Three kids in college, three bikes. The oldest wanted a bike for HS graduation as her campus was bike friendly, flat and easy to get from point A to point B on a bike. It was used all four years. Second kid didn't want a bike until his third year when he was off campus...saved me from the car discussion and he rode it daily. Third kid didn't want a bike until after four weeks in, when he realized that a bike beats walking.
All three were used, had fenders at some level, wider tires, a rack and a good lock. I also registered the bikes with the campus police, not that a meth head cares about that. Knock on wood, nothing stolen to date.