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What happened to "Kids" owning their own destiny and buying their own car & insurance? When I was a kid and wanted a car my parents told me to get a job and pay for it myself. They also mandated that I saved up enough to pay a full year of insurance (my own policy, not being added to theirs) up front. It took me a year of working and saving but I got it done. Its all about learning about how to be an adult isn't it?
Jumping through "Adulting" hoops for your kids doesn't teach them anything.....
Quote:
Originally Posted by CHA-LEE
My first car cost $75 for a stock Bonneville 389 convertible and like new tires. I paid cash:) drove it home. That's when the parents said, nice car, it sits here till you can afford the ins.
Now it cost more to fill a tank, than my 62 did.
Same thing that happened to young adults buying a house. Virtually impossible now.Quote:
Originally Posted by CHA-LEE
My first car cost $450 in 1998. I made $4.15/hr. Roughly 100hrs work.
Starting wage for a kid now is around $14/hr. 100hrs work = $1,400. Can't buy a drivable car for $1,400 these days.
Well, you might be able to find one but it would likely be a clapped out piece of feces with about 300K miles.Quote:
Originally Posted by hollohas
I wanted a car and my parents told me to make enough for a down payment and they will finance me the rest at 5%. 75% of the way though the first summer got to pull up to work in my 84z28.( before you think I was more spoiled than I was I graduated in 04) Also got to enjoy learning how to maintain and change everything on a 350. My kid is 10 now I might do the same approach with him. Learned paying a loan sucks. Didn?t have another loan until I bought my first house at 22. Then never had a car loan until I was 29. Still never owned a new car.