Most people spend a great deal of time in their cars and SUVs. If you have a teenager who has a passion for driving, then their wait for turning 18 can be difficult to bear. Young teens love getting their silence and get their hands on the pair of wheels whether it belongs to their parents or friends. The thrill and excitement of having their own car is nothing less than a college dream.
Cars have become a fabric of our daily lives. If you have a teenager in the house who has flair for driving and can afford to buy a car with their current savings or loan, then getting them a car is a vital decision while they are still studying in college. In advanced countries like the United States, many colleges are prohibiting students from bringing a car on-premises. The first-year students are strictly not allowed to bring their own car to college. However, this may not be the case in all colleges in Australia. Let us provide you with the pros and cons of getting your child a vehicle of their own.
Should you pay for your teen’s first car? What are the advantages and cons of buying them a new or even an old car? Let us explore this topic in this post to help you make the best decisions regarding your loved one’s wellbeing and happiness.
Buying a Car for your Teenager: The Difficult Decision
Unless you live in an Australian suburb that is really close to the city and students have all the access to transportation to reach their schools, you may not rush to get your kids their first cars. However, sooner or later, as things change and young kids grow sensible, they would demand having their own car.
So, should you make this decision in their favor or not? Has she saved enough money for herself or does she solely rely on you to buy her the new car?
Surely, as a concerned parent, you need to think beyond money for your teenagers to help them live a good life. Your teenagers should have a set of their own wheels as long as they understand the safety measures they have to take before driving their cars with their lunatic friends.
So, what options can you use to buy them a new or an old car?
Suppose you recently sold your 1992 Honda Accord by contacting cash for car removal Australia Company. Now the car removal Brisbane Company must have paid you some cash for cars for hiring their car wrecker’s services. You can use the following options to buy your kid a new or used car.
Buy Car as a Gift
If money is no longer an issue for you, then it is always a good idea to give a new car to your beloved teenager on their 18th birthday. It is always fun to imagine how they would feel to have a spectacular gift like a Ford or a small Sedan from their caring parents. The thrill of parking their own car in the driveway could take their breath away.
Buying the car yourself ensures she’ll be driving a vehicle you deem appropriate, reliable and safe. So if your kid values this decision, there is no harm in buying them their wish.
Do Not Pay Fully Pay for their Car
Yes, that means paying partially for their first car is a viable option to help them realize the importance of money and their contribution to buying their own car. That will teach your young kid a lot of other things such as:
- How to save money for their car
- How to budget sensibly
- How to put a check on their spending
- How to embrace the decision of their parents to finally get them a car
- How to meet their long term goals
So, if your kid is interested in buying a small car, you might want to finance them with an extra $5000 or more depending on your financial situation.
Have Them Buy a Car Themselves
If it is not in your current budget to buy college teens a car, then they will have no option to either buy a car on loan or ask for help from their friends. Moreover, it will teach them how important it is for them to earn money in college. They might first have to get a side gig or a part-time job that may allow them to save enough for their first car.
Even if they earn a few hundred dollars per week, they might be able to save enough in a year to buy a used car that is cheap and not super luxury.
Whatever the route you choose for your kid to buy their own car in college, teach them that a car is a liability that requires money to run and operate. That way, they will better understand the value of saving and investing in their car.