Image for article titled Buying A Car When You're Sixteen Isn't What It Used To Be

Picture: Chevy

The primary car I ever purchased with my very own cash was in 2001, after I purchased a 1990 Chevy S10 for $700, bargained down from $800. It’s a typical expertise for American teenagers however one which can be apparently getting rarer and rarer. Much more so with at this time’s overheated used car market, in line with The Wall Road Journal.

There are, as you could have heard, too little provide of automobiles proper now, each used and new. There may be lots of demand for the automobiles that do exist in the marketplace. It sucks to be available in the market proper now, and that if you’re 16 and in quest of your first car, it’s so dangerous that lots of teenagers and their mother and father have merely given up trying. The WSJ collected some anecdotes from the teen-car-buying trenches:

Bradley Rose, a father residing in Florida, mentioned he was run ragged driving the children round to occasions and golf equipment. He was wanting to get a car for his 16-year-old daughter to lighten the load.

He discovered dealership heaps close to empty and had bother discovering a car round his $10,000 value restrict. A pilot, Mr. Rose mentioned he thought-about flying cross-country to discover a low-cost car, earlier than discovering a used 2016 Toyota Corolla LE that had 50,000 miles on it. He mentioned he paid about $19,000 for the car.

“It’s manner overpriced, however we needed her to be completely satisfied; we needed her to be protected,” Mr. Rose mentioned.

[…]

Marc Levine, a father of two residing in Florida, hoped to assist his 16-year-old son purchase his first set of wheels, as he did along with his older youngster. When he noticed the elevated costs, he determined to carry off, telling his son that it was dangerous to purchase on the prime of the market.

“He’s not too thrilled,” Mr. Levine mentioned.

The WSJ additionally cited JD Energy information that mentioned that individuals within the 16-to-25 age group that have been shopping for used dropped by 35 p.c between 2019 and final 12 months, and in addition that in January the typical used car value, reported by Cox, was $28,500. Maybe these two figures are associated.

At any price, the $700 I paid manner again in 2001 is about $1,120 in at this time’s {dollars}, nonetheless fairly low-cost. If you happen to had advised me 20 years in the past that the typical value of a used car was virtually $30,000, I in all probability would’ve laughed, after which opted to not.

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