When you are a single parent, finding the funds to purchase a car for your teenager can be very tricky. Cars are expensive and often the car insurance can set you back a lot of money. Of course, lots of parents like to be able to gift a car for an 18th or a 21st birthday – but how do you afford it?
Here, we are going to give you some of our tips to help you choose an affordable car for your kids. Follow this advice and you should be able to give them a gift that they will remember forever.
Setting Your Budget
Before you even start looking for a new car for your kids, you need to make sure that you have a budget. It is common knowledge that single parents typically have less money per month and so things might be a little tight. Try to have a look at how much a car can set you back and make sure that you consider everything from insurance to petrol.
You should be able to find some handy tips online that will help you to set a budget. Take a look at these and make sure that you are ready to start shopping. It might be a good idea to let your child know about your budget so that they have realistic expectations when shopping for their first car.
If you really want to find an affordable car then you need to make sure that you are shopping around. The last thing you want to do is invest in a vehicle that is not worth as much as you think. Perhaps you find a car on the side of a road with a ‘for sale’ sign on it. While this might be a good deal, you could find cheaper deals elsewhere.
Make sure to shop around, online, in stores and ask around for local deals. This should help you to secure the best possible price for your child’s first car.
When it comes to investing in a car for a young person, you need to be ready to face the huge cost of insurance. Many insurance providers will charge more for new drivers and those who are young. This is because of the higher risk to the vehicle and this has been something that has been in place for a long time. There are many factors that can affect the cost of car insurance, and unfortunately many of these factors are things you can’t change, including the driver’s age.
However, while a lot of variables are out of your control, one thing you can and should do is shop around for car insurance quotes. Using a comparison site like quotezone.co.uk, for instance, will increase your odds of finding very cheap car insurance because it allows you to compare policies from hundreds of different providers.
Second-Hand or Car Lease?
Our final tip for those who want to be able to afford their child’s car is to make sure that you are making the right kind of purchase. Buying a second-hand car can be cheaper but sometimes, it can cost more to run due to the age of the car. This is a reason to buy a new car but you might not be able to afford a new car within your budget.
A good way to get around this and to afford the cost of a new car for your child is to invest in a car lease. You can get them a newer car that functions well and spread out the cost. With a car lease, you won’t have to pay the price upfront. Of course, there are some downsides to choosing a car lease so this might be something to consider when you are buying a car.
If you are planning on buying a car for your child then you might want to take on board the tips that we have given you in this article. Cars can be very expensive and if you already have one for yourself then you might not be able to afford another one right away.
Make sure to consider everything from the make and model to the insurance for the vehicle. Your younger kids might be more expensive to insure and so you need to make sure that you are getting the best possible deal.
Try out some of our tips and tricks and soon you should be able to find the perfect gift for your kids. They will love driving around in their new car and you won’t break the bank.
This is a contributed post.