The primary mode of transportation for Wake Forest students is walking. Campus is a small place, and if you live in one of the dorms, 90 percent of your destinations are going to be within a 5–10 minute walk. For those who want to get out and explore Winston-Salem, you only have a few options. The easiest thing to do is to drive (or have a friend drive). The another option is to take the downtown shuttle, which runs Thursday through Saturday, or borrow a car through Wake Forest's Zipcar borrowing service (which works by loaning cars out to students at an hourly rate). Sure, there are buses and cabs, but most students use those as an absolute last resort.
It is not absolutely necessary to have your own car on campus as long as you have friends that have cars. The benefits of not having a car are not having to worry about (or pay for) parking. Plus, many students find that they simply do not use their cars a lot. On the other hand, having a car gives you the flexibility to do what you want, when you want. With the new Zipcar program and shuttles, having a car is not a necessity at Wake Forest.