I'm looking for stories of what smart money people did to help their kids get a car, I'm looking for ideas.
I didn't predict that when my son began driving around (which happened recently - his license was delayed due to the pandemic) would coincide with the worst car market I've seen.
I don't want to acquire debt (a car loan) and give him my current car or anything like that. I'd rather, if I'm going to give him anything, have it not be attached to a debt of any sort.
What I've offered him so far is that I would match him dollar for dollar on his contribution towards a used car purchase. Obviously I'm hoping that by the time he's ready to buy, the used car market has improved from whatever the hell this is.
We live in an area where driving is somewhat necessary. In the meantime he's been driving around a friend's grandfather's old truck, which is not his own car on paper, but which he has access to 24/7 as if it is his own. It costs $110 to fill the tank though (we live in CA).
Is there any other strategy I'm not thinking of? I don't want to just "give" him a car because I think he needs to learn how to save for something. It wouldn't be super financially easy for me to give him a car anyway, and if I'm going to give him anything, I'd rather it be something less depreciating, like tuition to a trade school. I do want to help him, but more like a help him help himself type thing.
What did you all do when your teens started driving?
Submitted October 24, 2021 at 12:33PM by onions-make-me-cry https://ift.tt/3B9ENtc
