Your teenage daughter approaches you with the news she wants to buy her first car. And she’s looking for your help in accomplishing this feat. You probably can remember back to the days when you were buying your first new car. Those happy memories might become an emotional tug-of-war for you as you want to help her have similar memories, but also make sure she makes a safe investment.
You probably have an image of her in one of the safer-rated cars, with air bags, anti-lock breaks, factory-installed seatbelts and dependable auto insurance for young drivers.
She probably wants something red, sporty, an engine with good pickup and plenty of room for all her friends to catch a ride to the mall.
So how do you compromise and come to an agreement on what kind of car your daughter gets to buy?
Money is probably going to restrict the choices. Not only will the price tag to purchase the vehicle narrow down the field of options, so will the insurance costs for different brands of cars and gas mileage performance ratings.
Here are some tips about the best cars for teens:
* Older cars can be cheaper to purchase, but they might not be as reliable. Make sure you look into the car’s history, and have an independent mechanic check it out prior to the purchase. Once the vehicle is purchased, you may also want to discuss vehicle safety tips with your daughter in case she has car problems or gets stranded somewhere by herself.
* New cars can cost a lot more than your daughter may be able to pay, but sometimes dealers offer huge discounts to clear cars from their lots. Year old models tend to be sold at a much-reduced price to make room for the next year’s models. While narrowing down choices, call your insurance company to check on rates for each of the models. This information may help your daughter finalize her decision.
* Develop a budget plan for your teenager’s new car – include the price of the car (or her monthly loan payments if she received a loan), gas money needed on a weekly basis, insurance costs, any regular maintenance items that will be needed (tires, oil changes, windshield wiper replacements, etc.) and make sure she’ll be able to afford it with her current income. Starting a financing program early will give her a good start in managing her finances later in life.
Young drivers love the independence of driving, and purchasing their first car is the key to gaining that freedom. Working with your daughter to make a wise investment can get her started off on the right foot as a new driver.
