Buying your child’s first car is a major milestone for both of you — but it also can be an extremely stressful process if you don’t go in fully prepared. You want your son or daughter to find a vehicle that will be dependable, easy to care for, and enjoyable to drive. On the other hand, you also want to ensure that you don’t wind up in over your head or waste your hard-earned money on a lemon.
If you’re preparing to help your teenager go through the car-buying process for the first time, there are a number of steps you can take to make sure it goes smoothly. For example, one of the most important things you can do early on is to establish your budget and be prepared to stick to it.
This ensures you won’t be tempted to spend more than you can afford. If you’re looking at pre-owned vehicles, you’ll also want to make sure you have a mechanic inspect whatever you choose before you sign anything. Perhaps most importantly, take your time and shop around at a number of lots or dealers so you can compare prices and find the best possible deal.
Once you drive off the lot, your responsibility shifts to helping your child understand what he or she needs to do to keep the new ride in good shape. This includes learning the regular maintenance schedule and following it, as well as teaching him or her to avoid aggressive driving whenever possible.
To learn more tips you can use to help your teen buy his or her first car, take a look at the accompanying resource.
Infographic created by Capital Auto Auction