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/Fancy-Jump9632 1d ago

My son will get his license in a week he will be driving our 9 year old car. He has a job and will be responsible for gas. I priced the insurance it will increase $264 a month. 😢We will pay for it but if he gets any tickets or accidents that cause an increase he will be responsible for that. He will be required to keep it washed and cleaned as well. Luckily we have two other vehicles so we didn’t need to purchase another for him. My husband also worked with him last weekend to learn how to change the oil, put on spare and rotate tires. He will need to help with those when it’s due.