Today’s fantastic family finance article is:
Henry Payne knows a thing or two about cars. He’s the auto critic for the Motor City’s Detroit News, a syndicated car-toonist, and an amateur race car driver. He also knows a thing or two about teens. He raised two of them. So who better to trust for advice when it comes to cars, teens, and money?
Here are Henry’s top 5 frugal auto tips for teens:
- Buy used. Look for a pre-owned, compact hatchback sedan (Fiesta, Golf, Prius Hatchback) — great fuel economy with enough seats for your friends. New cars are a raw deal.
- Find a trusty neighborhood mechanic. Big, high volume dealerships make their money on expensive, $85-an-hour scheduled service. A good local shop will not only charge less per hour ($60) but also find you cheaper parts. And a kindly mechanic will look out for you, too.
- Get a bargain on high quality tires. No regular expense is greater than tires. Check out TireRack.com to find the most affordable, dependable options for your wheels.
- Stick to 87 Grade fuel. Ignore the advertising. Modern injection systems can run on anything. Don’t get duped.
- Save up. Put a little away every month and you’ll be able to pay cash for that first car of your dreams. That’s real independence. Your own car — with no debt payments.
Now your teen has the inside track.
Get tomorrow’s tip here.