Question: How Much Should I Spend On A Car For My Teenager?

What percentage of 16 year olds have cars?

Newly released data from the Federal Highway Administration shows the percentage of American teenagers with licenses to have more or less plateaued at levels much lower than those of a few decades ago.

In 1984, 47.8% of 16-year-olds in this country could legally drive.

In 2018, only 25.6% could..

What is the most reliable car for a teenager?

Best Choices for TeensModel (year range)Starting priceToyota Corolla hatchback (2019 or newer)$15,800Honda Insight (2019 or newer)$17,900Subaru Crosstrek (2018 or newer)$18,700Toyota Prius Prime (2017 or newer)$18,70045 more rows•Jul 30, 2020

Are older cars cheaper to insure?

Car insurance premiums: new vs old cars Insuring an older car can often be cheaper than insuring its newer counterpart, due to the fact that older cars generally have a lower market value and therefore cost less to repair or replace, according to Canstar Research.

What is the best starter car for a teenager?

Best First Cars for TeensBEST OVERALL. Volkswagen Golf. See Photos. Starting Price: $21,805. … BEST MIDSIZE. Toyota Camry. See Photos. Starting Price: $24,565. … BEST SPORTS CAR. Mazda 3. See Photos. Starting Price: $18,990. … BEST ALL-WHEEL DRIVE. Subaru Impreza. See Photos. Starting Price: $19,355.

How much should a high schooler pay for a car?

The frugal rule: 10% of income For many people, I think that will be between 10–15% of your income. So if you earn $25,000 a year, that’s going to be a high-mileage used car for $2,500–$3,000. If you earn $80,000, that’s a used car for around $10,000 or $12,000.

What is a good starter car for a 16 year old?

The best cars for teenagersHonda Civic (2012-2016) … Toyota Camry (2012-2014) … Hyundai Sonata (2011 or newer) … Nissan Altima (2014 and newer) … Toyota Prius v (2012-13) … Ford Focus (2015-2017) … Subaru Forester (2009-13)

What is the safest car for a teenage girl?

When you and your teen are shopping for a new car, safety should be top priority….10 of the Safest Cars for Teenagers to Drive.Vehicle modelSafety featuresMazda CX-5Mazda CX-5 safety featuresSubaru ImprezaSubaru Impreza safety featuresToyota CamryToyota Camry safety featuresKia ForteKia Forte safety features6 more rows•Dec 18, 2020

Should I buy a 15 year old car?

Most cars from 15 years ago are still on the road. 15 years isn’t that long. Look for one under 100,000 miles and you’ll have yourself a nice score. … Buying a 15–25 year old car is the best way to go.

Can I buy a car if I’m 17?

Seventeen-year-olds can’t take out a car loan, or even become a cosigner or co-borrower on one. In the U.S., you absolutely have to be 18 years old in order to legally sign a loan contract. Up until you turn 18, you’re considered a minor by law and can’t enter into a contractual agreement with a lender.

What is a good used car for a teenager?

Best Used Cars Under $10,000 for Teen Drivers2011 or Newer Mazda 3. … 2014 or Newer Subaru Impreza. … 2013 or Newer Subaru Legacy or Outback. … 2012 or Newer Honda Accord. … 2016–2018 Volkswagen Jetta. … 2014 or Newer Mazda CX-5. … 2014, 2016 or Newer GMC Terrain. … 2011–2012 Lincoln MKZ.More items…•

What is a good price range for a first car?

All that being said I would recommend the average person save up $5000-$10000 for there first car. If you really don’t mind a beater vehicle you can spend as little as $2500 of an older Japanese sedan that has been taken care of. Just try to avoid rust anywhere on the vehicle.

Is it better to buy or lease a car for a teenager?

If you’d like to ensure your teen has access to these features without paying a high price, leasing is your best bet. Fewer maintenance issues: By leasing a car for your teen, you reduce your risk of having to deal with regular maintenance issues that arise as cars age.

What are the 5 deadliest cars?

Here are the 10 vehicles that have been named the most dangerous vehicles in America:Ford Mustang GT Coupe (2015-18)Kia Rio (2015-18)Nissan Versa (2015-19)Kia Forte (2015-18)Hyundai Elantra (2011-16)Fiat 500 (2012-19)Nissan Versa Note (2016-2019)More items…•

Is a BMW a good first car for a teenager?

It really is hard to not feel cool as a teenager driving a sporty BMW coupe. The 1 Series is the perfect car for that, as it’s small, awesome looking, drives fantastically and is more than fast enough to be fun, with either engine option. Most teens would go for the BMW 128i, which is probably for the better.

What’s a good first car for a 20 year old?

Thanks to its strong overall value, the Honda Civic was a finalist for our 2020 Best Compact Car for the Money award, so young drivers know they’re spending money wisely. It’s also near the top of our compact car rankings. The sedan and hatchback are the most practical, but the coupe has appeal, as well.

What is the least expensive car to insure for a teenager?

Our study found a wide range of insurance costs in the sample with the Mazda MX-5 Miata as the cheapest car to insure, Subaru Outback was the second cheapest to insure and Volkswagen Golf GTI took third place.

What is the safest car for a 16 year old?

Updated July 30, 2020Small carsModel yearsPriceToyota Camry2012 or newer$7,500Toyota Prius v2012-14$7,800Honda Accord sedan2012$7,900Hyundai Sonata2015-16$10,10023 more rows

Why you shouldn’t buy your kid a car?

One of the reasons you shouldn’t buy your kid a car is because they need to learn how to earn what they get. Part of your job as a parent is to teach your kids responsibility. … Even with those financial responsibilities, it may not be enough to teach your kids that they get what they earn for themselves.