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[quote=Anonymous]Does your son WANT a new car?  If he's paying the insurance and taxes on the car he has now, they will increase dramatically if he replaces that 14 year old car with a new one.  My DH and I both were driving cars that were a little over ten years old and when we bought a "new" car (it was used but only one year old), I was blown away when I got my first car tax bill.  I was so used to paying $100 a year or so and was suddenly paying $1000.  Insurance also increased.

Why don't you just give him the ten grand as a gift and let him do what he wants with it?  Maybe he'd rather keep the old car and sock the 10 grand away as a start to his own rainy day fund or for a downpayment on a future home?

If he says he absolutely wants to get a new car, give him the 10 grand and he can use that and the old car as a trade in and decide how much car he wants to get.  This way you're still giving him a gift but he's making one of his first major purchases on his own out of school and learning how to be independent.

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