WEST JEFFERSON-If you’re a teenager just getting ready to hit the road, one of the biggest challenges you’ll face is avoiding blowing a hole in your budget when buying a car.
That’s according to experts with FINRA, the Financial Industry Regulatory Authority, who’s teamed up with the Ashe County Public Library to help teens get off on the right financial foot.
And since buying a car is usually the first major purchase made by young adults,Laura McPherson, an adult services librarian at the Ashe County Public Library, will be hosting a financial literacy class from 5-7 p.m. on Tuesday, Oct. 20 at the Ashe County Public Library called You Auto Know. It’s information tailored toward helping teens calculate all the costs that come with car ownership.
“It’s about helping teens understand everything that needs to go into this decision, from a financial standpoint,” McPherson said. “This is a huge purchase for most people and you don’t want to put yourself behind financially at such a young age.”
It’s a big subject with a lot of variables, McPherson said, but the class will cover most aspects of the planning process teens will need to consider before buying their first ride including whether it makes more sense to turn to a bank or a dealership when looking for the best financing deal, and why you need to factor in long-term fuel and maintenance costs before putting down cash.
“The larger goal, using a car purchase as a case study, is teaching kids a framework for how to make these kinds of number heavy decisions,” McPherson said. “Hopefully you’re helping to underscore ways of thinking they can apply to other financial decisions down the line.”
The program is made possible by a grant from the FINRA Investor Education Foundation through Smart [email protected] library, a partnership with the American Library Association.
Reach Adam Orr at 336-489-3058 or Twitter.com/AdamROrr.