Teaching Your Teen to Buy Their Own Car
There comes a time in a teen’s life where they get excited about getting their license. Only one problem stands in the way of their freedom: a car. In my family, we always buy our own cars. My daughter was expected to buy her own car and so was I. Some people feel bad for a teenager who has to buy their own vehicle, but I look at it as a good thing. Will your teen be purchasing their own car? Here is how to teach your teen to buy their own car.
Step One: Break the news to them.
Let them know that you will not be buying their first vehicle for them. It is best to break this news to them early. When a teenager knows they will be buying their own vehicle, they will need a while to allow it to sink in.
Step Two: Have a serious money talk.
Help teach your teen how one purchases things. Your teenager will need money to buy their first vehicle. The good thing about this is teens can start making money earlier than 16. Many teens are qualified to babysit, walk the dogs, clean, and many other small chores. You can pay your teen to do these things for you or encourage them to start their own business, offering their services to others.
Step Three: Help them to create a budget.
Now is a great time to talk to your teenager about budgeting. One of the first things they can learn to budget for is their first vehicle. Cars are not cheap. Even after they are purchased, there will be costs to repair it. Make sure your teen knows all about car repairs, gas, insurance, and actually paying cash for a vehicle. It all adds up quickly.
Step Four: Be an encouragement to your teen.
When it comes to buying a vehicle, everyone knows that saving for one can be hard. Most adults just run out and get a car loan, they don’t pay cash. If I could say one thing, it would be to encourage your teen as she saves. Build him/her up and let them know they can do this. It may not be easy, but it will be so worth it. Handing a teenager a vehicle may be easy, but they learn the value of hard work when they purchase it themselves. Be sure to check out Lone Star Chrysler Dodge Jeep Ram for all your vehicle needs.
How did you teach your teenager about buying their own vehicle?