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Buying your teen a car: What it really costs

If you’re buying a car for your teenager, safety, reliability and peace of mind are probably your top considerations—but you should also be thinking about the financial implications. A little advance planning can help you figure out what’s best for both your wallet and your new driver, while also teaching your teen a lasting lesson in financial responsibility.

Know the upfront expenses

Find the right car for new drivers

Set expectations for your teen

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The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.

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