If you have a teenager in the home and they want a car, you have a few options to consider. You can buy the car for them, let them pay for the car on their own or do a combination of both. While it may seem tempting to go out and buy your teen a new car, especially if you have the money, it may not be the best option.
Something else to consider is buying your teen a bank owned car. These vehicles have been repossessed from their previous owners and are now owned by the banks. However, the banks are in the market to lend money – not sell vehicles. What does this mean for you? You can get a decent first car for a fraction of what you’d pay at the dealership.
Let’s look at the benefits of buying your teen a repossessed car.
Honest, Affordable Prices
Car dealerships drive people in with attractive ads, but they’re often deceptive. They might tease low payments, when in reality, the payments are temporary. Or they might show prices after a large down payment or low rates that only go up to a certain amount. Whatever the case, once you get to the dealership, the prices will be more than you thought.
Bank owned vehicles are affordable for a couple of reasons. First, the banks are highly motivated sellers that want to recoup some of their losses. Second, these cars are sold as-is. Whatever problems they come with are your responsibility. In return, the banks offer steep discounts to make these vehicles attractive.
Low Monthly Payments
When you pay less for a vehicle, the monthly loan payments will be lower as well. If your family can’t afford another car payment right now, a repo is a great option because you’ll pay far less than if you were to shop at the dealership. In fact, many repos are cheap enough that you can buy them outright without an auto loan. This is a great option for teens that have a nest egg saved up.
Already Used and Loved
Repossessions are previously owned so they’ve already been driven, used and loved. Even though your teen may feel that something new and shiny is best, this is rarely the case from a practical standpoint. Kids are kids and first-time cars often take a beating.
The nice thing about used cars is that they’ve already been loved. You don’t have to worry too much about dents and dings. And your teen won’t have the pressure of keeping the car in pristine condition – they can focus on their driving experience instead.
Find Your Teen Driver a Car at RepoFinder
RepoFinder has a huge database of repossessed cars that are perfect for new drivers. You can use our search tools to find a car that offers the features your child needs to be safe on the road while saving money and keeping payments low. Shop with us today and see what you can find for your teen driver!