Owning a car is a huge responsibility. You must pay car insurance, put gas in the car, take care of routine maintenance such as brakes, tires, shocks, hoses, and fluid changes in addition to major repairs. Is a 16-year-old ready for that responsibility? It depends on how you much responsibility you've allowed them to have. If you're teen isn't responsible, you may want to nix the idea of them buying or having a car.
My niece got her driver's license a month ago and has been bugging her mom for a car; she's tired of using her mom's. Lo and behold, her mom's Saturn Station Wagon is on its last leg. The heater recently died and now the car won't start. It has seen better days. My niece wore her mom down by saying they can get a new car and it can be for the both of them. What! My niece hasn't paid her grandma back money that she borrowed to buy a digital camera and Wicked tickets. If her mom and dad don't 'nip this in the bud,' they'll be driven deeper into debt. Suze Orman would have a field day with this situation!
FYI: My niece asked her grandma if she'd co-sign a car loan. Grandma was smart enough to say, "I love you but there's no way I'd co-sign a loan for you or anyone." Grandma doesn't need to be driven into debt because of her granddaughter.
When I was 16, my father told me that the only way I'd be able to have a car is when I could put gas in it and pay the car insurance. He told me that if I couldn't put gas in a car, I had no business owning one. No matter how much I bugged him to go car shopping, he wouldn't budge. I got a part-time job and worked as much as I could. I saved my money and had enough in the bank to prove to him that I was ready for the responsibility. I got my car and took care of it. My dad helped me with major repairs, but I always put money towards them. I wanted to show him that I listened to what he said; I was responsible.
Question: If your teen isn't responsible enough to save money for a car, how will they be able to buy one and take care of it? It doesn't make sense.
Parents it's up to you to teach your teen responsibility. Don't allow them to run the show -- you're their parents! Most teens aren't working 40 hours a week, paying home owners insurance, paying the mortgage or rent, buying groceries, or paying the utilities and other expenses. They have no idea of what it's like to live in the 'real' world, especially if they've been sheltered all of their life.
Don't allow your teen to stronghold you into making a major decision just because it will benefit them. Sit your teen down and explain to them that owning a car is a major responsibility -- it's not a 'Hot Wheels toy! Take them car shopping if they're ready, if not; make them wait a few years until they become more mature. Good luck!
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