Owning A Car Is A Hidden Cost For College Students

Car Ownership - A Hidden Cost for College Students in Charlotte

Public transportation, Uber or Lyft may be an option for students attending college in large cities but for students attending colleges in small towns the only option may be owning a car. This is particularly true for students attending community colleges where commuting to campus is the only option.

College is expensive and owning a car while attending school is an added expense. Here are the top six expense categories college students should plan for:

1. Fuel
2. Financing
3. Parking permit, annual taxes and registration
4. Insurance
5. Maintenance
6. Tires

Parking permits, licensing, registration and taxes are unavoidable. However here are some recommendations for managing other costs.

• Consider using a gas app that helps you track down the best price in town for gas. Many local gas and convenience stores offer a reward card just for gas.
• Revisit your auto loan. College may be a good time to consider a less expensive car. Call your local credit union and ask them about financing. Some financial institutions offer lower interest rates for car owners who sign up to have their monthly payments deducted directly from their bank account each month.
• Shopping for car insurance may also create a significant savings. If you switch to a less expensive car you may need less coverage. If you are driving less on average this may also lower your insurance costs. Keeping a clean driving record while you are in college can help keep your insurance rates low.
• Come by Compton's Automotive in Charlotte and let us help you create a solid auto maintenance plan. No one wants to miss class because their car wouldn't start. Regular maintenance on your car will help prevent high-cost car repairs in the future. Maintenance items such as oil changes can also increase fuel efficiency saving you additional money at the gas pump.
• The cost of tires can be a jolt to a college student's budget. Plan to buy tires by setting aside a little money each month. Save on tires by taking advantage of manufacturer rebates.



Call Compton's Automotive in Charlotte today at 704-357-0008 or stop by our service center for preventive auto maintenance services at 4800 Sirus Lane, Suite A, Charlotte, NC, 28208.