How Old Do You Have To Be To Buy A Car?
Photo by Roland Denes on Unsplash
Today’s teen is active and likely bouncing from place to place. In some places, these hops are short distances that can be done by bike or walk but in others, it’s a job made for cars. As a parent, it could be a good idea to start thinking about giving your kid some responsibility and getting them their first car.
If that sounds like a good idea, you’ll still have to consider a few things, like “how old do you have to be to buy a car?”
How Old Do You Have to Be to Buy a Car?
In order to buy a car, you need to have a certain age. While it’s not about the car itself, there are other things like the insurance and driver’s license that prevent anyone under the legal age from taking off and driving.
So, how old do you have to be to buy a car? The answer is that it depends on a few things, including whether you buy from a private dealer or a car dealership.
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Dealership Vs. Private Sales
Purchasing at a dealership, buyers typically have to be at least 18. This is due to the fact that, in order to get the title in your name and get yourself insured as the driver and owner of the car, you’ll need to be at least 18.
As far as private sales, they work a bit differently, as there is no requirement to get insurance and the title is simply signed over once the car is bought. Still, children that are under the age of 18 should refrain from purchasing cars outside of the legal age, as they can keep the opportunity to legally drive their new car.
At What Age Can You Get an Auto Loan?
Apart from getting the insurance, not every potential car buyer can think about purchasing a car with cash. That’s where financing comes in-which also comes with an age requirement. For anyone in any state looking to take out a car loan, they must be 18 in order to qualify.
What About Buying A Car with Cash?
With cash, it’s a bit different but, that doesn’t mean that there won’t be drawbacks after purchase. In some states, like Texas, those under the age of 18 may purchase and put their name on the title of a car, two things that are not allowed in other states.
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Variation by State
On average, young drivers can have a driver’s permit from 16 to 16 years of age. In Iowa, Kansas, and Alaska, this permit is permissible at 14. As far as a full license, most states will allow their youth to get a license at 17 years old. A few others at 18 and places like Maine and Idaho that allow drivers a full license at 16.
In most cases where minors are under 18, they are still likely to be added to their parent’s insurance and may not qualify for certain auto loans. Just because they can drive doesn’t mean they can purchase a car, which makes things complicated.
Things to Consider When Purchasing Car
Buying a car is a huge responsibility. Those that purchase a car should consider all of the things they need to successfully purchase their car so that they start their adult lives out in good standing.
Your Credit Score
Unless you can buy your car straight out with cash, you might need to consider an auto loan. To qualify for a loan, you need a good credit score and one that shows that you are a responsible borrower with a good chance of payback.
Your Income
If you do go for an auto loan, they will consider your current employment and the amount of income that you make. Lenders want to make sure that you will pay them back and that you have enough income to keep yourself living and still pay your required monthly payments on a car.
Car Insurance
Drivers in all states are required to have car insurance to operate their vehicles. If you’re under the age of 18, you could have a hard time finding insurance companies to ensure you as the sole driver. Plus, if they do, you’re looking at some hefty fees due to your age.
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What If you Buy a Car Under 18?
If you or your child is under the age of 18, but close, you might still wonder about their eligibility. The laws are not clear-cut and most of them are all over the place. While you can buy a car as a minor, you’re held back from doing important things that make your car and driving safety.
If you purchase a vehicle under the age of 18, you’ll have a hard time registering your car, getting insurance on your car, and putting the name onto your title. While you could get a parent to do all of that, you might want to consider just waiting it out until you’re legally old enough to buy.
Some states have options when it comes to allowing minors to drive, though they do require that a licensed driver is in the car at all times. In that case, if your minor teen is caught driving without you, they could get a pretty hefty fine that adds up in the end.
It’s Worth the Wait
Because there are a lot of complications to buy a car at a very young age, parents and teens are encouraged to wait. The more time you spend waiting and planning, the more money you can save that can be put into the purchase of a car.
A car is a big purchase, one that comes with a lot of responsibility. Be sure that you keep things legal and watch out for deals when purchasing private or with cash that sounds too good to be true. Though your teen can purchase with cash, they can’t always drive the car, something that they won’t be too happy with.
Get a Curated List of the Best Used Cars Near You
The CoPilot car shopping app is the easiest way to buy a car. Tell us what you’re looking for and we’ll search the inventories of every dealership in your area to make you a personalized list of the best car listings in your area.
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