Finally, you sign on the dotted line. Welcome to the world of car ownership. Status is only part of having a nice ride. Mostly, it means financial responsibility, because as everyone knows, a car isn t cheap. In addition to monthly payments, insurance for teen drivers is expensive.
Most kids get a break by signing on to their parents coverage.
And don t forget the costs of gas, license renewal and upkeep. While new cars depreciate fast that is, lose their value they also come with warranties. Used cars are less expensive, but may have surprise repair costs. You ll also save on insurance. Use Regular Gas High-octane gas is a waste of money, says the Federal Trade Commission.