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Teenage
Driving: what does it REALLY cost? |
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| A Budget
Analysis |
Here
are the first year costs for putting a
16 year old teen behind the wheel of a
2000 Ford Focus SE 4-door sedan, based
on AAA figures for maintenance, depreciation
and tires: |
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| License
fees |
$200 |
| Financing charges |
$ 2,400 |
| Maintenance costs
(incl. tires) |
$ 580 |
| Gas costs |
$ 1,160 |
| Insurance |
$ 2,537 |
TOTAL |
$ 6,697 |
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Assumes
a 16 year-old driver with a clean driving
record in a 200 Ford Focus with full coverage
and no good student discount.
If the
teenage driver is involved in an at-fault
collision and receives a motor vehicle citation,
the insurance premium rises by $1,440 to
$5,801 for the year for the family with three
vehicles. |
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| More
About Insurance |
Average
insurance costs with and without teenage
drivers:
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| Parents only with two cars |
$ 1,824 |
| Parents with part time young driver |
$ 2,888 |
| Parents with Full time young driver,
own car, clean record |
$ 4,361 |
| Young driver with car adds this cost |
$ 2,537 |
Parents with full time young driver,
own car, tic & coll., |
$ 5,801 |
Young driver with
tic & coll. Adds to policy |
$ 3,977 |
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Average
annual cost for a 16 year-old driver:
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| With a clean driving record |
$ 6,697 |
With one ticket and collision
(adds $1,440
more) |
$ 8,137 |
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| Second
year costs (age 17) |
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| Registration renewal |
$ 100 |
| Financing |
$ 2,400 |
| Maintenance |
$ 580 |
| Gas expense |
$ 1,160 |
| Insurance (clean driving record) |
$ 2,520 |
TOTAL |
$ 6,760 |
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| Third year
costs (age 18) |
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| Registration renewal |
$ 100 |
| Financing |
$ 2,400 |
| Maintenance |
$ 580 |
| Gas expense |
$ 1,160 |
| Insurance (clean driving record) |
$ 2,430 |
TOTAL |
$ 6,670 |
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| Total
3-year cost w/ minimum maintenance: |
$
20,127 |
| BACK
TO THE TOP |
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