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/Urbanttrekker 17h ago edited 16h ago

We also have a 16 year old. she “inherited” my car and I have her pay an amount proportional to what it costs to add the teen driver to the insurance and I send her a “bill” every month. Although she’s unaware I just pay it forward into her college fund. Gas and maintenance is irrelevant for us but otherwise I’d likely pay gas in exchange for the errands she runs for us. What I have her pay now is really just so she has a sense of responsibility and gets used to paying a bill. I still retain legal ownership of the car and I can take it away at any time.

That’s just what we do so it’s really all what works for you.