Both me and my wife do not have driving licence except 19 yr old son has.
Can i buy him a used car and register under his name? And how about the car insurance?
All answer welcomed. (good or bad one)
Thank you all
What is the reason you're buying him a car? Transport only?
If it's only for transport, I would recommend you buy him a 10 ~ 15 years Toyota Corolla, those could be had between 10 ~ 20k and should be pretty reliable as long as you do an STA inspection before buying to ensure there're no major faults.
You could insure the above type of car under 3rd party making it much cheaper for a new + under 21 driver else, your premiums would be sky high. Stay away from coupes, turbo charged, big capacity engines, continental cars, Civics, Lancers & Imprezas, they generally attract higher premiums.
Financing the car wise, you can be a guarantor for your son but bear in mind the interest rates for such cars. They can be upwards of 3% PA.
Given that it's his first car and that he is young, a cheap car would be sensible as he is most certain to get into an accident, minor or major and if the car is old or cheap, it'll tax you less financially.
