Talk to them about how much you expect them to contribute to the car costs, which could total $6,968 each year, according to a study from Driving-Tests.org. Besides the price of the vehicle and the insurance, there will be fees for the registration, inspection and license plate. And once they’re a regular on the road, they’ll also have to pay for gas, tolls, parking, cleaning and maintenance.
Explain why you’d like them to chip in: It involves them in the process and responsibilities related to owning a car and prepares them for the day when they’ll handle everything on their own. Plus, they might drive more carefully if they contribute to the insurance bill and the repair of any scrapes or dings and if they cover their own parking tickets and traffic violations. This conversation can also teach important lessons about money management. For example, when figuring out how you’ll divvy up the expenses, you can discuss budgeting principles and ways to adjust spending, which teens can apply to their own budgets.
Once you’ve established who’s paying for what, set ground rules for using the car, for example, no dialing, web surfing, selfie-taking or texting while driving—ever. Also discuss how many people can be in the car at once. Who else can drive it? How far can they go? Do they have to be home by a certain time at night?
Make sure you and your teen agree on all these conditions before you hand over the keys. When everyone’s expectations are clear, you’re likely to hit far fewer speed bumps.