Buying a Car for your college graduate

[Anonymous]

my parents did that and got me a similar car. I kept it for 12 years. I needed it to get a job and made things so much easier. Go for it.

[Anonymous]

As long as you didn't pay for laundry service during his freshman year of college, any kind of car should be great!

[Anonymous]

Anonymous wrote:

Anonymous wrote:
^ I know, right? So the OP somehow knows a place where he can make 10% on his "emergency fund" money? And it's still liquid and legal? Right.

Also, OP, if you can make that kind of money, why don't you just finance the whole amount of the car (20K) so you can make the 10% on all of it?

Maybe it's a typo and OP meant 1% which is more realistic.

Are you kidding? Vanguard large cap funds is just one.

[Anonymous]

Anonymous wrote:The OP clearly wants to do one more thing for his son before he's on his own. Just give your Internet Approval(tm) and be done with it. In terms of cars, I'd recommend buying a dependable and high-utility type of car. The OP's son will likely move around a few times over the next 10 years before settling down, so a car that will last and has some cargo capacity will be much appreciated. A Honda Fit is a good choice, as are similar vehicles from other manufacturers.

If OP's son can't buy a car when he's a college graduate with a paying job, he's never going to be "on his own." Mommy and Daddy will next be giving him money for the down payment on a house and paying for his wedding and his kids' camps and vacations...

[Anonymous]

My parents did this for me. It worked out fine. I used the car for 8 years, gave it to my little brother for free, and he's been driving it the last 7 years. Still works and helped save both his kids some money. Their fortunes improved for the better after I was done college, so it was really sweet that they wanted to do that.

FYI - the car was in my name, under my insurance, and my parents just made payments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The OP clearly wants to do one more thing for his son before he's on his own. Just give your Internet Approval(tm) and be done with it. In terms of cars, I'd recommend buying a dependable and high-utility type of car. The OP's son will likely move around a few times over the next 10 years before settling down, so a car that will last and has some cargo capacity will be much appreciated. A Honda Fit is a good choice, as are similar vehicles from other manufacturers.

If OP's son can't buy a car when he's a college graduate with a paying job, he's never going to be "on his own." Mommy and Daddy will next be giving him money for the down payment on a house and paying for his wedding and his kids' camps and vacations...

You forgot paying their rent, a common benefit for many non-self supporting douchebags across DC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The OP clearly wants to do one more thing for his son before he's on his own. Just give your Internet Approval(tm) and be done with it. In terms of cars, I'd recommend buying a dependable and high-utility type of car. The OP's son will likely move around a few times over the next 10 years before settling down, so a car that will last and has some cargo capacity will be much appreciated. A Honda Fit is a good choice, as are similar vehicles from other manufacturers.

If OP's son can't buy a car when he's a college graduate with a paying job, he's never going to be "on his own." Mommy and Daddy will next be giving him money for the down payment on a house and paying for his wedding and his kids' camps and vacations...

Because no one ever increases their earnings or pays off debt after several years on the job, which allows them to live on their own for the first time in their lives. I know a few people who lived with family so they could save enough money to afford their own place and launch themselves. You sound bitter, pp.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The OP clearly wants to do one more thing for his son before he's on his own. Just give your Internet Approval(tm) and be done with it. In terms of cars, I'd recommend buying a dependable and high-utility type of car. The OP's son will likely move around a few times over the next 10 years before settling down, so a car that will last and has some cargo capacity will be much appreciated. A Honda Fit is a good choice, as are similar vehicles from other manufacturers.

If OP's son can't buy a car when he's a college graduate with a paying job, he's never going to be "on his own." Mommy and Daddy will next be giving him money for the down payment on a house and paying for his wedding and his kids' camps and vacations...

Because no one ever increases their earnings or pays off debt after several years on the job, which allows them to live on their own for the first time in their lives. I know a few people who lived with family so they could save enough money to afford their own place and launch themselves. You sound bitter, pp.

Agreed. That car payment is better put towards student loans than a depreciating asset.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The OP clearly wants to do one more thing for his son before he's on his own. Just give your Internet Approval(tm) and be done with it. In terms of cars, I'd recommend buying a dependable and high-utility type of car. The OP's son will likely move around a few times over the next 10 years before settling down, so a car that will last and has some cargo capacity will be much appreciated. A Honda Fit is a good choice, as are similar vehicles from other manufacturers.

If OP's son can't buy a car when he's a college graduate with a paying job, he's never going to be "on his own." Mommy and Daddy will next be giving him money for the down payment on a house and paying for his wedding and his kids' camps and vacations...

Because no one ever increases their earnings or pays off debt after several years on the job, which allows them to live on their own for the first time in their lives. I know a few people who lived with family so they could save enough money to afford their own place and launch themselves. You sound bitter, pp.

Bitter? This is why everyone thinks Millenials suck, and it's constantly written on this very board. Go to college, on parents' dime, graduate, get new car on parents' dime. When do they start working for their own wants and luxuries?

[Anonymous]

I don't think millenials suck at all. You definitely have a chip on your shoulder.

[Anonymous]

Anonymous wrote:I don't think millenials suck at all. You definitely have a chip on your shoulder.

I'm 30 years old and paid my way through college. Everything I own now, I bought, not my dad. I guess if that's a chip, that's a chip.

[Anonymous]

Good for you for wanting to be generous to your son. but you say you can't afford the full cost of a car today. You can only afford about $500/month, since you said you need to finance it for 3 years.

Give him $500/month for the next 3 years instead of a car. If he wants to get a car, he can buy one himself using the money you give him. Most manufacturers offer college graduate finance and rebate deals. If he needs it for rent, he can count on that assistance. And, if he does well and doesn't need the money anymore, he can tell you that and save you the money.

[Anonymous]

Are you sure he wants a new car rather than money to travel, put towards a down payment etc? That seems like a waste when he already has a car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't think millenials suck at all. You definitely have a chip on your shoulder.

I'm 30 years old and paid my way through college. Everything I own now, I bought, not my dad. I guess if that's a chip, that's a chip.

It is if you begrudge others from not having to do this.

[Anonymous]

My parents bought me a car for college graduation. It was jointly in my mom's name and mine. Still own it 10 years later. It really helped set me up because I didn't have the $300 a month car payment my friends had and I could save that for a house downpayment.