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Old 15-03-2007, 16:22   #1
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Question He doesn't like boats but...

He's a good kid anyways. Seeing as you're all part of our extended family I thought I'd include you in this discussion. Dan's now 16. Got his first part time job this week. Average grades. Musically talented. Never been in trouble with the law. Quiet, respectful and inquisitive. Reads a lot but spends too much time on the Internet (comes by that honestly). Question is, would you buy him his first car? Not a new one but a $1K Sunfire, reasonable to operate and insure.

I already know what Lori's gonna say so you don't need to respond darlin'!
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Old 15-03-2007, 16:29   #2
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Unless he needs the car to get to work, he should earn the $ himself, then buy a car when he can afford to - it will mean that much more to him. IMHO.

Kevin
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Old 15-03-2007, 16:32   #3
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Forgot to mention. I'll do half the insurance (approx. 40/month) and cover any major repairs. He's got to keep it clean, regular oil changes and gas. We've got a graduated licensing system here for new drivers so for awhile he won't be able to drive after dark or on 4 lane highways. I figure I'll save the insurance a month with the taxi service I'm providing now. His g/f lives 50 kms away and it's a bi-weekly trip up and back, twice! The primary reason is to get him to/from work/school.
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"It's not the boat "you built" until you've sworn at it, bled on it, sweated over it, cried beside it and then threatened to haul the POS outside and burn it!"
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Old 15-03-2007, 16:33   #4
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Quote:
Originally Posted by Lodesman
Unless he needs the car to get to work, he should earn the $ himself, then buy a car when he can afford to - it will mean that much more to him. IMHO.

Kevin
You've been talking to Lori haven't you Kevin?
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"It's not the boat "you built" until you've sworn at it, bled on it, sweated over it, cried beside it and then threatened to haul the POS outside and burn it!"
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Old 15-03-2007, 17:17   #5
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I voted yes. I bought my very first car at 16. $150 - '37 Ford. It wasn't in very good condition, had mechanical brakes, and caused more problems for me and my dad than was worth it in time and money. I really should not have gotten it because I couldn't afford insurance. Worked on it a lot and sold it. Dad then bought me a '50 Chev hardtop coupe in good condition that didn't cause as much trouble and was a dream car for me.

When my daughter graduated from HS I bought her a car, not new but in nice condition. She took care of it very well and it lasted her for a long long time.
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Old 15-03-2007, 17:49   #6
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Once you sell the boat you will be able to get a nicer car than a $1k Sunfire.
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Old 15-03-2007, 19:54   #7
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Hmmmm ...screw the car ... buy im a Sunfish instead.
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Old 15-03-2007, 21:18   #8
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There are good arguments either way. Because I work with young people as my job, I see one reson why getting them to save and buy is important. They take a little more respect of the thing because the value means something to them. They youth I work with that get stuff given to them by parents have no respect. One guy I had in class last year, was on his third car in six months. He would total the car, Parents would buy him another. The Parents wonder why the Kid was a problem, Mate they just needed to take a look in the mirror. Sadly they would still be blind to it if they did.
Anyways, in saying all that, I think you know your boy well enough to know if he woudl abuse a gift like that. And If he did, simple, he doesn't get another.
Now on the other side of the hand, I have a Father that will not to anything for me. In some respects this has taught me to have to fend for myself, but at the same time, I think he was a little too tough. I remember when I was a teenager, my car would not start one morning. I rushed inside and said, "Dad, my car won't start". He replied, "ye better get on ya bike then hadn't ya". "But it's 10miles to work". "well ya better peddle fast then". He had three cars in the Garage and wouldn't let me borrow the farm hack even.
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Old 16-03-2007, 00:11   #9
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My opinion, Buy the car. One car. One time. Screw up, he's on his own. Blows the engine, time to learn how to rebuild an engine. Can't afford gas, can't afford to drive.
We bought my step son a VW bug. It was a project, but a runner. He still, years later, after rolling it, then blowing up the engine, recalls fondly how much he learned about mechanics, and finances from that old VW. That extra boost forced him to take the responsibility of maintaining what he had.
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Old 16-03-2007, 08:51   #10
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I'd do it for him, with conditions. There'd have to be an automatic savings account contribution from his job, or something similar. First, I'd require 10% of his net pay to go into long-term savings. There are few things better to teach kids than saving and investing for their future. Second, I'd require some fixed amount of his pay to be saved out of every check, set aside for operating costs, minor repairs, insurance, and the eventual replacement of the car. Otherwise, when the need comes, the cash won't be there, and you-know-who will pay the bill, again. It's a great opportunity for teaching important lessons, IMO.

Sounds like you've got a good kid. Congrats to you all.
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Old 16-03-2007, 09:02   #11
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And another thing, I forgot. Is he also going to be driving other (more valuable) vehicles? I realize the car you buy him may not be worth enough to carry insurance beyond the liability coverage, but your other vehicles are probably carrying collision coverage. In the event of a mishap, who pays the insurance deductible? If it's him, then that needs to figured into the automatic savings number. If it's you, then here's an idea you might consider. You can make a deal with him, that if he goes the whole year without any accidents, so there's no cost for the insurance deductible in car repairs, then you put the equivalent of the deductible into his savings account. (I'm assuming your car insurance works like mine - a $500 deductible per accident - if not, never mind...) It puts a tangible cash reward on the table in the short term, connected directly to his performance.
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Old 16-03-2007, 09:06   #12
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How about a matching fund. He puts up 25% you put up 75% or 50% 50%. Also I think that insurance or fuel or something should be his responsibility. Really like Gator's plan about savings. Most adults not to mention kids don't realize what savings is.
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Old 16-03-2007, 09:30   #13
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I agree wholeheatedly about the savings. I was never very good with money, still ain't and it's gonna get worse when I start to build the boat.

It looks like Dan's headed for a trade as a welder. It'll be important for him to have his own transportation just to break into the trade. He can't go to trade school here unless he's under the employ of a shop who'll sponsor him (I know shitty way of doing things). It'd be a totally different story if he was college bound in an urban area with access to public transportation.

I think we can live with 50/50 on everything but gas and oil. Major repairs, as I'm all too familiar with, would definitely be beyond his means on a part time job. The mandatory savings thing is definitely interesting, planning ahead for emergencies such as dedcutables etc. Might be a good time to teach him that lesson, I never learned it and paid dearly for it all my life.

This kid really has nothing to worry about in the future, he's the only grandchild on my side of the family and his mothers. He stands in direct line to inherit everything from my parents, my brother, his mother, his mother's brother and me. Lucky lil' **** unless he starts to plot to knock us all off! I'm doing my damndest to spend everyting I got before he can get his hands on it!
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Old 16-03-2007, 14:39   #14
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Starting while young...

I know we all want a car when we are young because we think that it brings in the birds, but experience has taught that nothing attracts them like a good apartment.

So, if there is any spare money lying around I'd suggest putting it into a nice small centrally located flat.
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Old 16-03-2007, 15:17   #15
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Quote:
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So, if there is any spare money lying around I'd suggest putting it into a nice small centrally located flat.
Naw. I think we'll draw the line at a cheap beater to get him back and forth to work. Don't wanna encourage pro-creation just yet, I'm too young to be a grandpa!
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"It's not the boat "you built" until you've sworn at it, bled on it, sweated over it, cried beside it and then threatened to haul the POS outside and burn it!"
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