2023 Best Cars For College Students

Written By: CarPro | Aug 30, 2023 10:52:43 AM

Parking lots on college campuses are busy places once again, as the Fall semester kicks off at schools across the country. With this is mind, Kelley Blue Book is sharing its list of Best Cars for College Students for 2023, along with some advice for students who are looking for a new set of wheels. As you'd imagine, pricing is a key factor in the process, but there are other things to keep in mind as well, like the cost of ownership, safety technology and more.

"There are so many variables to weigh in picking any car - let alone one for a college student – and sometimes the process can be truly overwhelming," said Brian Moody, executive editor for Kelley Blue Book. "Usually purchase price is top-of-mind, so we started with a price ceiling of $25,000 for the new cars on this list, and then chose several used models at various price points for more budget-oriented shoppers. Other important factors to weigh include cost of ownership, safety, technology and practicality. While reduced inventories of new and used cars have presented challenges including stubbornly high prices and limited choices for some brands, we are seeing downward movement on the average prices for new cars, so there is hope. We recommend shoppers stay flexible, understanding they may need to make a few compromises on car color and content to secure the type of car they want."

College Car Buying Tips

Here are some tips KBB provides prospective college car buyers:

Want vs. Need

First determine if you really need a vehicle on campus. Kelley Blue Book warns that having a car at college can be a real hassle between expenses, campus parking and more, so if a personal car isn't necessary for getting to a job, or to and from an off-campus residence, it may be more of a want than a need.

Vehicle Affordability

Keep payments low. Whether it's the parents or the student shouldering the monthly installments, you want something that's affordable.
Captive Financing. Most carmakers use a captive financing company that offers financing deals on new and certified pre-owned (CPO) vehicles – that is a good place to start. CarPro Show host Jerry Reynolds is a fan of buying CPO vehicles and you can read his post here.
Securing Financing Elsewhere. If securing a loan outside of captive financing, usually you can get a lower monthly payment on a used vehicle versus a new one. Credit unions are known to offer lower percentage rates on car loans, which is something to consider given recent interest rate increases.

Learn more about auto financing, the impact of credit scores and paying cash vs financing here→

Cost of Ownership

Factor in the cost of ownership. These factors include insurance, maintenance/repairs, fuel economy and depreciation all can vary greatly from one car to the next. Check out KBB's 5-Year Cost to Own tool to compare models.
Insurance. Researchers say that insurance cost is a key contributor to the total cost of ownership, and historically, drivers younger than 25 can expect insurance to be an even greater factor in total cost of ownership. Always involve your insurance costs in a purchase decision, and shop around for insurance to save money.
Fuel costs. Gas prices vary but it's always a good idea to seek out fuel efficient models or even a hybrids. Though since hybrids tend to cost a bit more than gasoline-fueled cars, you may want to go with a used one.

Other Factors to Consider

Safety features and ratings. KBB says safety should always be a key qualifier in purchasing a vehicle for anyone regardless of age. You can check out crash test scores from the Insurance Institute for Highway Safety (IIHS) and National Highway Traffic Safety Administration (NHTSA). The picks on the KBB lists below scored high with most of them. CarPro Show host Jerry Reynolds shares his thoughts on the IIHS and NHTSA tests here.
Technology. Vehicle technology is also important. KBB says staying connected is of the utmost concern for college students so you'll want to be able to integrate your devices into your car's infotainment system. The newer the model, the more connectivity options available.
Look Down The Road. KBB also suggests looking down to the road past college a few years. See if the vehicle will fit your needs then, since the vehicle you buy now may continue as the main mode of transportation after college.

10 Best New Cars and SUVs Under $25,000 for College Students

12 Best Used Cars and SUVs Under $20,000 for College Students

2015- 2017 Toyota Camry
2016 – 2017 Honda Accord
2017 – 2018 Toyota Corolla
2015 – 2018 Mazda CX-5
2012 – 2015 Toyota Prius
2014 – 2016 Toyota RAV4
2015 – 2016 Honda CR-V
2016 – 2018 Subaru Crosstrek
2016 – 2018 Mazda3
2016 – 2018 Honda Civic
2017 – 2019 Kia Soul
2015 – 2019 Honda Fit

6 Best Used Cars and SUVs Under $15,000 for College Students

2012 – 2014 Toyota Camry
2007 –2014 Honda CR-V
2011 – 2015 Honda Accord
2011 – 2014 Toyota Corolla
2013 – 2015 Honda Civic
2009 –2012 Toyota RAV4

For more info visit KBB here.

Photo credit: Toyota.