New car or hand down used car to college student?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Post Reply
User avatar
Topic Author
Raymond
Posts: 1884
Joined: Mon Apr 16, 2012 6:04 am

New car or hand down used car to college student?

Post by Raymond »

I recently purchased a 2017 Honda Accord LX sedan to replace my 2003 Accord LX V6 sedan (141,000 miles).

The 2003 Accord was rear-ended last year (moderate damage to trunk area, but repaired), and the oil pump has a small leak and (according to my trusted independent Honda mechanic) will need to be replaced soon, at a cost of ~$1000.

Otherwise the car is in cosmetically good condition inside and out. It has traction control and ABS, but not electronic stability control (ESC). The Edmunds used car appraisal site puts the value of the car in "Average" condition = $1719.

My college sophomore daughter will need a car this summer if she gets an internship or summer job. Right now she gets along pretty well without a car, as she goes with her roommates when they do grocery runs. My wife and I live 30 minutes away, so we pick her up if we go out to lunch or dinner on weekends.

So my options are:

1. Have the oil pump replaced and have the daughter use the car.
2. Sell the car either to CarMax or private party (I am favoring CarMax as I don't want to deal with potential buyers), then buy either a used car (2012 or later) or a new car for her.

What are your thoughts?
"Ritter, Tod und Teufel"
User avatar
dm200
Posts: 23214
Joined: Mon Feb 26, 2007 1:21 pm
Location: Washington DC area

Re: New car or hand down used car to college student?

Post by dm200 »

Raymond wrote:I recently purchased a 2017 Honda Accord LX sedan to replace my 2003 Accord LX V6 sedan (141,000 miles).
The 2003 Accord was rear-ended last year (moderate damage to trunk area, but repaired), and the oil pump has a small leak and (according to my trusted independent Honda mechanic) will need to be replaced soon, at a cost of ~$1000.
Otherwise the car is in cosmetically good condition inside and out. It has traction control and ABS, but not electronic stability control (ESC). The Edmunds used car appraisal site puts the value of the car in "Average" condition = $1719.
My college sophomore daughter will need a car this summer if she gets an internship or summer job. Right now she gets along pretty well without a car, as she goes with her roommates when they do grocery runs. My wife and I live 30 minutes away, so we pick her up if we go out to lunch or dinner on weekends.
So my options are:
1. Have the oil pump replaced and have the daughter use the car.
2. Sell the car either to CarMax or private party (I am favoring CarMax as I don't want to deal with potential buyers), then buy either a used car (2012 or later) or a new car for her.
What are your thoughts?
Especially since this is a short term need (the summer), #1
psteinx
Posts: 5801
Joined: Tue Mar 13, 2007 2:24 pm

Re: New car or hand down used car to college student?

Post by psteinx »

If this was a longer term situation - i.e. first full-time job out of college, and you wanted to give her a nice head start/graduation present/whatever, I'd suggest something newer. But if the only semi-clear usage is for this coming summer, an old beater probably would do the trick.

Be aware of safety issues with older cars, both because of features now available that weren't available back then, AND because a ~14 year old car with at least one current known mechanical defect may be unreliable.

But if she's a good driver using this vehicle safely, mainly for daytime use and not much in the way of distance driving, then probably repair the beater and let her use it this summer...
rebellovw
Posts: 1748
Joined: Tue Aug 16, 2016 4:30 pm

Re: New car or hand down used car to college student?

Post by rebellovw »

She hasn't graduated yet. #1 plain and simple. The safety issue cracks me up - I think it applies to really old cars. I was thinking of buying a really cool old 60's early 70's f100 pickup for my son - and that would be something to think about from a safety concern (gas tank behind seat..) - not a 2000 honda.
delamer
Posts: 17453
Joined: Tue Feb 08, 2011 5:13 pm

Re: New car or hand down used car to college student?

Post by delamer »

I admit to prejudice on this issue.

My 17-year old was saved from a concussion (or worse) by a side airbag that deployed in a crash.

So I say buy a car with the best safety features that you can afford.

I don't think the quality of your daughter's driving is the issue. We all need protection against all the idiots behind the wheel.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
btenny
Posts: 5702
Joined: Sun Oct 07, 2007 6:47 pm

Re: New car or hand down used car to college student?

Post by btenny »

Your older Honda is an ideal car for a young kid IF you ignore the recent improvement in safety things. It is low cost and easy on gas and OK size wise for her. It is relatively new so it has many safety features. So I would let her use it and and get the oil pump fixed. Honda's are reliable and you know the pedigree of this car. So I think it is great idea to just give her this car.

But there are trade offs if you can afford a nice new car for her to drive and not have fits if she wrecks it. Newer cars are safer and young people in general have lots of wrecks. I am not talking about your daughter specifically, just young people. So in general they will have 1-2 car wrecks before they get to 25. So you need to decide if you can afford a new car for her that will likely get wrecked.

You have a tough decision.
Good Luck.
bubbadog
Posts: 1061
Joined: Wed Mar 26, 2014 9:17 pm
Location: Cincinnati,Ohio

Re: New car or hand down used car to college student?

Post by bubbadog »

I wanted my child's first car to have electronic stability control. I had read numerous articles that it makes a statistically significant difference. Cars around 2008 and newer seemed to offer this.
User avatar
lthenderson
Posts: 8525
Joined: Tue Feb 21, 2012 11:43 am
Location: Iowa

Re: New car or hand down used car to college student?

Post by lthenderson »

#1 would be my choice. If she were a graduating senior, my answer would be different.
User avatar
KlingKlang
Posts: 1092
Joined: Wed Oct 16, 2013 3:26 pm

Re: New car or hand down used car to college student?

Post by KlingKlang »

We were in almost the identical situation with my daughter - commuted to a local college that we drove her to/let her borrow my car; needed transportation for an internship position between junior and senior years. She said that she was fine using my car (2004 Chevy Malibu) and that I should get a new car, but I observed her panicking one time when the Malibu wouldn't start on the first try.

We ended up buying her a new (2013) Hyundai Accent that she used for the internship, her senior year on campus, and her permanent job. I'm still driving my 2004 Chevy Malibu.
HIinvestor
Posts: 1881
Joined: Tue Apr 08, 2014 3:23 am

Re: New car or hand down used car to college student?

Post by HIinvestor »

We gave each of our two kids a used car that we shipped from Hawaii to CA in their respective SR years of college. None of us have a new car, but we shipped S the car we thought he'd enjoy the most (which happened to be the oldest of our vehicles at the time). For D, we shipped her the newest of our vehicles, as we worried about it breaking down in "bad" parts of town. It was about 4-5 years old and it fit her small frame better than it fit H and me. Currently none of the 4 of us have new cars. After S's car died, he inherited another used car from a relative and had it shipped from CA to DC.

I am likely going to get the next new car among the 4 of us, but anyone's guess when that will happen. We have 3 vehicles, all of which work OK and don't drive much. Most of the time, it's just H and me driving. When the kids visit, they have access to the cars and can share them with us as needed. We rarely have all 3 cars in use at the same time.

Personally, we felt no need to get a brand new car for any of us over the past few decades. The last time we bought a new car was 1999, when we bought a new 2000 mini-van that is still running quite nicely.
rralex1
Posts: 119
Joined: Wed Feb 18, 2015 3:21 pm

Re: New car or hand down used car to college student?

Post by rralex1 »

Every family has different situations so it is difficult to answer not understanding your full financial situation as well as other things. With that said, consider this another vote for #1.

It seems that you drove this car reliably for 13 years, and you didn't buy a new car because of safety issues associated with the Accord... You bought a new car because after 141,000 miles of excellent service it was time to replace your full time driver. To gift this car to your college sophomore at a time when you are still very much there to support her and be in her life, would hopefully be met with gratitude and appreciation.
Dottie57
Posts: 12379
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: New car or hand down used car to college student?

Post by Dottie57 »

I would sell the car and buy a newer model with more safety features. I trade cars when I feel like they aren't reliable. I hate being stuck somewhere at night where I don't feel safe.
alfaspider
Posts: 4816
Joined: Wed Sep 09, 2015 4:44 pm

Re: New car or hand down used car to college student?

Post by alfaspider »

College students will be hard on cars- often by no fault of their own. College campuses have lots of fender benders and car break-ins. I wouldn't want a new car in that environment.

I would split the difference and buy a newer used car. You can get side impact airbags and all that good stuff without shelling out for something brand new. I often recommend a ~2014 Ford Focus in Stick-shift for a young driver. These are very cheap to purchase cars that are actually pretty reliable (the automatic transmission cars have issues). Stick shift helps keeps a young driver off their phone.

On selling her used car: Carmax will give you essentially nothing for that car- $500 or so in all likelihood. They don't sell cars that old so your car would go straight to auction, where it will fetch bottom dollar. Price at $2k on Craigslist and you will sell it in a week or two.
Valuethinker
Posts: 49018
Joined: Fri May 11, 2007 11:07 am

Re: New car or hand down used car to college student?

Post by Valuethinker »

Raymond wrote:I recently purchased a 2017 Honda Accord LX sedan to replace my 2003 Accord LX V6 sedan (141,000 miles).

The 2003 Accord was rear-ended last year (moderate damage to trunk area, but repaired), and the oil pump has a small leak and (according to my trusted independent Honda mechanic) will need to be replaced soon, at a cost of ~$1000.

Otherwise the car is in cosmetically good condition inside and out. It has traction control and ABS, but not electronic stability control (ESC). The Edmunds used car appraisal site puts the value of the car in "Average" condition = $1719.

My college sophomore daughter will need a car this summer if she gets an internship or summer job. Right now she gets along pretty well without a car, as she goes with her roommates when they do grocery runs. My wife and I live 30 minutes away, so we pick her up if we go out to lunch or dinner on weekends.

So my options are:

1. Have the oil pump replaced and have the daughter use the car.
2. Sell the car either to CarMax or private party (I am favoring CarMax as I don't want to deal with potential buyers), then buy either a used car (2012 or later) or a new car for her.

What are your thoughts?
Tough call.

I'd lean towards 1, normally. However there is the safety issue.

It's what you can afford, although I would consider a 2-3 year old car which would have modern safety equipment, rather than a brand new one. Often first cars (for a driver) have a hard life.
smackboy1
Posts: 1285
Joined: Wed Mar 14, 2007 9:41 pm

Re: New car or hand down used car to college student?

Post by smackboy1 »

Raymond wrote:My college sophomore daughter. . .

So my options are:

1. Have the oil pump replaced and have the daughter use the car.
2. Sell the car either to CarMax or private party (I am favoring CarMax as I don't want to deal with potential buyers), then buy either a used car (2012 or later) or a new car for her.
Statistically she is in the highest risk group and also the least experienced driver.

All things being equal I would recommend putting her in the safest and most reliable vehicle possible. Even since 2012, there have been many improvements in car safety e.g. airbags, pre-collision systems, frontal collision avoidance systems, backup camera, safer designs and materials etc..
Disclaimer: nothing written here should be taken as legal advice, but I did stay at a Holiday Inn Express last night.
eog
Posts: 59
Joined: Wed Jan 06, 2016 8:17 am

Re: New car or hand down used car to college student?

Post by eog »

Maybe have her drive the new car for the summer while you drive the old accord? You are probably a better driver than her and are less likely to be involved in an accident.

I used to think my kids would get cheap old cars like I had when I was a teenager before I had kids. Granted my kids wont be driving for a while, when they get their license safety will be my #1 priority for whatever car I end up getting them.
mckaydw
Posts: 73
Joined: Mon Nov 28, 2016 12:47 pm

Re: New car or hand down used car to college student?

Post by mckaydw »

I drove my Dad's 18 year old hand me down car for much of college. It was good for me. I learned how to do car maintenance and minor repairs. One time it broke down during finals week. I look back on that experience as a time of growth in my life. It made me appreciate the much newer used cars I've driven since.

+1 for the 2003.
User avatar
Watty
Posts: 28859
Joined: Wed Oct 10, 2007 3:55 pm

Re: New car or hand down used car to college student?

Post by Watty »

Raymond wrote:My college sophomore daughter will need a car this summer if she gets an internship or summer job.
An internship would be great experience but it is likely not cost effective to buy a car so that she can work at some minimum wage job for a couple of months in the summer. The income would mostly go to pay for her car insurance and gas. If she has a 12 month apartment lease she may be able to stay on the college campus in the summer and find a summer job on campus that she can walk to.

When my son was in college after the 2008 financial crisis good summer jobs were next to impossible to find so we found that it made sense for him to go to summer school. There were long enough breaks between the class sessions that he still got a good break from his classes before and after summer school and we got to see him then. At that age he probably had a more fun summer at college than he would have had being at home with his parents.
Raymond wrote:What are your thoughts?
1) What type of car does your wife drive? Would it make sense to put the $1,000 repair cost and resale price of the Honda into getting your wife a replacement car and letting your daughter have hers?

2) Be sure to look at the rest of the school year. Paying for parking and insurance for the school year could make the car too expensive to take to school for the little she would use it. Some college students end up leaving their cars at their parents house because it does not make sense for them to have one at the school.

3) That would be a great car for her if it was not for the oil pump. If the oil pump will cost $1,000 then it is very likely when they do the work they will find other things that need work too. I probably wouldn't put $1,000 car that was that age and milage but I once had a car that I kept too long that ended up being expensive very expensive so I am cautious about that.

4) Also check the tires. If it will need new tires soon you need to take that into account.
User avatar
Topic Author
Raymond
Posts: 1884
Joined: Mon Apr 16, 2012 6:04 am

Re: New car or hand down used car to college student?

Post by Raymond »

OP here, many thanks for all the excellent posts.

I'm now leaning towards fixing the 2003 Accord and just letting her use it this summer; otherwise I'll keep it at home as a beater.

Several of you made the excellent point that since she really only needs a car for the summer (unless she gets an on-campus job), it would make more sense to just loan it to her for that time, and not have a car for the rest of the year.

The 2003 car does have side air bags (but not head side bags), tires less than 2 years old and less than 15,000 miles on them.

Wife has a 2011 Honda CR-V, hopefully will not need to replace it anytime soon.
"Ritter, Tod und Teufel"
Keim
Posts: 245
Joined: Thu Jan 06, 2011 10:53 am

Re: New car or hand down used car to college student?

Post by Keim »

Put me squarely in the repair the old car option. Newer cars have great safety features, mostly designed to cover for potential distracted driving. Not something I feel the need to pay a premium for. I find the safety features of the "old car" you describe to be adequate in my area.

My HS daughter will be learning to drive (and subsequently using) our 5 speed manual 2004 Honda CRv.
Post Reply