6 steps to buying a car for your teen

Pretty good article for any parents out there;

http://articles.moneycentral.msn.com/CollegeAndFamily/RaiseKids/6-steps-to-buying-a-car-for-your-teen.aspx

Excellent post. I still have over 12 years before i have to deal with this though.... HAHAHAHA

How about this? This is my method, and the one I've used.

Parents,

Don't buy your child a car. Make him work and EARN the money, and let HIM buy it. Tell him, he will be paying the insurance, repair bills, gas, registration, plates ,etc.

Will your teen buy a Mustang GT? Chevy Camaro? Doubt it. Once they realize they can't keep up the insurance, and mom and dad won't be there to help. They will be sensible. They will buy a car that is cheaper, has a low insurance bill, and is hopefully easy to maintain.

My parents never told me I had to pay for anything. I chose to.

I'm 17, to date I've bought three vehicles, and I pay the insurance, repairs, state fees, plates ,etc.

Your kid will learn how to manage his/her money so they can drive their pride and joy when they want, and they have to know they can't just come begging to you when they blew $150 at a party last night ,and can't drive any until their next paycheck.

In real life, there isn't a bail-out. You have to pay back everything you borrow, in some way or another. Your kid will also appreciate their car, since THEY have to pay for it.

Nothing disgusts me more, than seeing some spoiled kid, who barely keeps a 2.0 GPA, pull up in a 2009 [Insert Name], aftermarket accessories, stereos, etc and their parents paid for it all. Plus, give them a credit card that their parents pay "for gas."

It's disgusting. When those kids enter the REAL world, they are gonna look like a deer caught in the headlights.

1993GMCSierra wrote:

How about this? This is my method, and the one I've used.

Parents,

Don't buy your child a car. Make him work and EARN the money, and let HIM buy it. Tell him, he will be paying the insurance, repair bills, gas, registration, plates ,etc.

Will your teen buy a Mustang GT? Chevy Camaro? Doubt it. Once they realize they can't keep up the insurance, and mom and dad won't be there to help. They will be sensible. They will buy a car that is cheaper, has a low insurance bill, and is hopefully easy to maintain.

My parents never told me I had to pay for anything. I chose to.

I'm 17, to date I've bought three vehicles, and I pay the insurance, repairs, state fees, plates ,etc.

Your kid will learn how to manage his/her money so they can drive their pride and joy when they want, and they have to know they can't just come begging to you when they blew $150 at a party last night ,and can't drive any until their next paycheck.

In real life, there isn't a bail-out. You have to pay back everything you borrow, in some way or another. Your kid will also appreciate their car, since THEY have to pay for it.

Nothing disgusts me more, than seeing some spoiled kid, who barely keeps a 2.0 GPA, pull up in a 2009 [Insert Name], aftermarket accessories, stereos, etc and their parents paid for it all. Plus, give them a credit card that their parents pay "for gas."

It's disgusting. When those kids enter the REAL world, they are gonna look like a deer caught in the headlights.

I completely agree, and I applaud you 1993. I remember in high school having a POS car and having to pay for everything myself while friends parents all bought them cars. Two years later, I still had my car and they had all broken or crashed theirs. Nothing teaches you responsibility like experience.

Exactly.



(btw, I wasn't trying to bash you for posting the article, it's good advice.)


Hope it didn't come off that way.

I bought the Mustang and 76. Bought the 76 when I was 13, Mustang when I was 14, and I worked for the money here at home. We own Osage Creek Log Furniture so I work there.

i'm guilty of my mom buying my first car.. she only paid 250 for it and i dumped about 3k and 2 motors into it within 6 months.. first motor was the original which i got with no heads.. built it ran it for a few weeks and it wasn't powerful enough.. so i put a little money away, put together a 306, picked up a C6 and B&M ratchet shifter and had the baddest 88 tbird around.. til i pulled the motor for my bronco and the car sat around for a while

i bought every truck i have owned..... ive paid for everything on them too....... i am like gmc.... i hate seeing daddys money being thrashed hard, and put away carelessly...... i bought my 78 ford for 100, and it had a scarred cylinder wall that held no compression, so i got a v7 ford 400, 4 speed manual, and a whole bunch of rust.... but a piss poor ride beats a dang good walk...... my kid will work for his truck/car as well.... i have too many toys to pay for of my own.

Thats the way it outta be.

That's about the same as me... All the vehicals I own I paid for! My dad lent me the money so I could pay for the truck in a lump sum and then made payments to him until it was paid off the I had like 2 fuel pumps and other crap! I made the mistake though and I totalled it before I had it paid off and my dad made me pay him the rest off the money! But depending on how my daughter acts and treats other things of her own and whether or not she respects and has the love for trucks like I do. If she does and if I have another really nice ride she just may get the Z71 as a hand me down... But before the bashing begins let me say this she WILL respect me and her mother, she WILL appreciate things that she owns, she WILL have to prove to me that she can handle the responsiblity of a high maintance vehical... However I still have 14 years before I have to make this decision so it'll be a desision that I'll be giving a crap load of thought!!! And the only reason why I'm even thinking about doing this is because for one I don't want to see her wit until she's 21 before she finally gets the truck of her dreams! I don't know call me crazy but it's just something I've been thinking about doing!

I made payments, but only because I am employed by them. I worked off the truck for a year, and now I take care of it.