How to Secretly Buy a Car for Your Teen over the Holidays

We have seen a lot of commercials that feature bright red ribbons and joyous people who received a surprise car over Christmas. Do you want to give a car to someone for Christmas? As you might expect, it is harder to pull off than what you see in the commercials. In real life, you have to scheme and plan when buying a new car, and you have to have the paperwork in order to make sure that your car insurance will affordably cover it. You also have to keep the entire project secret.

What can you do to give your loved one a new set of wheels? First, choose a car that fits the personality of the person you are buying for. The end of the year is normally a great time to buy because car dealerships want to unload last year's models. Also, a lot of manufacturers give you incentives to buy during this time. According to a TrueCar study, the average car carries an incentive worth $2,686 during this season.

Second, look into the auto insurance that you will be buying. If you buy a new car, understand that it could go through the roof for insuring a teen with full coverage. Before you buy, speak with your auto insurance agent to determine the cost. If you plan to replace a car that is already covered by a policy, your existing coverage will most likely only extend to the new vehicle for a limited period, normally between 14 to 30 days. Always tell your agent that it is a secret in advance to ensure it stays a secret, and before you commit, run the numbers of your finances. For example, who will cover the loan payments, parking, upkeep and gas, in addition to the insurance? Understanding these essential things in advance ensures that buying a car for your teen remains a positive experience.

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Source:
NerdWallet