Costs Your Teen Driver Adds to Your Budget
I haven’t stopped worrying about my kid from the second he was born, and now as I hand over the car keys, I realize those worries were nothing compared to the stress I feel now.
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If you’re not stressed about your teen getting behind the wheel, I seriously envy you. But, you’re probably a little concerned about how adding a new driver to your household will impact your budget. Kids are expensive, and teen drivers are no exception. Here are a few ways your budget takes a hit when your teen becomes a licensed driver.
Car purchase
My teen is driving a very used 1997 model. It’s practically a family heirloom, though, since his grandmother, aunt, and dad have all driven it. That heirloom angle definitely doesn’t impress him, but beggars can’t be choosers, right? Why have his dad and I saddled him with a “vintage” car? Well, because a new car purchase just isn’t in our budget.
If you’re thinking of buying a car for your teen driver, Tracie Fobes of Penny Pinchin’ Mom suggests making it a joint effort. Help your teen create a savings plan and match the funds.
Protection plan
Insurance is a non-negotiable fee for car owners, and adding a teen to your insurance plan will increase your payments. Our insurance company offers a discount if my son stays on the honor roll — a nice (and necessary) incentive for him to focus on his studies. Check out policies from several insurance agencies; you might find your current provider isn’t the best fit for your budget now that you have a teen driver on the plan.
Pump fees
Unless you have an electric car, your teen will need to fill the gas tank if he wants to run around town. And, gas costs money. So far, we have handled the bill for gas, but as our son gets older, we’ll push that cost onto his shoulders.
Maintenance costs
With my son driving, we have three cars in the family. That means we have an additional car we have to maintain. And, as you know, maintenance and repair costs, even the bare minimum services like oil changes, add up. For now, my son isn’t responsible for maintenance costs, but that doesn’t mean he shouldn’t understand them or put money aside to help with costs, adds Fobes.
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I’m proud my son has earned his license and that he gets to enjoy the privilege, responsibility, and independence of driving. I know he has a good handle on the rules of the road, and now, I need to school him on the costs associated with driving.
DeAnn Owens is a Dayton transplant by way of the Windy City, yet considers herself to be a California girl at heart even though she’s only visited there once. To get through the dreaded allergy season unique to the Miami Valley, she reads, writes, complains about the weather, and enjoys spending time with her husband, two sons, and their newest addition, a Boston terrier puppy that is now in charge of all their lives. In the future, she hopes to write a novel and travel through time. See more articles by DeAnn.