Whether it’s gifted to you or you purchase it with your own money, buying your very first car is likely to be amongst the first milestones in your life that you were seriously excited about. But vehicle ownership is an awesome responsibility, one that comes with its fair share of additional and ongoing costs. So for parents, it’s easy to see vehicle ownership as an extension of money management and lessons on responsible citizenship for their kids. Responsible driving is another essential for any responsible adult, and that’s what we’re all raising our kids to be.
Simply put, it’s important to teach children about the financial, safety and maintenance aspects of owning a car. This helps them save money on car ownership in the long run and avoid getting into accidents. If you’re wondering how you can prepare your kids for the challenges of car ownership, you’ve come to the right place. Read on to learn how you can do just that.
Touch on all the Financial Aspects of Car Ownership
There’s no getting around it: owning a car is expensive. However, there are some financial strategies that can be used to minimise costs that your children should know before owning their first car. One is to secure insurance coverage for your vehicle. A third party car insurance policy can be a lifesaver in the event of road accidents since a provider will be covering part or all of the costs of repairs to third party vehicles. This means that if your kids do end up being found at-fault for an accident, damage to the other party’s vehicle/s or property will be covered, but damage to your child’s vehicle will not be covered. For younger drivers with lower-cost starter cars, third party car insurance is an ideal policy type for introducing them to the costs of car ownership as well as the importance of safe driving.
And what about when your young driver wants to swap in their starter car for a snazzy new model? Then, you can teach them all about comprehensive insurance cover – and perhaps even on what to look for when shopping through vehicle financing options, as well as running through auto showrooms. From traditional loans, leasing and dealer financing, auto finance is rapidly becoming an extension of financial literacy essentials for younger generations. Engaging with auto finance can also help kids learn the basics of borrowing money, such as loan terms, principal amounts and interest rates.
Introduce them to the Responsibilities of Car Maintenance
Maintenance is a huge part of owning a car. Over time, all vehicles, no matter how well-made, experience the wear and tear that comes with being driven on the road. A poor grasp of repair and maintenance can lead to a car breaking down well before its time, while costing vast amounts of money in emergency repairs.
If you have children who already own their own cars or are on the verge of doing so, make sure they know all about vehicle maintenance. The best way to learn is by doing: young people should be given the responsibility of bringing their cars in for regular servicing and promptly getting the necessary repairs in case of an accident. If they neglect to perform regular servicing and damage their cars, having to pay the high cost of emergency repairs will instill in them the importance of prompt maintenance.
Teach Them How to Perform Basic Repairs Independently
Not all damages require professional servicing. While general servicing and major accidents should always be done by a trained mechanic, there are some basic repairs that anyone can learn to perform. These include replacing the air filters, changing old oil, replacing damaged tires and painting over scratches.
Children should also learn how to keep their cars neat and tidy. It’s important to teach your kids to avoid some of the common cleaning mistakes that some beginners make, which can include using the wrong cleaning formulae, cleaning under direct sunlight and failing to use microfibre towels when wiping down the car. Proper maintenance and cleaning can extend a car’s lifespan and keep its value high in the event that your kid decides to sell it one day.
Instill Knowledge of Driving Rules
Before driving independently for the first time, your children should have naturally passed their probationary driver’s test and thus, have a comprehensive understanding of the local driving rules. These include basic road safety regulations such as when to give way to pedestrians, when to stop at stop lights and which lanes to take. It’s every young driver’s responsibility to maintain their knowledge of road rules and uphold responsible driving practices to help not only keep themselves but also fellow drivers safe on Australian roadways.
The best way to teach children about driving rules is by having them learn under a driving instructor. Find a reputable driving school and book a few sessions for your kids. A good instructor will teach students both the theoretical side of driving laws and how to apply them to real-life situations on the road. Driving school also gives your kids a safe environment in which to practice driving responsibly on the road under the watchful eye of an experienced professional.
And speaking of responsible driving, parents should also stress the importance of never handling digital devices when driving, and never driving while intoxicated. Remember that the legal limit for blood alcohol concentration (BAC) in probationary drivers is 0. This means that even young people who’ve only consumed a small quantity of alcohol can be held liable for drunk driving accidents and face severe penalties.
Teach your Kids the Responsibilities of Car Ownership
Getting their first car is a momentous event in any young person’s life. While owning a vehicle signifies freedom, it also comes with some serious responsibilities. As a parent, it’s vital to equip your children with all the skills and knowledge they need to keep their car in good working condition and avoid potentially dangerous road accidents.
Today, we’ve gone over some simple ways for parents to introduce their kids to the responsibilities of car ownership. Whether your child already owns their first car or is about to cross this milestone, start educating them about what car ownership entails today.
