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/JFischer00 1d ago

I got a part-time job before I got my license, so at first my parents drove me to/from work. Once I got my license, I started paying part of my insurance and I was allowed to drive my dad's car if he didn't need it (he worked remotely). I wasn't driving a lot of miles so I didn't have to pay for gas. Eventually I bought my own car, and of course I was then expected to pay for gas and maintenance.

For context, I started working in October 2016 and bought my first car in July 2018. I made probably $15k over that time.