Things to consider when buying a car for a teenager
Understand everything from car loans to registration
Struggling to believe that your teenager will soon be driving a car? At Positive Lending Solutions, we understand the concerns and anxieties you may have as a parent of a teenager who is starting to learn to drive.
We want you to know that we’re here to help you through the process of buying a car for a teenager and finding the right car loans for a first car. Whatever car you choose to buy for your teenager, it’s a big investment, and with Positive Lending Solutions, you’ll gain the peace of mind that we’re on hand to offer our decades of experience and expertise.
Find out how we can help you with car loans to buy a car for your teenager.
Registering the car
There are a number of options here, and you’ll want to think carefully about what suits you when buying a car for a teenager.
Often it’s much more expensive to insure a car that is registered to a teenager – or anyone under the age of 24 years old. The higher level of risk this age group poses means higher costs to insure them.
If you buy the car before your teenager has passed their test, you could consider registering the car in you or your partner’s name – then adding your teenager onto the insurance policy when they have passed and are ready to begin driving.
Adding a teenager onto any insurance policy will increase the premiums so you may want to give your teenager their own policy from the beginning and to register the car in their name. Although some parents may be worried about the freedom this gives their child (they’d be able to make decisions such as to sell the car whenever they wanted), it would help them to build up their no claims bonus.
How much to spend on a car for your teenager
This is a question that many parents will want to weigh up when thinking about the car loans and first car debate.
Buying a car for a teenager makes many people think of second hand models that are simply a means of transport after a teenager has first learnt to drive. With more accidents than ever on the roads, you also want to ensure that your teenager is as safe as possible – driving a vehicle that has the latest safety features and driving assists.
Many teenagers are desperate for a certain model or make of car simply because it’s in fashion at that time or their friends are driving similar vehicles – it can be hard to say no to your teenager but try to balance what’s important with what they want.
Ultimately, you need to set a budget. It may be that the model you want isn’t affordable – so perhaps you could try looking at a good quality second hand version which may be a fraction of the price. If safety is the key concern, you’ll probably end up spending a little bit more than you’d first thought. Either way, we can help you to find car loans for first cars with our decades of experience.
Liability in an accident
Unfortunately, teenagers (from the ages of 16-19) are some of the most likely drivers on the road to be involved in accidents. Inexperience and false confidence are often the causes of teenage drivers getting into accidents, so when you’re buying a car for a teenager, bear in mind the safety of the vehicle and don’t buy them something that is overly powerful.
Did you know that under some legal theories, the parent of a teenager can actually be liable for an accident caused by the teenager? This varies from case to case but it’s really important that you discuss with your teenager the importance of safe driving practices and try to set limits such as monitoring the number of friends they drive in their car at one time or ban them from playing distracting loud music.
Choosing between a used or new car for your teenager
Buying a car for a teenager is a big decision – but it doesn’t have to be one that breaks the bank. You want to find a vehicle that is safe and reliable, yet not overly powerful. This will help to avoid accidents caused by driving too fast or the car being out of control.
A used car can be a good option for teenagers as long as it has good safety features and the seller can show you all the documentation. A new car can often be more reliable and, if you have other children, you may want to invest in a vehicle that others can use as they become teenagers (to save them borrowing yours!)
Ask for expert help
Thinking of your teenager out on the open road can be scary for many parents. Knowing that they’re in a safe vehicle and fully insured will help to reassure you that things are covered if the worst happens. Positive Lending Solutions has decades of experience in the car loan industry as well as access to a wide range of lenders – so let us help you when buying a car for your teenager.
Get expert car loans advice so you get your teenager into the right car.