Victoria Buying Cars - Determine Needs - Teen Car Buying Tips

If you have never bought a car before, there are key barriers and concepts to keep in mind when car shopping:

  • Lack of credit history makes it difficult to get a car loan (if you are under 18, impossible)
  • Some car salespeople will take advantage of a first time car buyer
  • Lenders may not approve car loans on older (cheaper) used cars
  • Insurance rates for teens especially are high, often in the $5000 range
  • Insurance rates for single males under the age of 25 are also very costly (some provinces have passed gender discrimination laws that level this, UNTIL you have your first accident, when rates got through the roof)
  • You need to budget for gas, maintenance and set aside funds for "ambush (emergency) repairs, which are more likely to happen with older used cars.
  • There are a host of teen driving safety issues (many provinces now have staged learners permits, with conditions getting lesser over time, inluding nighttime driving restrictions, highway usage restrictions, numbers of passengers in the vehicle, zero tolerance for alcohol & drugs, etc)
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