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If you need a car for high school or college, you may want to consider leasing a car instead of buying one. With monthly payments around $100, a low-payment lease may be the best option.
Car Lease For College Students
There are several benefits of renting a car. With leasing, a teenager can get a new car with the latest safety features, a full warranty and monthly payments. Leases are usually two to three years, often as long as a college student can afford to park. school While the multiple distance restrictions for commuters can be a concern, students often stay local, so this is no small problem.
How Does Leasing A Car Work?
At this time of year, many dealers have attractive offers. A local Kia dealer is offering a three-year lease on the 2018 Forte LX for $59 per month. The deal required a down payment of around $2,000,800 so you could get a new car for less than $5,000,000 (plus duties and taxes) over three years.
A Toyota dealer was offering a three-year lease on the 2018 Corolla iM for $119 per month plus a $2,000,000 down payment. The total amount will be slightly more than $6,000,000 (plus tax).
Consumer Reports auto analyst Mel Yu says you can buy a used car instead of leasing it, but you'll pay another $5,000,000 to $10,000,000 before insurance and maintenance.
Repair costs can be higher with an older car. A low-cost car may not offer the advanced crash protection and advanced safety features that today's driver would greatly benefit from.
Thinking About Buying A Car? Here's What Experts Say You Need To Know
You can get a loan to buy a car, but you will pay more than if you leased a car of equal value. That's because with a loan, you're paying for the entire car you own while paying off your loan. But with a lease, you pay depreciation — the car's value is expected to depreciate over the lease term, and you have to drive the car at the end of the lease, says Jack Gillis, CEO of Consumer. American Federation and author of Autolog.
If you're looking to rent a car, don't assume that any deal you find online is the best deal. Ask the dealer to pass his highest offer and negotiate from there Yuu. You need to negotiate the price of the car and negotiate payments and down payments. If your goal is to go to college, he says, find out if the automaker has special incentives for college students.
While renting a car makes sense for a teenager, there can be additional costs.
Want your teen to be a better driver? In "Consumer 101," Consumer Reports expert Jen Stockburger explains driver actions and safety features that help them do just that.
Why You May Want To Lease A Car For Your Teenager
Since 1936, Consumer Reports has been testing products and working to create a fair, safe and healthy marketplace. Click here to learn more about Consumer Reports' mission as a nonprofit organization. To support our work, please consider making a tax-deductible donation. You can also show your support by liking us on Facebook and following us on Twitter. If your college kid needs a car, there are some cars with current rental deals that meet the needs of parents and college drivers. Edmunds selected vehicles that met three main criteria:
Top Safety Rating: Every vehicle on this list is a Top Safety Pick by the Insurance Institute for Automobile Safety (IIHS). According to the IIHS, to earn a 2017 Top Safety Pick+ rating, a vehicle must score Good in all five crash tests, with a frontal crash prevention score of Acceptable or higher, according to the IIHS. According to the IIHS, these numbered vehicles are the best for safety in their size categories. Each vehicle also received an overall five-star rating in the National Highway Traffic Safety Administration's 5-star safety rating system.
Although minivans and subcompacts are sometimes referred to as young and college-age drivers, this list focuses on midsize sedans and small cars. The reason is security. Although newer smaller cars are safer than subcompact cars, larger and heavier cars are safer than subcompact cars. Physics problem: Big and heavy are safer than small and light. Larger cars weigh more and have longer hoods and large overhangs that give them an advantage in front-end crashes. With prices also a major concern for parents and students, the list includes more expensive sedans, large sedans and luxury cars.
Affordable Leasing and Low Cost of Ownership: This list focuses on leasing because the monthly payment on a new leased car is usually lower than the monthly payment on a financed car. In addition, the car can be guaranteed for the duration of the lease, so parents and young drivers do not have to worry about repairs or expensive repair costs. Compare that to buying a used car with warranty for your son or daughter. A car may be cheap, but reliability and repair costs are difficult to predict.
How To Lease A Car
All nationally advertised rentals below are $999 to start and $199 per month or $189 per month. All leases are three years and 36,000 miles. With a little negotiation, it's possible to shave a few dollars off the monthly payment or signed price quoted.
A final word about renting: It's not for everyone. There are restrictions on renting and buying. In case of damage to the driver's car, the driver must understand and follow the terms and conditions of the rental. It's a good idea to discuss these factors openly before signing a lease.
The 2017 Honda Accord is almost impossible to ignore. Whether you prioritize interior space, fuel economy, value or a fun driving experience, the Accord does it all.
The Optima offers more benefits than the competition, including an easy-to-use infotainment system. Bluetooth, a backup camera, selectable driving modes, and all-wheel and telescopic steering are standard.
End Your Car Lease Early: Sell, Swap Or Buy
The camera is convenient and easy to use. It also has a reputation for being durable and reliable. Some rival sedans may be a bit flashy or sporty, but the Camry is honest and worthy of choice.
The CX-3 is on the small side, but it can be a little difficult at times, especially where parking is concerned. This is a good thing if interior space is not a priority. It's stylish, fun to drive, easy to park, and averages around 31 mpg city/highway on most trim levels.
For 2017, the Toyota RAV4 gets a number of driver assistance features as standard equipment, including an advanced collision mitigation system, lane departure warning, automatic high beams and adaptive cruise.
EDMUNDS SAYS: Giving birth in college can be difficult. Knowing that your teen is riding in a safe, budget-friendly, and reliable car is of little concern to you. As a college student, car payments and maintenance should be the last thing on your mind. College students should consider leasing their next car because of the low monthly car payments, low down payment and overall reliability of a new car. We have recommended the best cars for college students that are not only budget friendly but also safe.
Free Cars For College Students
Below is a list of some of the best cars for college students to rent. We compared sticker prices, base models, gas efficiency, safety and upgrades:
The Hyundai Elantra is a luxury sedan with a budget-friendly price and a great lease option for any college student. With a robust engine and excellent safety features, this aesthetically pleasing car is sure to become your campus companion. The Elantra has a variety of upgradeable options to make it the car of your dreams. This sedan is the perfect option for weekend trips with friends and around campus.
The Mazda3 is a fun and affordable car for college students. The Mazda 3 is a sports sedan with a futuristic exterior and excellent fuel economy. The Mazda3 is a great choice for college students on a busy campus. With tons of great safety features and a high-tech interior, the Mazda3 is the perfect rental car for college students looking for luxury features at an affordable price.
The Toyota Prius and Toyota Yaris are two of the best options for college students in the Toyota lineup. These cars have great mileage and gas mileage
How Does Leasing A Car Work? (and Why You Shouldn't Do It)
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