Does your teen driver need a car, but you’re on a tight budget and don’t know how to get one without breaking the bank? Here’s an easy guide to do it!
by Atomic Mommy Editors
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So your new teen driver wants to stop borrowing your car, and they’re begging for their own. But you have no money saved up or you’re barely making ends meet. We honestly understand that because many of us parents go through the same thing.
We’re here to tell you that you can give your teen driver what they want, and you can do it in the most financially sound way. Fortunately, you can successfully find a car no matter what budget you may have. There are a variety of pathways that you can explore to turn your teen’s dreams into a reality. If you’re interested in learning more, then simply read on!
Explore Financing Options
The easiest option to get the car your teen wants, despite not having the available funds to complete the transaction, is to take out a bank loan or get financing.
Loans can be described as a large sum of money that is lent to you by a bank or other similar financial organization. You will need to pay this loan back, and can do so over different periods of time. It is important to note that the loan payments are not always small with manageable amounts. Plus, each month there will be added interest.
Financing opportunities are a little different, as companies like New Roads Auto Loans can offer you an affordable plan that gives you ownership of the vehicle throughout your contract. However, when your contract is up and you stop paying monthly, the car will be returned to the company from which you sourced it.
Whether you choose to take out a loan or accept finance sponsorship, you will be able to get a car and become the proud owner of the vehicle. Just make sure that you can definitely afford the repayments before you ever consider signing up for a loan.
Get A Second Hand Car
Opting for a second hand vehicle might just be the perfect solution for your troubles, as they are often some of the most affordable options on the market. You can source a reliable second hand car for just a few thousand dollars from sites like Craigslist. If you aren’t bothered about the process, this is certainly an option worth exploring.
Ask Friends and Family
There are many people who hold on to their used cars. And sometimes, those forgotten vehicles are a teen driver’s best shot at getting their hands on the wheel! These cars can be great first-time vehicles because they’re often older, with a great ton of wear and tear, and will have a few, if not many, bumps and dings in them already. That’s why asking a friend or family member if they have an old car just sitting in a garage or storage unit not being used, is such a great way to save money!
To ask this question, contact each person you know. Ask them if they have a car they’re storing or if they know someone who is. Perhaps the car is mechanically busted and needs repair. Doesn’t matter because repairing a few small items on an older car is still probably much cheaper than the interest you’ll pay when financing a new vehicle.
Head To The Junkyard
Don’t knock it til’ you’ve tried it! The junkyard is another fantastic financial haven of all types of cars and car parts. Where most people look at new cars, the savviest of people will use junkyards to find a car. Why? For many reasons. The cars in junkyards can be bought for rock bottom prices. Oftentimes, you can find parts from other vehicles to help offset the cost of repairing your junkyard find in a mechanic’s shop. And then of course, because they’re used cars, insurance on them is often much less. So, junkyard shopping for a car for your teen driver is a huge financial advantage!
The Takeaway
Never feel bad about not being able to afford a new car for your teen driver. New teen drivers honestly only care about being able to drive – period! So instead of stressing, use one of the financial saving options above, and watch your new teen driver set off into the sunset with their friends in the backseat of their newish car!