Would you give your child this car?

[Anonymous]

DD just turned 16 and has proven herself a trustworthy driver. Now we have to figure out what she will drive. She DOES have a job and will be paying towards her insurance, and using the car primarily to get to/from school/work. We don’t plan on allowing her passengers yet.

My current car is 7 years old, a small SUV, KBB lists it as valued around $4500 if we were to sell it. We are considering letting her purchase it from us for $2250, which we will add to the money we will use on a new down payment on MY new car.

We know the car has low mileage (I WFH) and that it has no issues. I don’t think we could BUY her a better used car. But now that it’s time to do it, I can’t help but think that this car is SO NEW and NICE! (When I was 16 I got my first car, it was only 6 years old but it was so outdated and a piece of junk!) We came up with this plan around the time she was 13 or so, and planned our finances around doing this, so we really already planned on a new car, it just feels so strange now that it’s time to do it!

I’m curious what parents at a similar place in life think about this plan!

[Anonymous]

What seven year old SUV is worth 4K?

[Anonymous]

I just gave my 19 yr old my 8 yr old Corolla and I feel good about it. It’s safe and got a lot of life left in it.

It sounds like you have a perfect teen car. Not new but safe. It’s a no brainer.

[Anonymous]

Why can't you just lend her your old car, and buy yourself a new one? Add her to the insurance. Voila. Why all this shuffling around with her money and your money? Sheesh.

[Anonymous]

Are you really going to make your daughter buy your 7 year old (I’m assuming paid off) car from you? I’d just give my child the car.

[Anonymous]

Why are you making her buy it from you?

[Anonymous]

I don't get this logic at all. Get yourself a new car and she can drive it. You don't need to sell it to her and it should be your car not hers.

[Anonymous]

Anonymous wrote:Why are you making her buy it from you?

To learn some financial literacy and responsibility, also in the hope she will have pride of ownership because she bought it? Seriously? Parents don’t do this anymore? Well, we are doing it.

[Anonymous]

Anonymous wrote:What seven year old SUV is worth 4K?

+1. Even spouse's very basic CRV that is older is worth much more than that.

[Anonymous]

My choice has always been to get the safest car I can afford.

[Anonymous]

You could always offer her a $$ amt that you'll contribute (ie the 2200) and see if she prefers anything else?

[Anonymous]

The apple doesn’t fall far from the tree

[Anonymous]

Just curious how she’s proven she’s a trustworthy driver if she’s only just turned 16.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why are you making her buy it from you?

To learn some financial literacy and responsibility, also in the hope she will have pride of ownership because she bought it? Seriously? Parents don’t do this anymore? Well, we are doing it.

No, that's not financial responsibility and then you lose control of the car. You cannot take away the keys and tell her no car if she owns it. She should take care of it or she loses it, simple.

We will pay for gas and insurance and kid will get a very old car to drive but its still OUR car, at 16 and that car will be replaced. When they work, they will put the money away for college for spending money. I would never give or buy a child a car in less we had no other option (like the car died and they need it it vs. want it).

[Anonymous]

Anonymous wrote:Just curious how she’s proven she’s a trustworthy driver if she’s only just turned 16.

If she's not trustworthy, she should not be driving.