Establish A Budget
Before buying any car you should always establish what kind of car you can actually afford. When it comes to purchasing your teen’s first vehicle, there are other factors that come into play. For example, just because you can afford to buy your teen a brand new Porsche doesn’t mean you should. You may want to discuss with your teen what kind of vehicle he or she wants, how he or she might contribute to paying for the vehicle and how he or she plans to use the vehicle (for example, is the vehicle just to get them through college or only to drive to work). You and your teen will want to establish a realistic goal as you may be already budgeting for college and other expensive educational options. Make sure whatever vehicle you decide upon is something that you can afford and won’t push your family into deeper debt.