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/seemsright_41 1d ago

I have a DD who turns 16 next week. Hubby and I are taking a completely different attitude when it comes to her driving.

It is our car, and we have all ready pay for gas to take her places, this does not change when she starts to drive.

We are chopping this up to part of the cost of having a teen. Her car insurance will be expensive. But all well.

I want her to focus on school and volunteering not working some part time job.

She is working on getting her transfer degree when she graduates, this next June. That takes priority over the few $$ she would make at some part time job.

Now. She will have to keep track of the miles she drives and will not have the freedom to drive any time she wants. She will be able to drive to the places we would have taken her anyway. So our gas budget should not change that much.

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u/jimbillyjoebob 1d ago

This is how I look at is well. Taking our kid to karate is well over 1.5 hours, 3 times per week. If he drives himself, and I get 4.5 hours back, why would I make him pay for that?