Buying your kid a graduation car? Consider this!
**A contributed post as written for The Safe Driver.
They grow up so quickly, don’t they? One moment they’re learning to walk, and the next moment they’re pulling out of your driveway in a new car. There’s a reason that a car has become one of the quintessential graduation gifts – it’s a symbol of freedom, a symbol of them striking off on their own and forging their own path.
But don’t be too hasty in getting that new car. There are still certain points every parent should consider before gifting their kid a car. In this post, let’s talk about the three main considerations: safety, fuel economy and method of finance.
Choosing a Car That’s Safe
They may be flying the coop, but they are still your precious angel, and you have a vested interest in their safety and well being. No one is saying you have to stick your kid in the biggest, beefiest SUV you can find (there are safe cars in every class) but do your research. Search vehicles in your preferred car class to determine what ones are the safest, looking at features, crash test rating, driveability and overall safety.
The NHTSA is a great place to start. They assign star ratings to every car (or, almost every car) available, and include comprehensive analyses of each vehicle’s safety.
Considering Fuel Economy
Assuming that your kid, and not you, will be the one to fill up the gas tank, it might be wise to consider fuel economy
when making your decision. Young adults aren’t exactly known for their stores of wealth, and gifting them a fuel-efficient car will ensure that you don’t financially burden them down the line.
Great strides are being made these days in hybrid and electric automotive technology, so it shouldn’t be difficult to find a car that’s fuel-efficient, safe and – importantly – fun to drive.
To Buy, to Lease or to Subscribe?
You have options when it comes time to actually acquire the car. While many opt for purchasing, a growing number of people, especially young people, prefer to take on car leases. This is because life changes so quickly at that age, and many kids would rather have a two-year commitment on a lease than a seven-year commitment with an owned vehicle. Further, you can actually afford a better car when you lease, and what 18-year-old doesn’t want to roll up to their first day at college in a luxury car, right?
A fairly new option is to join a car subscription service. Essentially like Netflix for cars, this service allows you to pay a flat monthly rate for access to a wide variety of cars. Your kid can swap or renew their car on a monthly basis, and you can cancel at any time. It’s perfect for a recent high school grad who’s still on the fence about where they want to go next, since, of the three options, it’s by far the most flexible. You can learn more about car subscription services at the link provided, and how they compare to leasing.
Surprising your kid with a new car is sure to be one of the most exciting moments in their – and your – life, but do some advance research. Pick a safe vehicle, one that doesn’t guzzle gas, and decide what method of finance works best for your kid.