If you have a child who’s turning 16, chances are they want two things:
- …to learn how to drive
- …and get a vehicle of their own!
And why not? We’re constantly shown teenagers who drive in movies and TV shows – and the kind of vehicle is whatever the plot needs.
The stuck-up rich character will end up with a convertible or a BMW, and the down-and-out low-income family kid gets the beat-up old Camaro (that may or may not transform into a robot).
And in these movies and shows, the kid gets their car, drives it off the lot, and that’s the end of it.
But, the media doesn’t show the reality of buying a vehicle or the financial responsibilities:
- The cost of buying a car upfront or leasing it.
- How expensive insuring a teenager with a vehicle is.
- How the age of the vehicle can impact the cost (not only for buying/leasing but insurance and maintenance, too).
- … Or even the cost of filling up the gas tank!
So it’s up to you to educate your child – and decide if you want to front the costs or take the opportunity to teach them a little financial lesson.
Depending on how you plan to mobilize your no-longer-young ones, there is a truly great opportunity for them to learn about financial responsibility.
If you want to go over what to look out for and how to involve your child, give us a call at 513-563-PLAN (7526) or book online to chat with us!
