5 Questions to Ask Yourself When Buying Your Teen’s First Car

If you have a teenager at home, there’s a pretty good chance the subject of driving has come up. If you’re considering buying your teen their first car, the experts at Xpress Cash, with our offices in Michigan, Wisconsin, and Idaho, can help you with the financial arrangements, though there are a few practical questions you should consider first.

What Should You Consider When Buying Your Teen a Car?

Buying a car is a big investment. Before you jump into a purchase, there are five important points to consider first:

  • Buying Your Teen's First CarWhat Kind of Car Does Your Teen Need? Consider the kind of driving your teen needs to do. Factors like fuel economy, safety, and the road conditions they are likely to encounter will impact the kind of vehicle they’ll need.
  • New or Used? Take into account whether you want the expense of a new car with all the bells and whistles, or if should you opt for a pre-owned car with more basic amenities.
  • Whos Buying? Decide from the outset who is responsible for payments, maintenance, and fuel, as well as what happens if your teen doesn’t pay their fair share.
  • Where Should You Get Insurance? Depending on your policy, your driving record, and other factors, it may save you money to add your teen to your policy. It may also be more advantageous for them to get their own insurance.
  • What Are Your Expectations? Making sure your teen knows your expectations for road behavior, daily curfew, passengers, night driving, grades, and other factors – and what the consequences are should they break your rules – makes it easier to enforce consequences down the road.

How Can Xpress Cash Help?

Our finance experts can sit down with you and your teen and help you construct a realistic budget for your purchase, taking into consideration all of the costs associated with owning that new car. Once you have those figures in hand, we can help you establish a payment plan that works for you.

For Help Buying Your Teen’s First Car, Contact Xpress Cash

Xpress Cash offers convenient title loans to customers buying their teen’s first car in Michigan, Idaho, and Wisconsin. Contact us today at (877) 675-9300 to find the location nearest you today.