Making Your First Car Money Stretch

Driving is a big thing for teens, with 50.9% of teens behind the wheel. That’s good news for you, as a teen, as it means there’s a strong market in which to get the very best deal on the various costs of your first vehicles. How exactly do you save dollars, though? There’s a few ways, and a few you might not even know.

Value Of The Vehicle

Before you think about how to save your dollars and cents on, or after, the point of purchase, remember what your vehicle is going to do for you. Having a car opens doors (and no, not just literally) by giving you the opportunity to branch out and explore career opportunities – whether that’s easily being able to travel for a job interview, or picking up mobile part-time work.

Insurance

This is the biggie – there’s no way around it. Parents will find a 44% teenager insurance premium rising to 62%. The fact is, teen drivers are seen as the most likely to be in an accident and the cost of insurance reflects that. There are, however, ways around this.

The first is less of a trick and more of a good practice; look around. Take your quote elsewhere, and make sure you’re finding the best insurer you can; your insurance could save hundreds on a quote price you found elsewhere. Aside from that, there are several ways to reduce the premium by combining drivers and vehicles, and when you’re 18, taking out your own plan for long-run benefits. You can also take on small alterations, like a dashcam, that give insurers a sense of assurance that you’re going to drive well and be able to prove any claims that weren’t on your head.

Go Cheap!

Yes, every driver wants to be in the luxury Mercedes or BMW. If you’re lucky enough, or have put in the hard work, that means you can – good for you. Honestly. However, if you’re a first time driver and it feels like you don’t have a dollar to rub together, go for a cheaper car to save money. You don’t need that huge estate when you don’t have a family to lug around, and so long as the thing runs you’ll be more than happy with a smaller and/or older vehicle.

Driving is frequently considered a crucial part of the American teenager’s upbringing, but the costs can be prohibitive, even for those with a bit more spare income than the rest. It needn’t be, though, and with a little bit of guile and mindfulness over your options, you can stretch your dollars.