Anything wrong with buying your teen an nice car? ($40,000 and up)

[Anonymous]

Anonymous wrote:It's your call, OP.

But I will say this: Jeeps are not that safe and not that reliable. IDK if that's a wise choice for a first car.

Putting aside the cost (which IME is ridiculous for a teen) this is not a safe car. The kid who lived across the street from me when I was growing up was given one for his birthday, wrecked it and was killed.

My kids will get used, reliable-- but for a teen driver in this area, most of all safe.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our daughter really wants a loaded Jeep for her upcoming birthday, which is about $40,000. She's an all A student, co-captain of her athletic team, elected to student government, volunteers, works part-time after volunteer opportunity offered her a weekend job, dating a sweet boy at St Albans.

That fact alone settles it. You buy her anything she wants.

I wonder what she'll get for DD when she snags herself a Harvard man!!

[Anonymous]

Anonymous wrote:OP: the Trump campaign should have filmed this conversation between you, hubby, and daughter and broadcast it as the perfect illustration of DC elites and their entitled, spoiled children. Had they done so, Trump would have won the popular vote by a landslide.

You (and whatever lawyer/hobbyist hubby does to earn (steal from taxpayers) that kind of income in the DC area) are hopefully part of the swamp that is about to be drained.

So you're saying Ivanka D Jr and the rest worked for what guys had?they lived a life of austerity? Seriously?!! The idea that trump of all.peklle is not the highest rung of the elite ladder is laughable.

Don't buy the Jeep. It's not safe. It sounds like a rolling entertainment center which is not great for young drivers no matter how well behaved they are the rest of their lives.

[Anonymous]

My only gripe is that you are basically setting them up for some kind of let down in their 20s. If you are a teen or college aged person and you have $500 handbags, $400 boots, $40K car etc, at some point you are going to have an entry level job, and unless you are in certain fields, rent and expenses and savings won;t allow for this lifestyle of "stuff", so your kid is going to react to that- some might be of the mind "oh well, I'll get a $80 bag at marshall's so I can go out with friends this month on the weekends" and some might feel overly sensitive and entitled.

I guess I think nothing bad comes from increasing nice stuff as you go. Presumably, your kids already have a lifestyle that will take a hit when you aren't paying the bills (vacations. flights, etc)

[Anonymous]

Why would the gravy train end? I know rich kids who drove expensive cars, took exotic trips during college, after college their parents bought them $600k condos. The parents basically let them save whatever money they make from their job in their 20s.

One girl especially was so spoiled in college -- her parents paid cash for undergrad and medical school. She's now a pediatrician. So it's wrong to assume these kids turn into coke trash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our daughter really wants a loaded Jeep for her upcoming birthday, which is about $40,000. She's an all A student, co-captain of her athletic team, elected to student government, volunteers, works part-time after volunteer opportunity offered her a weekend job, dating a sweet boy at St Albans.

That fact alone settles it. You buy her anything she wants.

I wonder what she'll get for DD when she snags herself a Harvard man!!

A house!!

[Anonymous]

Anonymous wrote:My only gripe is that you are basically setting them up for some kind of let down in their 20s. If you are a teen or college aged person and you have $500 handbags, $400 boots, $40K car etc, at some point you are going to have an entry level job, and unless you are in certain fields, rent and expenses and savings won;t allow for this lifestyle of "stuff", so your kid is going to react to that- some might be of the mind "oh well, I'll get a $80 bag at marshall's so I can go out with friends this month on the weekends" and some might feel overly sensitive and entitled.

I guess I think nothing bad comes from increasing nice stuff as you go. Presumably, your kids already have a lifestyle that will take a hit when you aren't paying the bills (vacations. flights, etc)

This is EXACTLY why credit debt and student loans are at an all-time high. Entitled kids who have zero work ethic or even understand that you need to provide for yourself. My daughter works part time as a Junior (she also plays sports and takes hard classes) and her friends feel bad for her. Moms look down on me like it is child abuse to now have a teen work some hours a week. Why work or earn money when Mommy shells out money for all my clothes, activities, and now a brand new car. Even if they pay for college, she will start getting a few credit cards and run them up. Ask Mommy to pay the bill and so forth. When will Mom finally see this child can not even behave or work like an adult? Look at Tori Spelling. Poster child for rich entitled disaster.

vhttp://www.etonline.com/news/202040_tori_spelling_sued_by_american_express_again_for_87000_credit_card_debt/

[Anonymous]

Plenty of wealthy folks raise spoiled kids that ace their college courses and get great careers. You all are so jealous. Stop with your old wives tales.

[Anonymous]

Plenty of dirt poor DCPS families with flunky kids wearing $200 Air Jordan sneakers to school. The OP's daughter is a top 1% student; buy her whatever you can afford.

[Anonymous]

Work hard / smart and then make a whole bunch of money. Then idiots who did not / could not do the same try to spend your money. If you can easily write a $40,000 check, buy whatever car you want. Don't listen to these jealous fools.

I have two brothers. One makes maybe $150k a year and the other makes crazy money. One of his Companies went public and he made in excess of $50 million that one year. Does not make nearly that amount of money now but mid-7 figures a year. Under some of the prior posters, they should both be buying the same cheap reliable car. Did they do that? Nope! Poor brother bought his daughter a $2,000 beater. Rich brother bought his son a new 7 series BMW. Both were good choices for each.

Me kids are too young for cars but with a HHI of "only" $500k, there will be no 7 series for us or our kid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's your call, OP.

But I will say this: Jeeps are not that safe and not that reliable. IDK if that's a wise choice for a first car.

Putting aside the cost (which IME is ridiculous for a teen) this is not a safe car. The kid who lived across the street from me when I was growing up was given one for his birthday, wrecked it and was killed.

My kids will get used, reliable-- but for a teen driver in this area, most of all safe.

By that logic, why buy your kid a car at all. Make them wait till they are done with school and use yours. Then, they can buy their own.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My only gripe is that you are basically setting them up for some kind of let down in their 20s. If you are a teen or college aged person and you have $500 handbags, $400 boots, $40K car etc, at some point you are going to have an entry level job, and unless you are in certain fields, rent and expenses and savings won;t allow for this lifestyle of "stuff", so your kid is going to react to that- some might be of the mind "oh well, I'll get a $80 bag at marshall's so I can go out with friends this month on the weekends" and some might feel overly sensitive and entitled.

I guess I think nothing bad comes from increasing nice stuff as you go. Presumably, your kids already have a lifestyle that will take a hit when you aren't paying the bills (vacations. flights, etc)

This is EXACTLY why credit debt and student loans are at an all-time high. Entitled kids who have zero work ethic or even understand that you need to provide for yourself. My daughter works part time as a Junior (she also plays sports and takes hard classes) and her friends feel bad for her. Moms look down on me like it is child abuse to now have a teen work some hours a week. Why work or earn money when Mommy shells out money for all my clothes, activities, and now a brand new car. Even if they pay for college, she will start getting a few credit cards and run them up. Ask Mommy to pay the bill and so forth. When will Mom finally see this child can not even behave or work like an adult? Look at Tori Spelling. Poster child for rich entitled disaster.

vhttp://www.etonline.com/news/202040_tori_spelling_sued_by_american_express_again_for_87000_credit_card_debt/

Oh please, there must be more to your drama. My parents paid for college and graduate school. They got me a car at 21 so I could do an internship for school (grandparents chipped in - not fancy but new so I'd keep it 10 years). I had a credit card at 14 and my parents paid for everything till I was done with graduate school. I worked summers and my parents up my money in my college fund. I never saw any of my bills in college or graduate school. I worked for 15 years before becoming a SAHM. I lived at home for a chunk to get money saved to buy a house and for retirement. The first thing my parents did with my first job was to help me do a Roth IRA. Its about parenting, not about money. Its about the example you set. If you drive around in fancy cars with expensive clothing, your kids will want it too. My parents lived way under their means, as do we.

We will do our best to give the same life to our kids. Why wouldn't you set them up well in life, teach them good financial values and how to manage money... and its not just about having them pay for things. I probably would have spent way more if my mom didn't hold me accountable for my spending and I could spend what ever I earned.

[Anonymous]

I wouldn't do it op. I've seen what the entitlement mentality does to kids--even really good, straight a kids that work hard in school. I have family members in their mid 30s still getting assistance from their parents, which allows them to make kind of dumb financial decisions that will keep them dependent on their parents. Can't she just drive your old car and you get a new one?

[Anonymous]

Curious to see how much the car insurance will be. Just having a new 16 yr old driver in your household is enough to boost your insurance rate...a brand new 40k car on top of that?

[Anonymous]

I bought my son a nice car because he's like the OP's daughter — good grades, involvement, awesome kid — and growing up I always wished I could have been that rich kid driving a nice car to high school.