Your Teen's First Car: Assessing Your Teen's Needs and Budget
Taking the time to do it right.
Our two cents
As with any large purchase, buying a car shouldn't be done hastily. Your teen should take the time to calculate how much money he or she can comfortably spend, factoring in hidden costs and extra features.
Pricing a vehicle
There are several different ways to look at the price of a vehicle. Some people feel the overall cost is important, while others are more concerned with monthly payments.
If your teen is more focused on monthly payments, be sure to factor in other fixed monthly costs as well, including:
This is a great opportunity to put our monthly budget planner to good use!