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

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[quote=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 ;)[/quote]

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