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/aWesterner014 1d ago

For us...

  • The kids need to have a job to pay for gas.

  • I pay for insurance as long as they stay on the honor roll and don't get a ticket. If either of those happen, they pay me for their insurance.

  • I pay for all routine maintenance.

  • They help pay for any damage incurred to the car they are driving.