Being the parent of a teen driver might be stressful – but it shouldn’t be a stress on your wallet. Before you hit the dealership with your child, consider the following tips.
- Get your teen involved. Not everyone has the budget to purchase a car for your child. That’s ok! Learning how to save for their first automobile is a great financial learning experience for a teenager. In fact, even if you can afford to buy them a car on your own, consider making them a part of that experience anyway by having them save for a down payment.
- Make sure the car suits the needs. How often will your teen be driving? Do they have a long commute to school, or do they travel on any poorly-maintained roads? Striking a balance between mileage and features will help keep the new car affordable.
- Safety matters. Whatever car you choose, it’s important to remember that teens have much higher rates of accidents. So choose a car that has good safety ratings, and then back this up with firm expectations about when and where they can drive.
