Buying your teen a car is a great way to prepare for the journey of adulthood ahead of them. There are several advantages to purchasing a car for your teen. For example, you teach them about being responsible as they have the task of ensuring their car is in good condition. This investment also teaches your child about the value of money and how to effectively manage their finances to cater to their daily expenses. However, there are various factors you must consider when deciding to purchase a car for your teenager. Below are a few.
The first and most important step before purchasing a car for your teenager is ensuring they have the needed skills and knowledge. Without this, purchasing a car would be a wasted investment. This is why you must invest in a driving school. Although you may have taught your child how to drive, a driving school increases their knowledge of various safety aspects and expands their skillset. Driving school also increases your teenager’s confidence behind the wheel as their frequently asked questions would be answered. Lastly, driving school also gives your child sufficient knowledge on car ownership, maintenance routines, and other skills they may need during an emergency.
Set expectations in advance
Of course, your teen is excited about the purchase- it’s their first car. That’s a big deal, especially in your teen years. However, before purchasing the vehicle, you must be on the same page with your teenager concerning expectations – therefore make sure they are involved in these discussions. If the car is supposed to be a surprise, you can find strategic ways to encourage such conversations to get the necessary information. When setting expectations, you must mention the allocated budget for this purchase. This way, you can talk about the full list of options available to you. For instance, depending on your budget, you can consider smaller starter cars from Ford, VW, Skoda or even Mercedes convertible cars to find the one that suits your teen’s needs. You can also use the budget to determine if you can afford their preferred car in the long run.
Additionally, such discussions should outline your child’s responsibilities towards daily car maintenance. You should also discuss shared costs, how often they can drive, where they can drive to, and so on.
Are you buying new or used?
When purchasing your teenager’s first car, you’ll need to decide between a new or a used car. Keep in mind that each of these options has its pros and cons, so it’s essential to consider your choice carefully. New cars come with a warranty, require fewer repairs, and offer the latest features. However, they also come with higher insurance costs and hidden fees. On the other hand, used cars are generally more budget-friendly and offer a wider selection, but they may become less reliable over time, leading to increased maintenance costs. If a used car isn’t well-maintained or if necessary repairs are delayed, it might break down on the road, posing a danger. Therefore, regular brake and oil checks are crucial to prevent accidents. Additionally, some people buy a used car that had previously been damaged for a very low price and then restore it. If that is your case, then involving specialists that provide top repair for collision damaged cars might be necessary even if their internal functioning is sound. Given the various pros and cons of both options, it is crucial to thoroughly evaluate them before making a decision.
Insurance is another important cost when purchasing your teen’s first car. Purchasing insurance covers your child, offering them some protection and safety. Insurance has several advantages, such as fire protection, roadside assistance, replacing stolen cars, and paying for damages.