A major part of parenting teenagers is helping them make major life decisions, one of which is buying their first car. It may be a bit complex to do, but with the tips below, you will find it can be a fun and enlightening experience for both of you.
Create a Budget
The first step to take is to prepare a budget with which you will work. Keep in mind that you may have to make some sacrifices if you are to stick to the budget, such as forgoing some features. Make sure not to make the budget too limited or have it too open to let you make a purchase that you will regret. With America’s sales for new car dealers and used car dealers expected to reach $916 billion and $106.6 billion respectively in 2020, it’s clear that many people are buying cars. The budget you set will make the other steps you need to take a bit easier because, in the end, money tends to be the biggest deciding factor.
Compare Leasing and Buying
Something else you need to do is to think about whether you will lease or you will buy. Making this decision with your teenager will help them learn to make similar financial decisions in the future. Sit with them and talk to them about the pros and cons of each method of purchase so that they understand what each entails. Also, let them know that there will be certain cars within their reach if they decide to buy that they may not be able to get when they lease. Take time to weigh all the options at this stage and settle on the one that works best for you.
With 68% of experiences online beginning with a search engine, you should borrow from this fact and also do some research before you make your decision. Let your teen tell you what they want and also do some research on their own. Do some window shopping next so you have a feel of what’s on the market. This should be easier to do once you know the specific cars you want to look at as you will go out with a few cars in mind that you want to look at in detail.
Decide on the Important Features
Another important step you should take is to decide on the most important features for you and your teenagers. Since they don’t have experience with vehicles, it’s up to you to guide them on what they need to look out for. Make a list of the important features in a car that will help them stay safe on the road and enhance their driving experience. Let them know that they may need to compromise on some features for the sake of safety. In this case, things like flashy looks and speed need to take a back seat to prioritize safety and affordability.
Remind Them About Road Safety
Finally, before you get a car and hand them the keys, polish up their knowledge of road safety rules. Make sure that they know the speed limits and all road rules so that they can stay safe and keep their fellow road users safe. For instance, if you live in Texas, let them know that they can’t have a BAC or BrAC of over 0.08 while they’re driving. Staying sober while behind the wheel and avoiding distractions like using the phone should also be at the top of their lists of road safety rules to follow.
With these tips, you should have an easy time helping your teenager buy their first car. They will be happy about the role you played and will likely keep the tips you share with them in mind for the rest of their lives.