If you’re reading this, you’re most likely a parent whose child is about to have their first taste of freedom. As you may know, this comes in the way of owning their own car. They will be able to go wherever they want, whenever and with whoever. They will get out of your hair more often and give you more breathing room at home; which is a good thing. But, choices choices, where do you begin? The first important thing to realize is, that if you’re going to help your child buy their first car you need to tell the responsibilities that arrive with the car. They’ll be looking after it, you won’t be holding their hand and they will bear the consequences if they dent it up.
Avoiding the first ding
Should you buy your kid a car even if they’re not working? Yes, how else will they be able to go to interviews and find work, to begin with? However, you need them to take some responsibility, such as paying for half the car’s asking price, then insurance and whatever else. Take a look at Buddy Loans where you can borrow between £1,000 and £10,000. The minimum payment length is 12 months but the longest is 60 months. Since it is a fixed interest rate loan, you know exactly what you’re getting into. You can be the guarantor for your child, who will be the primary borrower. They will need to make the payments but you are the safety net should they fail to do so. Work it out among yourselves.
Keep it simple
No fancy bells and whistles needed, no horsepower overkill required and no you don’t need to get the latest model. Keep it simple when it comes to choosing the type of car. Don’t worry too much about the badge, focus more so on the quality of the specific car you’re looking at. It’s best to have the first car be front-wheel drive as rear-wheel drive cars are more of a handful due to the added nature of fishtailing. It doesn’t need to be more than 100 bhp, because modern small displacement turbo engines provide plenty of grunt anyway. Two-doors will be fine but if you can, settle for a four-door type of the car your child wants. That way they have a little more room in the back for friends and for moving items.
Going the long route
The biggest expense won’t be the car itself, but rather the insurance. Your child can knock off around 5-15% off their insurance quote if they have an advanced driver certificate. If you can afford, give them some extra driving lessons specifically for those that have already passed. Something like the PassPlus scheme will come in handy, as you drive in challenging conditions and prove your urban parking skills. Insurance companies will trust the driver more if you have this kind of advanced driver certificate.
Don’t see your child’s first car as a gift. They need to cough up and work for it. Getting out a small loan with you as a safety net is one of the best ways to pay for everything.