It’s always a great achievement for your kid when they pass their driving test. After all, they have been through weeks of training and are now ready to hit the road. But while it can leave moms delighted, it can be a stressful time too. After all, you worry about your kid being out on their own. And not only this but you have to hunt down the funds for their first car too! A lot of moms don’t know if they can afford the extra monthly cost. Therefore, here are some tips on funding your kid’s first car when they pass their test.
Put you or your partner on the insurance
You might find that the insurance is the top thing which can leave you broke when you are getting your kid a car. After all, when they have first passed, the insurance will be at an all-time high. And it can leave you feeling the pinch paying out for this as well as the vehicle. But your bank balance doesn’t have to be in jeopardy. You should put you or your partner on the insurance to ensure it doesn’t cost the earth. After all, with your years of no claims, it can bring down the insurance to a better price level!
Look at getting it on finance
As much as you would love to fund your kid’s first car, you might not have a grand or so sitting in your bank. But it doesn’t mean it has to be the end of the road for your kid’s car dream. You might want to look into getting the car on finance. That way, you can just pay monthly for the car rather than having to fork out the funds in one go. And if it’s a monthly charge, your kid might want to put money towards it too. That way, they know they have helped to pay off the vehicle too. Just make sure you look online first for the best interest car loans. That way, you won’t end up with a loan which is going to get you into debt due to the high repayments every month.
Go for a cheap car
Your kid is bound to have lots of ideas of what car they want as their first vehicle. But while they might be dreaming, you need to keep your head out of the clouds to keep your bank balance in check. In fact, you should go for a cheap run around which won’t break the bank. In fact, you can often find a lot of decent little cars for less than a grand that your kid can use. And there are lots of benefits of going for an old banger. For one thing, it might be a lot more reliable than the newer cars on the market. And if they do get into an accident with their first car, it’s going to be less stressful if it’s only a cheap car to replace! Just make sure you check the history of the car and the previous owners to ensure you don’t get an old rust bucket!
And remember to look into getting a car which can be passed down through the siblings to save you money!