Your son or your daughter may well have passed their driving test. This is great, but now you have an issue on your hands. They are desperate for their own set of wheels, and cars don’t come cheap. You will probably have to help them out financially and if this is the case then you are not alone. 20% of parents would happily help their child to buy their first car. If you want to make the best decision possible, then this is the guide for you.
Work out your Priorities
The first thing that you need to do is try and work out your priorities. You also need to work out your budget before you begin car shopping. Don’t forget to talk about it with them and also make sure that they are happy with the choices you are making. This will save you a great deal of time and it will also help to keep arguments at bay. Even if you do have the money to buy them a new car, your child may have a different idea of what car they should be starting out with. They may want something to impress their friends but at the end of the day, your priority may well be their safety. There will have to be room for compromise but ultimately, it comes down to finding the best, the safest and the most reliable model within your budget.
Budget for Safety
If your budget allows for it, then you have to try and budget for safety. The newer the car is, the better it is because safety is constantly improving. It’s very easy for you to buy a newer model second-hand if you want, and this is the best way for you to make sure that your child is happy with your decision while also making sure that it is a good option in terms of safety. A smaller engine is also better for your child in terms of fuel economy, not to mention that companies will charge way more for vehicles that have a powerful engine. Now would be the time to talk to your child about safety too. Tell them what to do if they ever get in a crash, and give them the number for a car crash lawyer.
When you are trying to shop for your child’s first car, you have to make sure that reliability is a priority. You have to make sure that you get the right insurance cover too. Young drivers often face high insurance costs because they are way more likely to be involved in a crash when compared to experienced drivers. If you intend on adding your child to your own insurance then this will put the price up, but it will probably be cheaper when compared to them having their very own car. One option to think about would be telematics. This will give your child limitations in terms of their driving, but it will keep them safer, and it will also bring down their insurance rates too.