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Should You Buy Your Kid A Car?


Lexusfreak
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Thought this was a very good read...

http://finance.sympatico.msn.ca/retirement...umentid=6390876

I personally will help my kid(s) find the appropriate vehicle when the time comes (including proper instruction at a professional driving school course beforehand), but it will be up to them to purchase (the Wife & I will go as far as a small loan perhaps), insure, maintain the vehicle etc.

I feel they will appreciate the car (and responsibility in general) more that way when they have something to work for rather than just giving/buying the kid their own vehicle......just my 2 cents. :) Enjoy!

:cheers:

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Thats a GREAT article.

My favorite points:

Buffone set up a dollar-for-dollar matching fund for his own two daughters, and he co-signed the first car loan for each. Now grown, his daughters have taken similar approaches with their own children.

I like that approach.

I told them that they are not going to drive more car than they can reasonably afford with their first job," Shoker said. "I see too many clients' children refuse to take a cut in their standard of living when they get out of school, and they are forever trying to live beyond their means."

I've said this myself on this forum before. Parents set their kids up for the American syndrome of their tastes being way beyong their means by giving them things they're not going to be able to replace on their own with things of similar quality.

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Personally I don't see a problem in a kid driving an older Lexus. 6-8 year old ES models cost as much as a new Civic, so from the financial standpoint, what's the difference? If a kid is able to "afford" a new Civic, then he/she can similarly afford an older Lexus, would that not be teaching them better consumer habits, as in getting the best value for the buck?

Owning an older car might also teach them some repair/maintenance skills, whereas they will take their new ride to the dealer to have it repaired under warranty.

But I have to say I'm definitely against fresh-out-of-school kids driving NEW BMWs and Infititis.

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