Why you should buy your teenager a car?

“It’s a proven safety feature that is life-saving technology and especially important for teenagers because it prevents loss-of-control crashes that often occur when driving around a corner too fast – exactly the kind of crashes that teens are prone to,” says Anne McCartt, senior vice president of research at the …

How much money should I spend on my child’s first car?

It’s generally suggested that parents cap their spending limit at around $10,000 for their teen’s first vehicle, and most stick to used ones. If you stick to this guideline, then the most you need to save is around $2,000.

How much do I spend a year on gas?

The average American driver spends about $3,000 per year on gas, according to the American Automobile Association. Some of the practical ways to reduce fuel costs are listed below.

Should I offer my teenager a car?

If your family cannot afford for a teen to have full driving privileges without a contribution from the teen, it’s probably not a great idea to offer the car. What often happens is that a teen ends up sacrificing other, more important things to earn enough money to pay for the car.

Should my boyfriend pay for his own gas when buying a car?

So, yes, have him pay for his own gas and have him pay the entire increase of cost in adding him to your insurance (and $150 is cheap compared to if he had to buy his own policy). Your gift of the car is ample consideration to allow him to save money and have a little spending money besides.

Should you pay for your kid’s car without working?

Therefore, while it’s a great idea to have the kid pay at least half the cost of the auto if s/he can do so without working too much, it’s smarter in the long run to help the kid maintain his/her focus on schooling and other responsibilities first.

How can I Help my Son pay for his first car?

I suggest that he pay the extra $150 to his parents out of his paycheck and they can put it in an online savings account to be used for his own first car payment. Gas should be his responsibility and how much extracurricular use of the car is allowed should be negotiated before he gets the keys.