Originally Posted by stovt001
My first car was bought for $5,000 and my parents put $1,000 down for me, and I was darn grateful like you wouldn't believe for it. Regardless of how rich I ever become, my kids will still pay for their cars themselves. I learned so much about money and responsibility by paying for my car. It actually was cheap education when you think about it.
I hear this argument so often, and it drives me nuts every time.
My parents bought me my first car in 1991. It was a 1982 Camaro Berlinetta V8 with about 65,000 miles on it. It cost $2568. My father had promised to buy my first car for years. In the end each of my parents put $1000 toward it (ok, my mom put $1100) so I ended up jut paying the difference of $468. I didn't even KNOW they'd bought the car. I just came home from school one day, got off the bus and there it was in the driveway. (Having a father and stepfather who insisted on a sports car was nice. lol All they looked at were Camaro's and Firebirds. I would have settled for anything at that time.)
The only stipulation was that I had to get a job and pay for my own insurance. LOL Thinking back I can just imagine how much money they would have saved me if they'd added me onto their policy instead of making me get my own. 17 years old with a V8 Camaro, yeah my insurance was insane.
Now, 16 years later I'm a very responsible adult when it comes to money. And have been all along. Own a house, have good credit, no bills are behind.
So, really, you won't ruin your kids for life if you purchase their first car for them.
Anyone that spends the money on a BRAND NEW car for their child is just insane though.