Learning how to drive a car is one of the significant milestones in a teenager’s life. Learning how to pay for its upkeep isn’t as exciting, but just as necessary. Here are a few simple tricks to help you keep your wallet happy.
New or used? Buying used is usually a no-brainer for most teenagers. Many used cars might even still have the factory warranty, which will help out if any issues arise. Depending on the car’s year, you can still get financing with Resource One rather than buying out of pocket or at the high dealership rate.
First insurance premium
Most teenagers stay on their parents’ insurance plan, but it may be cheaper to get insured elsewhere. Shop around and look for the discounts most companies offer.
Most insurance companies offer discounts if you:
- Take driver’s ed classes.
- Keep up with your schoolwork—good grades = good discounts.
- Drive safely and keep your driving record clean.
Save on Auto Products
While it may seem expensive at first, auto loan products can help protect your investment and save you money in the long run.
- Vehicle Service Contract – when buying used, you run the risk of the factory warranty expires. If this happens, a Vehicle Service Contract can protect you from paying high repair costs.
- DentGuard® Ultra – Get your auto covered from dents, dings, blowouts, flats, chips, and cracks.
- Unemployment Payment Protection – If you lose your job, this plan can help if you have trouble making loan payments.
Getting these products at Resource One rather than a dealership can save you up to $2,400!
Make your car more efficient
- Make sure your gas cap is on tight so no fumes can escape from your tank.
- Change the air filter frequently to keep your engine from working harder than it has to.
- Keep the proper air pressure in your tires, so your car drives efficiently.
- Lighten the load you carry in your car. The heavier the car, the less fuel-efficient it is, so don’t let your wardrobe and water bottle collection weigh you down.
- Drive the speed limit—it’s better for your gas mileage, helps you avoid pricey speeding tickets, and is safer.
- Don’t rapidly speed up or slow down. You’ll save gas by gradually getting up to speed.
- Minimize the time you spend idling. When you pick up friends, turn the car off while you wait for them.
From tune-ups to major repairs
In most cases, small car care tasks like oil changes and tire rotation can help prevent significant, more expensive repairs. Make sure to take preventive measures to keep your car from breaking down by taking it to a mechanic for routine maintenance.
While being proactive can help prevent future issues, life still happens. Make sure to keep money put aside in a savings account for any auto emergency you might experience. You can also rest easy with Resource One Prime Spending Account’s 24-hour roadside assistance.
APR=Annual Percentage Rate. Rates, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions. All loans subject to approval. Offer applies to consumer loans only; commercial vehicles and commercial loans do not qualify. Interest accrues during the no payment period. Payment Example: Estimated monthly payment of $17.84 per $1,000 borrowed at 2.70% APR for 60 months. Restrictions may apply; see credit union for details.
Auto Product Savings
Savings calculated by comparing back-end auto products with the average price of dealers offering the same or similar products. Savings not guaranteed.