I wonder how it must have felt in times when cars, buses and trains didn't exist, a time when it was basically just your feet or horses... Imagine that. Don't be in such a rush and think things through to a long term. First things first is do you have a job, if so, how long do you need to work per week, how does this fit with your schedule, can you meet your schedule through transports such as buses and whatnot, if you can then you should be fine, if not then a car would be best, but you don't truly need a new one, a used one can do fine since you're only aiming for something that'll last for your studies and not drain to much fuel as to empty your wallet.
Adding to that, do you have anything that can play music, walkman, CD player, iPod or an MP3 Player, if so, you can listen to that whilst on public transport, along with that, try to read a nice book, catch up on the sports section, read up some wacky shit, look up comic books or mangas or novels, check out the scenery, check out the scenery inside the public transports, by that I mean people of the opposite sex, or take the time to rest a bit before reaching your destination.
With the first, you have a lot of freedom, but with that comes a lot of responsabilities which limits your freedom as well as a lot of payments to worry about, not to mention gas. With the second, you have a limited form of freedom, yet a lot of it in comparison. Freedom is what you make of it, and what you believe is best for you is what you should take.
A car can take you places faster, but a bus can do just about the same if you know what bus to take. One is more convenient then the other, for you don't have to wait for a car, but you do for a bus or any other public transport. Nonetheless, the price is much less in comparison... Eh well, from what I say it sounds like I favor number two, that's because I would personally, but that's me. For you, it depends on your lifestyle, choose something according to how you live and don't look back on your decision with regret, at least, not for too long, you'll become depressed if you do.
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