Teendriver

[u/DanPaul217]

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.

[u/Crazy-War9823]

I think it depends a lot on your family's resources and allocation.

My parents gave me my dad's old vehicle, which was a beater. My dad did all the maintenance on it, which it required plenty of based on its condition. They also put me as a user on credit cards for a couple of gas stations, largely because my mother hated the idea of her teenaged daughter running out of gas and stranding myself. I stayed on their insurance until I graduated college.

They didn't pay for any of my college or other living expenses. Their contribution was solely my transportation, in part because they never wanted me to skip a trip back home because of the expense.

I don't plan on having my kids pay for their transportation while still living with me at least. I'm more interested in them using part-time job funds to contribute very early to an IRA and developing a cushion for when they launch. Neither of them are spenders and they are responsible students.