Seven Tips on Buying Your Child's First Car

When helping to buy their teenager's first car, research shows that parents are collectively spending £2.5 billion. The average parent will spend £2,731, but this figure rises to £8,057 among those who pay the full price of their child's new vehicle. For many parents, helping their child to purchase a car is an important milestone. However, it is hard to avoid the price that must be paid in order to embrace this milestone. Instead of missing out on this important part of your teenager's life, why not consider money-saving options that will help to make everything more manageable? Here are seven tips that will relieve some of the financial pressure.

Start Early


Don't wait until the last minute to start thinking about your child's first car. If you want to be the kind of parent who lends a helping hand, you need to keep this in mind from the very start. Why not put aside some money every time your youngster has a birthday? Make sure they know that you are doing this, as this will help to build their excitement for when they are finally able to drive. When they are old enough, why not give your teenager the car on their birthday or for Christmas? That way, you will give them a day to remember and you can save on the money you would have spent on other gifts.

Plan


Although it is easy to get swept up in the excitement of buying your child's first car, it is important to consider all your options thoroughly. Whilst many parents enjoy surprising their child, it may be more beneficial to include your teenager in the planning stages of this purchase. This will help them to understand the value of their vehicle and to be more realistic in their expectations. Why not suggest that your child contributes a percentage of the car's cost, or at least pays some money towards its upkeep? This is a great way to treat your teen, whilst also keeping them grounded.

Clever Insurance


Use comparison websites to secure the best insurance possible for your child's new car. Instead of using the same insurance providers that service the rest of the family, try to find companies that look favourably on young drivers. Some providers offer a named driver no claim discount. This means that if your teen has been insured on the family car, but wants to get an independent policy on their new car, they will be able to transfer their no claims history.

Used cars


Instead of shelling out on a brand-new car, why not look into the option of buying a used car? By doing so, you will be able to get more for your money. Not only this, but you will still be able to choose from a wide range of attractive, practical, and quality vehicles. One perfect option for a first-time driver is the Toyota Corolla. This car comes with colour-coded accents, power operated exterior mirrors, and windows with one-touch operation for the driver. Not only this, but it comes as either a six-speed manual or four-speed automatic, which means that it is perfect for all young drivers regardless of the test they completed.

Petrol Money


Encourage your child to take the cost of running a car seriously. Why not make your teen responsible for their own petrol money? They could get a part time job to contribute. However, if you would prefer your child to focus on their studies, why not suggest that they start giving their friends or fellow students lifts? Ideally their peers will live nearby, as this is a great way to get petrol money without having to drive out of your way.

Teach them to drive economically


Make sure that your kids understand that the way they drive their car can significantly affect the cost of running it. Give them a quick lesson on how to drive as economically as possible. They will need to make sure their car doesn't have unnecessary weight, has its tyre pressure checked regularly, and that it is serviced whenever required. Educate your child on the benefits of driving at 55mph rather than at higher speeds. This can reduce their fuel consumption by up to twenty percent. It is also important that your kids aren't driving with bike racks or with their windows down, as this will make their car less aerodynamic and will consequently increase their consumption of fuel.

Buddy up


If you have two children at a similar age, why not consider letting them share a new car? Instead of having to pay for both of your teenagers to get a new vehicle, perhaps they can be taught the life lesson of learning to share. This definitely makes sense if your kids attend the same school or enjoy taking part in the same activities. If you do opt for this approach, just make sure that your teens understand they'll be sharing the car beforehand. This way you can avoid any disappointment. Buddying up will also help to reduce the cost of running the car and help to relieve the pressure.

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