I know it doesn't cover everything such as regular maintenance, but all I meant was that if parts start falling out tomorrow, I don't have to worry about paying for that all out of pocket like I would if it were a much older vehicle.
As for ditching the car, I've been going back and forth on that idea. Problems do arise with that, though. Even in KW, from what I've heard, the public transit isn't rock star. Plus, places to live closer to campus seem a ton more expensive than if I chose something farther away anyway. Things are just really complicated without a car in this general area. Not to mention that if I give up the car, I totally give up the car. Yes, it reduces some expenses for the time being, but in the long run I'll have thrown away a huge financial help from my parents, especially since I suggested giving up the car in exchange for money instead, to which they said I can take the car or leave the car, but they won't give me the money for it. If I don't take the car while I have the chance, I know it will be a long, long time before I can afford one on my own.