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Should you pay for your teen’s first car?

August 17, 2014

first-car1

It seems like only yesterday that your son or daughter was taking his or her first steps and now is ready to drive. A certain trepidation is likely to be mixed in with your pride in your child’s increasing independence.

While your teenager is eagerly anticipating getting their first car, you have totted up the costs involved and realized that this could add thousands of dollars a year to family expenses. A big chunk of those extra costs come from the fact that teen drivers tend to have more accidents, and are so more expensive to insure; another worrying factor.

Most teenagers aren’t going to be able to cover costs by themselves, so how should you handle getting your teenager’s first car, and how much should you contribute?

Read the entire CarFax article: CarFax.com

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