Parents spend years teaching their children the art of how to talk, how to walk, how to tie their shoes, how to ride a bike, and much, much more. As a parent, you’re overjoyed with each momentous milestone that passes. But with each step your child takes toward independence, you become keenly aware that you’re no longer able to protect them at every moment (and also that they’re growing up way too fast)!

The day your child gets their driver’s license and you send them off on their first solo drive, you may be tempted to trail behind from a safe distance just to make sure they arrive at their destination safely. Eventually though, you’ll relinquish control and trust that you’ve raised a responsible young adult who’ll behave accordingly behind the wheel, even in your absence. If you’ve taken that leap and now want to buy your teen a car, here are some things to ease your mind that they’re protected even without you there to hold their hand.

Should I buy a new or a used car? Ultimately, whether you buy new or used will boil down to your personal preference and how much money you’re willing to spend, but both have their advantages.

First Financial has great low Auto Loan rates – and they’re the same whether you plan to purchase a new or used vehicle!  You can view our current rates by clicking here.

A new car’s quality isn’t in question – it hasn’t been in any accidents and has no hidden flaws that a previous owner might’ve tried to disguise. Additionally, manufacturer’s warranties come standard on new vehicles, covering the car for at least three years. And New Jersey has a Lemon Law, which protects consumers if an authorized dealer is unable to repair or service the vehicle after a reasonable number of attempts.

Cars are built to last longer so a bit of mileage on the odometer need not be a deterrent or intimidating factor either. Used cars are a good option if you’re looking for more “bang for your buck.” It may not come equipped with the latest technology or gadgets, but will likely have a lot of the same features as a new car for less money. (The availability of fewer in-car distractions for an inexperienced driver isn’t necessarily a bad thing, either). An added bonus of purchasing a used car is they tend to be less expensive to insure.

What are the best cars for the money? If value is a top priority, U.S. News and World Report publishes an annual list of the vehicles it has awarded “Best Cars for the Money.” Judging criteria include the average price paid and five-year total cost of ownership data, expert opinion on the car’s performance, interior features and comfort, and reliability and safety data.

What are the safest cars to drive? Each year, the Insurance Institute for Highway Safety (IIHS) rates vehicles based on how well they protect their occupants in a collision. The vehicles are rated good, acceptable, marginal or poor based on how they perform in five crash tests: moderate overlap front, small overlap front, side, rollover and rear. The highest designation that can be awarded is Top Safety Pick+. These cars deserve extra consideration because, in addition to protecting your precious cargo, insurance companies will often offer discounts for car safety features.

Insurance costs. One thing many people forget to consider when purchasing a car is how much it will cost to insure. Young drivers generally have higher premiums because their inexperience can cause them to be labeled as high risk. Used cars tend to be less expensive to insure so purchasing one is a way to reduce your teen’s insurance premium. Mercury Insurance also offers good student discounts in New Jersey to unmarried high school and college students who maintain a GPA of 3.0 or higher, which can further reduce the insurance premium.

Once you’ve decided which vehicle to buy, emphasize to your teen that driving is a privilege, not a right, and to do it responsibly.

Did you know that as a First Financial member – you may be eligible for a discount on auto insurance through Liberty Mutual? Click here to get started.* We also provide a free auto buying and research tool, AutoSMART — a great place to find new and used vehicles!

Click here to view the article source written by Maryann Gowen, an independent insurance agent serving Wall, NJ.

*Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specific coverages only. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify. The descriptions of coverages are necessarily brief and are subject to policy provisions, limitations and exclusions that can only be expressed in the policy itself. Discounts and coverages vary by state and are not available in all states. For a complete explanation of coverages, please consult a sales representative. The TruStage™ Auto Insurance Program is provided and underwritten by leading insurance companies, including Liberty Mutual Insurance Company and affiliates, 175 Berkeley Street, Boston, MA.  A consumer report from a consumer reporting agency and/or motor vehicle report will be obtained on all drivers listed on your policy where state laws and regulations allow. Please consult your policy for specific coverages and limitations. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union. First Financial Federal Credit Union Client #38361.