recent grads. Obviously there are certain requirements that must be met, but it’s something that a new car buyer may want to take into consideration.

Your Bank Can Help

The bank has a variety of options for new car buyers. In fact, I recently learned that they have a whole department on the subject. Over at rbc.com, there are details on RBC’s Royal Buy-Back Car Loan. It works similarly to a loan, but gives you the “benefits of owning your own vehicle,” according to the site. I’m going to have the opportunity next week to speak with someone from RBC about this type of loan and what other options are available for new car buyers through the bank.

I’m going to ask my sister if there’s anything she wants to me ask, but what about you? Are there any questions I can ask for you?