3 Car Buying Tips for Teen Drivers
Buying your first car as a teenager is exciting and means that you will suddenly have a lot more freedom. Owning a car is also expensive and a huge responsibility, however, so it's smart to take your time and make the right choice. Here are a few tips that can guide your car buying journey so you end up with a car you love and can afford:
Create a Cautious Budget
Before you ever check out cars online or at the dealership you need to have a specific budget, and it should be on the cautious side. This means that you avoid over-estimating how much you can reasonably afford and instead give yourself a bit of financial wiggle room each month. When setting a budget, keep in mind several factors:
- Are your parents helping you or are you on your own? If your parents are helping, how much are they offering to pay? Are they just helping with the down payment or will they also help with monthly payments?
- Factor in car insurance. It's smart to get a quote before you shop. Car insurance for teens tends to be more expensive, but perhaps your parents are willing to add you to their policy, so be sure to check.
- Don't forget to include money for gas and repairs in your budget.
Focus on Safe Instead of Flashy
Buying a car with a great safety rating will give you and your parents more peace of mind, since these cars have additional safety features and have been proven to be less dangerous on the road. Just as importantly, buying a safe car will result in lower car insurance premiums, since your car's safety rating us factored in when insurance companies determine your rate. You can buy that sportscar someday when you have more experience under your belt, but for now stay safe on the road and save money with a more practical choice.
Consider a Certified Pre-Owned Vehicle
Certified pre-owned vehicles offer several advantages, especially for younger drivers. They are less expensive than brand new cars, while only having a limited numbers of miles driven, making them almost-new. The certification means that they come with a warranty, so you will be covered if you need repairs for a predetermined period of time or number of miles.
Being smart and strategic in how you approach buying your first car will help ensure you make the right choice and buy a car you feel great about.