Buying Your Teenager a Car? Some Things to Think About Before You Do

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Buying a car for your teenager requires some careful consideration.

While parents have different opinions on whether they should buy a car for their teens, there are a lot of benefits that you can get from buying a car for your teenager. For one, it can help relieve you and your spouse the responsibility of driving your kids to school, their ballet lessons, baseball practice and school play. Having a car also means that your teenage son or daughter will have a more reliable means of transportation to his or her part-time or summer job.

So, if you really think that your teenager needs his or her own car and you can afford to buy one anyway or are willing to help pay for it, here are some things you absolutely need to consider to find the best deal possible.

Know what makes sense for you. Would you buy a new car or a used car? Are you willing to pay a premium just to avoid breakdowns and repairs? Or would you rather buy a pre-used car instead? If you choose the latter, you may want to consider buying a certified pre-owned car (CPO). With a certified pre-owned car, you will get a warranty for your teenager’s car without paying the full price of a new one.

Know where to look. Aside from checking the usual car dealerships, consider checking online auctions as well. Just remember to do your own research on the car’s history on sites such as Carfax.com to make sure you are not buying a lemon.

Put your connections to good use. Don’t hesitate to tell your friends that you are looking for a car for your teenager and make sure you tell them exactly what you are looking for. There is a great chance that this simple act can help you in your search.

Consider the other expenses associated with the purchase. Remember that buying a car is not a one-time expense. You also need to consider the maintenance cost, insurance and gas since you may find yourself paying for these things.

Use the purchase to teach your child a lesson in finance. Take this opportunity to teach your teenage son or daughter a thing or two about real-world finance. Let him test drive his favorite vehicle along with several more sensible choices then discuss the pros and cons of each. Compare the features of each car and let them understand that cars are primarily meant for transportation.? As such, functionality should be given more importance over style.