Tips for Teen Car Buyers

Amarillo, Texas - There are millions of teenage drivers on the road and more to come with graduation season, kids expecting a car with their cap and gown. New research shows that owning a car is a great way to learn the rules of the road when it comes to personal finance.

For example, 86 percent of teens feel that parents should help them with automobile expenses such as insurance, repairs and gas, while 91 percent of parents believe assistance is unreasonable. Teens need an on-ramp to financial education. With just a few tips, parents can teach their teens how-to be smart when it comes to buying, paying for and maintaining their cars  as well as on other personal finance matters that help prepare their kids for financially secure futures. 

According to new research:

- Car or Credit Card? 61 percent of parents say that a car is a more effective means of teaching kids financial responsibility than a credit card. 

- Which Generation is Right? While 76 percent of teens ages 15-17 are confident they fully understand the financial responsibilities of owning a car, 85 percent of parents with 15-17-year-old teenagers do not believe their kids are ready.

- Will Kids Complain? 61 percent of parents expect their teen to complain about the financial upkeep of a car within 30 days of getting their vehicle.

Sponsored by: Junior Achievement and American Honda Finance Corporation






More Stories

Latest News