Tuesday, May 24, 2016

Teach Your Teen These 5 Frugal Car Tips from A Motor City Expert

Today’s fantastic family finance article is:

Frugal Teen Car With Friends

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:

  1. 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.
  2. 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.
  3. 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.
  4. Stick to 87 Grade fuel. Ignore the advertising. Modern injection systems can run on anything. Don’t get duped.
  5. 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.

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