Quick Answer: How Much Should A Teenager Pay For Their First Car?

What is the safest car for a 16 year old?

Updated July 30, 2020Small carsModel yearsPriceToyota Camry2012 or newer$7,500Toyota Prius v2012-14$7,800Honda Accord sedan2012$7,900Hyundai Sonata2015-16$10,10023 more rows.

Can I buy a car for $1000?

The best car you can buy for less than $1000 is most likely to be found at one place. Yes, that $1000 Ferrari is a myth, but for $1000 or less you can often get a surprisingly nice car that has been fleet maintained, and it doesn’t have to be a police car.

Should I buy a 15 year old car?

Most cars from 15 years ago are still on the road. 15 years isn’t that long. Look for one under 100,000 miles and you’ll have yourself a nice score. … Buying a 15–25 year old car is the best way to go.

How much should a teenager save for a car?

At the bare minimum, your savings goal should equal an appropriate down payment amount. Typically, this is 20% of the total cost of the car. If you are planning to take out a loan to buy your car, have at least 20% of the total price ready to pay in cash as a down payment.

What is a good first car for a 17 year old?

The Volkswagen Polo is every new driver’s dream motor. This sporty supermini comes with lots of driver assistance features too, such as Front Assist and City Emergency Braking that help you to avoid hazards on the road – you can never be too careful.

What is the cheapest car to insure for a teenager?

Best cars for teensRankCarMSRP1Mazda MX-5 Miata$23,7202Subaru Outback23,4953Volkswagen Golf GTI25,3854Mini Countryman19,95016 more rows•Sep 10, 2020

What is the best starter car for a teenager?

Best First Cars for TeensBEST OVERALL. Volkswagen Golf. See Photos. Starting Price: $21,805. … BEST MIDSIZE. Toyota Camry. See Photos. Starting Price: $24,565. … BEST SPORTS CAR. Mazda 3. See Photos. Starting Price: $18,990. … BEST ALL-WHEEL DRIVE. Subaru Impreza. See Photos. Starting Price: $19,355.

How much should a high schooler pay for a car?

The frugal rule: 10% of income For many people, I think that will be between 10–15% of your income. So if you earn $25,000 a year, that’s going to be a high-mileage used car for $2,500–$3,000. If you earn $80,000, that’s a used car for around $10,000 or $12,000.

What is a good starter car for a 16 year old?

The best cars for teenagersHonda Civic (2012-2016) … Toyota Camry (2012-2014) … Hyundai Sonata (2011 or newer) … Nissan Altima (2014 and newer) … Toyota Prius v (2012-13) … Ford Focus (2015-2017) … Subaru Forester (2009-13)

What is the best cheap car for a teenager?

Best Cheap Used Cars Under $10,000 for TeenagersMazda MX-5 Miata.Honda Fit.Toyota Corolla XRS / Matrix XRS.Jeep Wrangler TJ.Honda Civic Si.Mazda6 wagon.Toyota Tacoma.Subaru Forester XT.More items…•

What is a good budget for a first car?

If you don’t want to worry about buying more car than you can afford, here are the optimal budget guidelines that most experts recommend: Monthly car payment should be no more than 15% of your gross pay or 20% of your take-home pay. Down payment should be at least 20% of purchase price.

What is the easiest car to build?

23 Best Project Cars To Start A Home Build8 Mazda Miata.7 Acura Integra.6 E36 BMW 325i.5 Volkswagen Beetle.4 Volkswagen Golf GTI.3 Mitsubishi Lancer.2 Eagle Talon.1 Mitsubishi Galant.More items…•

Is a BMW a good first car for a teenager?

It really is hard to not feel cool as a teenager driving a sporty BMW coupe. The 1 Series is the perfect car for that, as it’s small, awesome looking, drives fantastically and is more than fast enough to be fun, with either engine option. Most teens would go for the BMW 128i, which is probably for the better.

What percentage of 16 year olds have cars?

Newly released data from the Federal Highway Administration shows the percentage of American teenagers with licenses to have more or less plateaued at levels much lower than those of a few decades ago. In 1984, 47.8% of 16-year-olds in this country could legally drive. In 2018, only 25.6% could.

Can I buy a car if I’m 17?

Seventeen-year-olds can’t take out a car loan, or even become a cosigner or co-borrower on one. In the U.S., you absolutely have to be 18 years old in order to legally sign a loan contract. Up until you turn 18, you’re considered a minor by law and can’t enter into a contractual agreement with a lender.