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Get a Car Lease for Your Child Heading to College

Posted November 7, 2019 by EasyFinance.com to Finance 1 0

Having a child who will finally go to college is exciting. You went through a lot to send your child to school, and now, it's a new chapter. You need to be there as your child decides where to study and while preparing for university admission. During the first days, you also have to be there to show your support. 

College could be challenging for teens. It’s their first time away from home. They need to learn to be independent. They will also specialize in their chosen field, and it means they have to challenge themselves academically. These rapid changes could be overwhelming for them. One of the best ways to make your child feel better is to offer a car as a present. Since it’s expensive to buy a new one, you might want to try leasing a car.

A goodbye present

Going to college is probably the first time that your child will be away from home. You can give the car as a goodbye present, but also to show your love and support. Having a car at college could be very useful. Going to key places to research and do various chores will be a lot easier with the aid of a car. Some university campuses are far from downtown, and a car would be useful for your child. 

Teach responsibility 

Apart from the cost, the reason why you prefer a car lease deal is that you want to teach responsibility. The car will eventually go back to the dealer once the lease is over. You also leave a bond that you can only receive once you return the car in good condition. Any repair issues will get deducted from the amount you deposited at the beginning of the lease. It means that your child needs to be extra careful using the car. Maintenance and immediate repairs are also necessary. 

It's for temporary use

You hope that your child will finish college in four to five years. At that point, your child will find a job and start earning. If you buy a car for your child, there will be no more desire to work hard to own a car in the future. With a lease, your child knows that after graduation, the car won’t be theirs anymore. Even if you’re wealthy and capable of buying a new car for your child, you still need to teach responsibility and financial management. You don’t want to spoil your child by giving everything you can afford. 

You can give the car as a surprise, or you can involve your child in the process. You might want to do the latter so that your child can decide which specific car model would be suitable for college. You can look at https://www.genusleasing.com if you want to check various car lease deals now. Understand the terms before you sign any contract, to avoid regrets. You also need to set rules for your child that will revoke the car privileges due to poor academic performance.

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