Moms First: Preparing your teen driver for success on and off the road
Whether your teen receives a car at graduation or you have a newly licensed driver-- there are important discussions about distractions, financial responsibility, and curfews that every parent should have.
According to a recent study by American Honda Finance Corporation, 96-percent of parents say they would only help their teen buy a car if they demonstrated financial responsibility.
One expert says it's important to prepare teens both on and off the road. They say parents should rev up the car talk about responsibility and financial aspects of owning a vehicle.
"When you own a car, it's really important that you budget to manage expenses when it comes to gas, insurance. You also learn to pay your bills on time,” said Farnoosh Torabi.
Financial experts say teens need to know that parents may not be willing to help with expenses.
"Research shows that 80-percent of teens think that mom and dad will help them out with car related expenses like gas; but 91-percent of parents say they have no plans on doing this. And so teens wallet maybe necessity to own a car they need to be the ones that are ready and responsible to afford it,” said Torabi.
Teens may also benefit from knowing that if they have good grades that can help them reduce their insurance premium.
Your new driver can take a test to see how financially ready they are to own a vehicle. Just visit financialtestdrive.org