Your child has just passed their driving test. They’ve got their license, and they’re ready to experience the road by themselves. However, as parents, you may be reluctant to purchase a car. Understandably, not all teens will need to drive a car on their own. Whether they’re going to high school or college, they may not need a vehicle just yet. Or perhaps, your child wants to get a part-time job and will require to use a car frequently. Everybody has different needs, and therefore, the first thing you want to check is how much use your teen will make of a vehicle after passing their driving test. The second and most important consideration for every parent is the cost of buying a car.
If you are unsure whether to buy or not, this short article helps you understand the pros and cons of all options.
Share a car
Let’s be realistic. If your child is still in school, it’s unlikely they will need to drive a car every single day. So, it can be a good idea to consider sharing a vehicle. You can add their name to your car insurance and allow them to drive your vehicle when you’re not using it. Cost-wise, sharing a vehicle can help you save money, in the long run, to prepare for a future purchase. Typically, car insurance costs for young drivers can be elevated. However, if you add your child to your own insurance, you can save some of the burdens of the first driver’s expenses. Similarly, you will also be saving costs on protection and breakdown cover if your vehicle is already covered.
Lease a vehicle
Sometimes, buying isn’t an option, but your child still needs to drive a car frequently. You can look into leasing options that will enable them to drive the latest vehicle models, such as the Chevy Equinox without the hefty price tag. Leasing contracts tend to last on average 24 months, which can be ideal for college students or entry-level employees. They get all the independence of a vehicle without any of the worries of maintenance and long-term commitment. Leasing means you don’t have to buy. It’s a great option for families who don’t want to compromise technology, safety, and quality. Your teen gets to drive a reliable vehicle that is typically still under the manufacturer’s warranty – so most problems are likely to be fixed at almost no cost.
Buying a second-hand vehicle
If you want to buy a used vehicle for your teen, you need to make sure it is a safe investment. Don’t make the mistake that 16% of buyers make, purchasing a second-hand vehicle without a test drive. When you buy a car that already has a history, you want to test the vehicle on the road. If you fail to test your asset before the purchase, you could experience buyer’s remorse. A test drive isn’t enough to keep potential issues at bay. Ideally, you should have the vehicle checked by a professional or request a professional inspection. You don’t want to leave a potentially dangerous car in the hands of a new driver!
Buying a vehicle or sharing one will depends entirely on how often your teen needs to drive on a day-to-day basis. Independent teenagers and young adults who have a part-time job or need to get to school require their own vehicle. Leasing and second-hand purchase are great options to keep costs low. Leasing has no long-term commitment, which makes things easier to manage!
