Sunday, May 18, 2014

How much should a teen spend on their first car?

So I am 15 and have my permit. I'll go take my driver's test in September and I'd like a car of my own. It's not an independence thing or something like it. My parents would be more than happy to lend me their cars but my dad has a Nissan Titan and my mom a Suburban. I don't drive very well with bigger cars so I'd like something small of my own.

I'm planning to get a summer job in June and save about $300 a month for my car. What I'd LIKE is a new Hyundai Elantra which is about $16-17K at the local dealer. Is that too much for a first car? What do you think a teen should spend on their first car? Both new and used? Also, what do you think is a good first car?

(note: I'd probably pay a majority of the car. I usually buy all my material items with saved up allowance. I've bought my laptop and iPhone)

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