Want a car? Make a Plan…
For many teens, the idea of getting a driver’s license and buying a car is an exciting dream. In a 2016 study, Autotrader and Kelley Blue Book found that 92% of Americans under the age of 18 want to own their own car. The study also found that 72% of those young people said they would give up social media for one year to have a car!₁ And they are not alone. In 2015, about 17.5 million new cars and trucks were sold in the United States.₂ While buying a car may at first seem simple, the high cost of car ownership is often surprising. Making short-term and medium-term savings goals is a helpful first step to car ownership. If your financial goal is to purchase a car within the next few years, make a plan now for how much you will need and how long you will have to save, and then start saving!
₁ Fox Business, 92% of Teens Want to Own a Car
₂ The Wall Street Journal, U.S. Car Sales Set Record in 2015