If you bought your teen a car (or will buy them a car)...questions about money.

[Anonymous]

Anonymous wrote:Newer cars are safer - structurally with improved crumple zones, more air bags, more and better safety features, less likely to break down soon.
Important stuff for a new driver.

I think people are aware. It is a money thing. People have other costs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Newer cars are safer - structurally with improved crumple zones, more air bags, more and better safety features, less likely to break down soon.
Important stuff for a new driver.

I think people are aware. It is a money thing. People have other costs.

Safest Used cars for teens. https://www.carfax.com/blog/iihs-lists-the-safest-used-cars-for-teens

[Anonymous]

Anonymous wrote:We had to take away a grandparent’s car so we softened the blow by allowing them to give the grandchild the first car.

Genius! Beats having the car sit and rot.

[Anonymous]

When the time comes, I want one for my kids with side airbags and a backup camera and sensor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Newer cars are safer - structurally with improved crumple zones, more air bags, more and better safety features, less likely to break down soon.
Important stuff for a new driver.

I think people are aware. It is a money thing. People have other costs.

Safest Used cars for teens. https://www.carfax.com/blog/iihs-lists-the-safest-used-cars-for-teens

OP here
Thank you, this is very helpful.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our kids got a 2 year old used Volvo SUV.

"Motor vehicle fatality is the leading cause of accident death among teenagers, representing over one-third of all deaths to teenagers."

We spend a lot of time worrying about a lot of things but statistically driving is the most dangerous thing your teen will do. I knew that I would easily give $30K to have my child back if they died so it was an easy choice for us. It wasn't a sacrifice for us but I would have gladly sacrificed to know that I did everything I reasonably could to allow them to become independent people but also not die.

lol. love the insinuation that those of us who don't purchase our children new cars are letting them die. are you my 16 year old?

You are hearing things that aren't there. I was simply explaining our decision making process. You may make a different decision. You'll also see that we didn't get a new car and if you put some effort into it there are a number of cheaper cars that receive high crash test ratings. I'd rather my kid drive a used Volvo than a new Prius but we live in the suburbs with curvy roads and lots of SUVs - your experience may be different.

Prius has a really good crash rating. FYI

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our kids got a 2 year old used Volvo SUV.

"Motor vehicle fatality is the leading cause of accident death among teenagers, representing over one-third of all deaths to teenagers."

We spend a lot of time worrying about a lot of things but statistically driving is the most dangerous thing your teen will do. I knew that I would easily give $30K to have my child back if they died so it was an easy choice for us. It wasn't a sacrifice for us but I would have gladly sacrificed to know that I did everything I reasonably could to allow them to become independent people but also not die.

lol. love the insinuation that those of us who don't purchase our children new cars are letting them die. are you my 16 year old?

You are hearing things that aren't there. I was simply explaining our decision making process. You may make a different decision. You'll also see that we didn't get a new car and if you put some effort into it there are a number of cheaper cars that receive high crash test ratings. I'd rather my kid drive a used Volvo than a new Prius but we live in the suburbs with curvy roads and lots of SUVs - your experience may be different.

Prius has a really good crash rating. FYI

It does but you missed the part about the curvy roads and SUVs. There's crash ratings and then there's basic physics.

[Anonymous]

When DD starts driving in 6 years we plan to give her our 2019 SUV. The car will be 6 years old but have all the current safety features (by today's standards). I want my kids to have independence and also be responsible for getting themselves to school and practice. DS two years younger will then drive the SUV when DD is going to college.

[Anonymous]

HHI $300,000

2 kids, 2 years apart

Oldest Kid got my 2014 Subaru Forester last year. BB Value about $10,000. I got a 2 year used Subaru with 40k miles. I’m just not into new cars.

No grandparents or other relatives helped. Ideally, my kid would pay for gas and some insurance. But the kid is busy 24/7 needs to sleep at some point.

Kid 1 graduates in June and heads to college. Kid 2 will be able to drive solo in August. Kid 2 will get the car for the next 2 years. After Kid 2 graduates, it goes to whomever needs it more— which may change depending on public transit, internships, etc. I am really hoping this car carries them through college, and we can make 3 cars work during vacations. DH and I both telework at least 50%, so we probably can.

[Anonymous]

2 kids, a toddler and new teen DD. HHI low 6 figures. I have my own family money that is upper 6 figures but that is for college, grad school and weddings and possibly retirement. I got a 2 yr car when I turned 17. My DH got a new fully loaded Mustang at 16 and totaled it in 3 months and then they got him an older BMW. Our tween will drive in a few years and get a Mini that she designs online for her 16th. She is a great kid and deserves it. Our youngest, I can see wanting a jacked up pickup truck when she is 16.

[Anonymous]

We have 4 kids -- 2 teenagers and 2 younger. I told each of them that we would match whatever they save for a car. We have savings, and I would not sacrifice from our current lifestyle to pay for this, but I also don't feel guilty about spending instead of saving this $ for college. My 16 yo is going to get his license in the spring and he has about $3500 saved from gift $ and his first job last summer...so I guess we will be looking at about a $7K used car. We are very solidly in the 'not rich, not poor' range for DMV and about average for our suburb income-wise, although probably with more kids than average. Some of my son's friends have brand new cars, some used cars, and some are driving their parents' old minivans. I'm planning to pay for insurance but not gas, although I plan to give gas $ if he drives his younger siblings to practice.

Hope this helps. For the record, I personally would not be able to bring myself to buy the kids new cars even if we could afford it, but maybe that is because I didn't grow up this way. I already tell the kids that they are spoiled bc they have the iPhone XR, but they tell me their friends have the 11...don't get me started

[Anonymous]

2 kids - one 15 one 13. HHI $550K in VA suburb. I drive a 2015 jeep (no payments on it) which we are planning to pass on to the kids when our oldest gets his license--they will share it through high school. I will get a new car when that happens. Kids won't drive to school--they can't--but they will drive to activities, practices, etc. We had a lot of discussion about this--not wanting them to feel entitled as is often the case in the type of area we live in/school they attend. But the truth is that we need a third driver and a third car, given all that they are involved in and both of us working full time. Kids will pay for their own gas and insurance.

[Anonymous]

Anonymous wrote:How many kids do you have, and how many years apart are they?

What is your HHI?

What kind of car did you buy them (and was it new? used?)

Did you get any type of "outside help?" Like did a grandparent contribute some money?

Did you feel you had to sacrifice in other areas (vacations, home renovations, etc) to afford the car?

I guess I'm just surprised (maybe a bit jealous) when I see a teen with a new ($25,000+) car, and then a couple years later their younger sibling also gets a new car...

3(1 is an adult. 2 teens, 2 years apart)
$250k HHI
2015 Altima
No help or sacrifices for the car specifically, but grandparents assist with other things related to the kids(sports, vacations, school)

[Anonymous]

500k income

New car. Wanted all the safety features.

[Anonymous]

We bought an extra car but it's not oldest DD's. It's an extra car that she can use with permission. We won't let her take it to college so her younger sibling will use it primarily when she leaves.