POLL - Loans for Teen cars
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How big of a loan would you be comfortable with your 16 year old taking out for their first vehicle?
BM just talked SS16 into taking out a loan for $4400 for his FIRST car. BM's friend wanted to get rid of it.
SD17.5 got a car GIVEN to her by BM because she got pregnant at 16....
To me, that is punishing the kid who should be rewarded, and vice versa.
It also is annoying that BM hates me so badly that she would have her own son get a car for more than he needed to pay (I get good deals on cars through my job and they know it). The car he bought would have been $1000 cheaper through my work...
I would be surprised if a
I would be surprised if a 16yo could get any loan without a co-signer. If BM co-signed that is on her if the kid fails to pay for his car.
IMHO a 16yo should not have a loan for a car. I also agree that it is unfair and sends absolutely the wrong message to give a car to the knocked up 16yo while a year and a half later making the next one to turn 16 to buy one, especially with a loan.
I guess I am on a fairness kick today though generally I am a follower of the "tough shit" philosophy when it comes to issues of fairness in general. However, when a parent is this screwed up and the parental flaws end up forcing consequences on the kids, the parent should step up and deliver to mitigate the consequences of their own bullshit on the kids.
IMHO of course.
BM's father co-signed. And I
BM's father co-signed.
And I know the mantra..."Not my kid..." but I have a hard time with things I feel are not fair.
I just don't think that a 16-year old is mature enough to understand what a big deal that is to spend every cent he makes on a vehicle...and that does NOT include any maintenance. That's just the payment, gas and insurance!
I don't even think *I* have ever had that big of a loan for a vehicle! I'm constantly talking about Dave Ramsey and staying out of debt to both boys, bio and step.
And almost every kid I know has crashed the first vehicle they drove. SD has crashed hers twice already (that I know about).
I just can't believe that a mother would put their own child in such a precarious position, financially!
I did get a loan IN MY NAME
I did get a loan IN MY NAME for Peg's first car. It was a personal loan and the car was a used Saab 900. Peg paid back the loan to me as I knew she would.
Now with a skid who hasn't been brought up right, I would NEVER EVER co-sign for anyone much less a SKID!!
I think they need to earn money with an afterschool job to put toward a high end junker.
Well, SS is a very good kid.
Well, SS is a very good kid. Gets all A's & B's and started a job within a week after he turned 16. He works EOWe so he can come for visits EOWe.
I didn't co-sign and never would because I would never want my son (step OR bio) to be that far in debt at 16 for something that could be easily wrecked long before it is paid off.
I just think it is so out of the realm of smart financial planning to encourage your child to go that far into debt at such a young age.
Leah, I had some of the
Leah,
I had some of the aggravation that you describe your sibs having to deal with when I was younger. I got my first car when I was 19 as a HS graduation gift. A 1965 Ford Falcon Sprint. 300HP HO 289 V-8 ..... man grunt, man grunt, man grunt...... It was 18yo at the time but it was a classic and my pride and joy.
My parents gave my younger brother a car when he turned 16. A 1978 Camaro Rally Sport. YAWN!!! Not nearly as cool as my first car.
His was 8yo when he got it. So, my parents were not extravagant in their car gifting. But, we both loved those cars.
I was pissed off that my brother got a car at 16 since I did not get one until 19. (Stupid man boy perspective of course)
Until ...... my dad gave me clarity. "You were in boarding school and could not use a car. We got you one for graduation because you could use it and needed it for college. Do you want to drive he and his friends around all of the time. If you do, we will sell his car and get him another one when he is 19. If you think that is fair". I quickly found clarity and became fine with him having a car at 16 and decided it was perfectly fair.
Your story about you and your sisters and cars made me chuckle.
Best regards,
I wouldn't even consider
I wouldn't even consider taking a loan out for a child's car unless I was making a minimum of 4x what I do now. Kids drive beaters imo.
Most of the cars I have ever
Most of the cars I have ever owned in my LIFE were beaters. "Last stop on the way to the junkyard" was my saying all the time.
I think it's great because I didn't have a car payment the majority of my life and I learned how to fix minor car issues for myself. I know women who don't even know how to change a tire!!
I would never go into THAT much debt for a car for MYSELF. And I work FT at a higher than average wage for this area!
I wished I could get BM and SS on the phone with Dave Ramsey. He's chew her a new one, I bet!
And how stupid that BM and HER daddy hate me so much that they are willing to punish SS by having him pay $1000 more than if he would have purchased it through my work...