For students, automobiles are a gateway to freedom, off-campus living, and off-campus jobs; they're also potentially the worst investment that a student can possibly make.
"Cars are a money hole, but they're also an investment you're likely to make numerous times throughout your adult life," said Libby Morsheimer, an adviser with Student Advising Services.
Students should avoid purchasing a car for as long as possible, according to Morsheimer.
With UB's South Campus in close proximity to the metro and constant access to on-campus shuttles and buses, Morsheimer sees no reason for many students to purchase cars.
"Public transportation might not be glamorous, but for students that stick close to campus most of the time, it's better than buying a car," Morsheimer said.
Morsheimer warned against students purchasing cars that are far above their means. The majority of people that drive pricy cars are actually non-affluent because those that are wealthy recognize cars as a bad investment, according to Morsheimer.
"In the time it takes you to pull out of the car dealership and over the sidewalk, you've lost thousands of dollars," Morsheimer said.
In order to lose the least amount of money, Morsheimer recommends that students purchase slightly used cars.
"By buying a one-year-old or two-year-old car, you've managed to avoid the greatest depreciation of your investment," Morsheimer said.
Auto auctions and the private sector are also viable ways to buy vehicles, though students purchasing from a previous owner should have a mechanic look at their potential vehicle.
When it comes time to get rid of a vehicle, Morsheimer recommends selling to a private owner rather than trading-in because it's easy to get ripped off at the dealership.
Automatic transmissions and gas-guzzlers such as pickup trucks and SUVs are purchases to avoid when students are looking to save cash on gas.
"You're already going to lose tremendous amounts of money to rising gas prices, Morsheimer said. "Do yourself a favor and purchase a quality car that will look a little more favorably on your bank account."
