Buy a car for them. Let them pay for the car on their own. Do a combination of both. First, it may seem tempting to just go out and buy a car for your teenager, especially if you have the money.
3 Common Car Insurance Questions About Teens
4 Ways to Save For a New Car (for Teens) - wikiHow
Clothing Contract. Global Contract. Credit Card Contract. Driving Contract.
Teaching your teenager about financing their first vehicle
Read: Save money now so you can fire your boss later. And young drivers drivers, who are regarded as more high risk than married drivers, will be penalized if they are single, a separate study by InsuranceQuotes. Hawaii is the only state where insurance companies are not allowed to factor marital status into their rate calculations.
Start early. If you think you might want to buy your own car, start putting aside birthday money and earnings from summer jobs. The earlier you start, the more you can potentially save by the time you are old enough to drive. Set a savings goal. Come up with a number that will cover your car purchase, along with tax, licensing, registration and transfer fees if applicable.