Car Budgeting and Buying Tips for Younger Drivers

Mar 16, 2023

We know a lot of young drivers are heading out for Spring Break soon, and Summer Vacation is just around the corner from that! That’s why today’s blog is dedicated to helpful tips for new and recently licensed drivers. We want to see you hit the road to adventure and make the most of life, but for you to do so as safely as possible! Check out these hints, tips, and advice from seasoned drivers to keep you and your car in tip-top shape no matter what life throws at you, and where the road takes you.

Are there any more helpful suggestions you’d like to see us share for new or young drivers? Let us know in the comments below!

Buying your first car so you’re ready for summer? Here are some tips to help you set your budget and prepare financially for the long haul.

Determine your budget. Figure out what you can afford from money you’ve saved up, or what you can comfortably finance as recurring expenses and payments.
Bear in mind that it costs about $7-$10k on average to maintain your car depending on the vehicle. That cost should cover regular maintenance/basic repairs, but you will always want to be prepared for emergencies. If you’re purchasing a used vehicle, we recommend doing a bit of cost analysis for the make/model/year for average repairs and routine mileage maintenance.
Get some insurance quotes for the vehicles you’re considering, and do a cost breakdown for different payment plans to figure out which will work best for you and your bank account. Insurance can cost upwards of $2k or more for new and younger drivers annually.
Consider your commute (to and from school or work or activities) and check the fuel economy and mileage rates for the vehicles you’re interested in. Choose the one that is more cost conscious and has better miles per gallon to save on recurring costs.

Test drive all of the cars you’re considering purchasing, and bring a trusted, knowledgeable driver with you as a second opinion when inspecting a vehicle’s handling, appearance, and condition. Make sure you’re comfortable driving the vehicle before you plunk down that change! If purchasing preowned or used, many sellers will also allow you to take the car to your personal mechanic for a once-over to make sure it’s reliable.
Add up the cost of roadside assistance plans as well as roadside emergency kits. It’s better to have coverage in case of emergency and save on costly towing fees or emergency costs. Some vehicles sold through dealerships will have special plans that cover drivers in case of a vehicle collision or breaking down on the road. Keeping an emergency bag in your car will ensure you’re prepared in a pinch! Items like jumper cables, flares, tire repair kits can also save you time and money until help arrives.