Today’s fantastic family finance article is:
Most teens don’t think beyond the sticker price when dreaming about their first car. In fact, some don’t even think that far! Make sure your teen understands all the costs that go into owning a car. Use this handy Cost of Automobile Ownership infographic to kick-start the conversation. If your teen has a specific dream car in mind, you can delve a bit deeper with Edmund’s True Cost to Own Calculator. After that little financial wake-up call, you might transition to talking about how it might be cheaper to use Uber or Lyft instead. In fact, one young adult saved nearly $1,000 a month using car sharing services instead of owning her own car. What would your teen do with an extra grand a month? That’s something to dream about.