It’s an exciting time when a teenager gets to buy his or her first car. While driving introduces the teen to a new level of freedom, buying and maintaining a vehicle is also a big responsibility and financial decision. Before purchasing a new set of wheels for a teenager, review these important tips.
Since purchasing a car is a serious investment, consider getting the teen involved in the buying experience. This can help teach him or her about financial responsibility. Moreover, be sure to include the teenager when setting the budget.
Don’t forget to keep in mind other costs such as maintenance, gas, and insurance. You can also teach the teen about financial responsibility by having him or her help with the costs. For example, the teenager may want to get a job and pay for gas or car insurance.
Select a vehicle with as many safety features as possible. This can help give you peace of mind and ensures that the car is reliable. Popular safety features include an anti-lock brake system, airbags, blind spot monitoring, lane keep assist and forward collision warning, among others.
Moreover, if you’re buying a used, ask a certified mechanic to inspect the vehicle. This can help ensure it’s in good condition.
Practice road safety with the teenager. For example, teach him or her to avoid speeding, texting and driving, and other distractions. This can help set the teen up for a lifetime of driving success. Be sure to emphasize that even one accident or ticket can increase car insurance payments.
For more tips on purchasing a teen’s first car, see the accompanying resource.
Infographic created by Capital Auto Auction