The Cost of Keeping a Car for Your Teen

The cost of buying a car is one thing. The cost of keeping a car is another. Adults who own cars know very well that buying a car is just the start of the stress that it can bring to your pocketbook. As for teenagers who want to own a car, most of them fully understand the costs o buying one, but few of them are not aware of the continuing costs.

Expensive business

Everybody agrees that keeping a car is a costly business. For one, you need to buy gas regularly and pay huge sums for car maintenance. The price of gas has increased exponentially in the past few years. Today, an oil change can cost from $25 to $50.

You also have to deal with such little costs as parking fees, inspection fees, tolls, washing the car, and so forth. There are also the registration fees, driver’s license renewal fees, and the huge one – auto insurance.

Car insurance

When teenagers start driving their own cars, they will either have to purchase their own car insurance or their parents will have to add them to their policies. Insurers are likely to require teens to be added to their parents’ insurance policies or to have their own policies when they get a learner’s permit.

However, since a licensed driver is required to accompany a learner in the car, many insurers do not consider a learner as a significant risk, and will charge only a small amount to add them to a parent’s policy. However, other insurers will significantly increase your rates when your child gets the permit. Insurers consider teens as high-risk customers since they are inexperienced and frequently more mistakes compared to adults who have been driving for a longer time.

Adding your teen onto your policy

Adding your teen onto your policies is not always the least costly way to insure your teen. If you have two or three pricey cars and your teen will drive one of them, it will definitely cost a large sum to add him/her onto your policy since fixing high-end cars costs a lot of money.

If you have discounts on your insurance policy like multi-vehicle or safe driver, adding your child to your policy is perhaps the best way to go. You have to sit down and consult with your agent to know which plan is best for you and your child.

Teach your teen the value of taking care of his/her car

Explain to your teen that having his/her own car is a costly business, and that the real expenses begin after the car is bought. You must teach him/her the value of taking care of the car, and be sure that your teen understands very well what must be done in maintaining the car.