A teen’s first car is a special vehicle. Unfortunately for parents, getting that special vehicle can be an expensive proposition. If you’re looking to get your teen his or her first car, you might want to consider one of the affordable options below.
Turn Over the Family Car
One of the most common ways to get your teen a new car is to hand over the family car when it’s time for you to upgrade. This one takes a bit of preparation, as it essentially requires timing your purchase of a new car to coincide with your teen getting his or her license. Though you will be out the money you’d make from either trading in or selling your car, this is an easy way to get your teen behind the wheel.
Look for Old Used Cars
Getting a teen a used first car is usually a good way to reduce the costs of buying a vehicle while still getting your teen something safe. You can check out local lots that have older cars for sale, or you can check online to see if anyone in your area is selling a vehicle for an affordable price. Though the mileage on these vehicles tends to be high, the prices are generally fairly low. A good way to find used vehicles is to attend an auction. These are held by banks where they sell repossessed vehicles (usually at the wholesale price). There are also auctions held by auto wholesalers where new car dealers sell traded-in vehicles they don’t want to hold in their own inventory.
Repair or Rebuild a Vehicle
If you’re mechanically inclined, one of the cheapest ways to get your teen into a vehicle is by repairing it yourself. Back in the day, I bought two used “old style” VW bugs. One had a good body and a bad engine the other had a good engine but a bad body. I was able to swap the good engine into the good body and get a working vehicle very inexpensively. Today it’s a lot harder to find used old style bugs but there are other vehicles that are high on the repair list. People like repairing Jeeps so that is a possibility. According to repairpal, the Jeep Renegade Reliability Rating is 4.0 out of 5.0, which ranks it 4th out of 7 for subcompact SUVs. The average annual repair cost is $498 which means it has lower than average ownership costs. The severity and frequency of repairs are both much lower than other vehicles, so the Renegade is one of the more reliable vehicles on the road.
Hondas and Toyota are also good possibilities. The Honda CR-V Reliability Rating is 4.5 out of 5.0, which ranks it 2nd out of 26 for compact SUVs.The average annual repair cost is $407 which means it has excellent ownership costs. The severity of repairs is low, and these issues are less frequent than average, so the CR-V is one of the more reliable vehicles on the road.
Over all of its vehicles, Toyota has a reliability rating of 4.0 out of 5. The average annual repair cost for all Toyota models is $441 per year. compared to $652 across all brands. This includes both scheduled maintenance and unscheduled repairs. But you need to be careful which Toyota you choose. For instance, it’s typically cheaper to buy a broken-down Land Cruiser and Toyota Land Cruiser parts than to buy the vehicle used, and doing the labor yourself can save you quite a bit. As a bonus, repairing the vehicle can be an excellent bonding opportunity between you and your teen. But the land cruiser will probably need more frequent repairs than some of the other Toyotas as its reliability rating is only a 2.5 out of 5 which ranks it 14th out of 14 for full-size SUVs.
Check Out Estate Sales
An estate sale may also be a viable way for you to get a good vehicle at a reasonable price. Cars sold at estate sales are generally priced to move, and most cost significantly less than those you would find on public car sale sites. Though there’s no financing available through the seller and you certainly won’t be able to haggle much, you can find great deals at these sales.
Finding an affordable car for your teen usually means looking off the beaten path, but it is possible. Try to work together with your teen to find a great vehicle that you both like but that won’t break the bank. No matter what he or she drives, your teen will definitely appreciate the freedom that comes with having his or her own car.
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