You and your teenager may be looking forward to buying his or her first car, but likely for different reasons. Your son or daughter might be thinking of the freedom and autonomy having a set of wheels will provide. On the other hand, you might be looking at this as an opportunity to teach some important lessons about responsibility. Fortunately, there are a few steps you can take to ensure you both get what you want out of the experience.
First and foremost, it’s important to approach buying your kid’s first car with a plan. Your teen needs to set a budget and be prepared to shop only for vehicles that fit into it. This is critical for teaching him or her to be careful with money and appreciate the value of what they earn. You also should encourage your child to do the homework on what’s available, determining whether the car he or she wants has all the features and capabilities needed for getting to and from school or work. It’s a good idea to encourage smart shopping by checking out multiple dealers or even auto auctions to find the best deal. In many cases, an auction may be the best way to get the vehicle you want at a better price than a dealership.
After you make the purchase, you need to make sure your teen understands how critical it is to drive safely and follow the rules of the road. This includes avoiding speeding, texting while driving and wearing seat belts. Even though you and your teenager are going into the car-buying process with different aims, a little planning will make sure you both get what you want. For more tips about how to help your child buy their first car, take a look at the accompanying resource.
Infographic created by Capital Auto Auction, a vehicle auction company