Buying your teenager’s first car is an exciting experience for any parent, but with the average cost of a first car for a teenager in the UK now creeping over £3400 many parents are struggling to be able to afford to get their child the car they desire.
For savvy parents looking to save money and give their teenager a reliable, safe vehicle to save them time ferrying them around, leasing a car is the perfect solution. In this article we explore the reasons why leasing a car is a good way not only to save money, but also to give your teenager the cool car they want to drive.
There’s a huge choice available
All of the UK’s most respected car leasing companies offer a wide range of models, so whatever your child’s tastes they’ll be a car leasing option to suit them. Most will have each model in a variety of colours and styles so your child can select the car they like in the same way they would with a brand-new car.
It’s cost effective
When you buy a car outright, even if buying it with a car loan, you have lots of additional costs to consider including road tax, maintenance and MOTs, but when you lease a car you only have to worry about practical costs such as petrol, parking and insurance.
As such, you can enjoy affordable car leasing without the hassle of having to support your child in paying additional costs.
Car leasing is flexible
The terms of your lease depend entirely on your preference and the offering the company you lease with provides, and you can communicate with your service provider throughout the process to make the most out of your child’s car leasing experience. You can also add services to your leasing agreement, such as maintenance packages to save you and your teenager even more money.
Leases last a set amount of time
Car lease lengths depend on the provider, but most of them run between 3 months and 2 years, meaning that you can select the length of time that suits your teenager. This means that they can change their car as regularly as the fancy takes them and enjoy all the benefits of a new car without being tied into a payment plan or long lease.
Fixed costs will help your teen to budget
Having a fixed monthly payment for their car, rather than having to pay a lump sum as well as numerous other costs, will give your teenager the chance to practice managing their money.
They will be able to see learn how to take into account monthly costs and appreciate the value of their hard-earned cash.
Your teenager will drive a better car
Second-hand cars are among the most popular choices for first cars because they’re cheap, but they also come with lots of mechanical problems, and as such are notoriously unreliable. Used cars have a variety of issues that could potentially leave your teenager stranded and stuck with a heft bill. By leasing a car you’ll be able to get them a newer model which will be more reliable, leaving your child free to have fun and enjoy the freedom of having their own transport.