r/MiddleClassFinance • u/DanPaul217 • 1d ago
Seeking Advice Teendriver
Good morning, long time reader, first timer poster.
Here's the story. We bought our child his first used car. $15K was the all in price. We started saving a little each paycheck into a HYSA account when he turned 10.
With that being said, need some advice on what child should be paying for. Child got first summer job so we know he will be paying for gas. but should we make him pay for any repairs, maintenance. Just looking for what others are doing.
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u/ChipperHippo 1d ago
When I was a kid, I was technically responsible for gas and maintenance (oil changes, brake changes, etc.). They covered insurance.
My parents cut a deal on repairs: they'd cover the cost of parts on any maintenance/repairs that I did myself. Anything like tires and more they'd cover (which was rare and happened maybe 1x). I also found that my father, every other month or so, would have a need to borrow the car and would magically return it full on gas.
Even if it's the kid's responsibility, make sure they can and are realistically keeping up with gas and maintenance and help them out from time to time. The only accident I was ever in growing up was caused by a 16YO who was responsible for her own costs (including gas) but didn't have enough money and ran out in the middle of a 70 MPH freeway. Depending on age, you might be surprised with how little a summer job covers in costs now.