What should i do ?

[Dayvo]

My son turns 18 in September and is in his last year of school .
He has a part time job working after school and on some weekends.
I have been telling him to save his money for a car ,but being young he has been blowing it on guitars, amps, playstation games and enough Maccas to feed a small army. So he hasn't enough money to buy a car . My question is what should i do?
A) Make him catch a bus
B) Make him get a bank loan , which i don't think he will get because of his age and he has no steady income
c) lend him the money and get him to pay me back.That way he will save on paying interest.
I was just going to by the car for him but i want him to learn the value of money ,and if he has to buy it himself he will appreciate it more .
He does have a full time job lined up after he leaves school .
Cheers Dayvo

[stocky]

i would suggest loaning him the money yourself. if you just give him the car he wont appreciate its value and might do some stupid things while driving. if he gets a loan from the bank, hes just throwing money away on interest

[xlr8_87]

yeh i'd go with loaning him the money
my parents have done that for me with major services (i.e. $1000 loan) and payed them back gradually, made me realise that its harder than you think to save!

[daz08]

Damn i wish i was u guys kids! My olds said to me "we didnt get any handouts when we were young so neither do u". So i had to buy my first car myself. So from my experience id say let him wait till he can pay for it himself.He will definatly appreciate it alot more. But thats my opinion

[Shounak]

c) lend him the money and get him to pay me back.That way he will save on paying interest.

I'd suggest this option. If he has a full time job lined up, you know he has the money to pay you back and to maintain the car.

Plus, unlike a bank, if anything happens. Such as his job going, he has some flexibility without comprimising his credit rating.

One of my friends is buying her car of her parents making repayments every week. I would definitely suggest this option..

[Dayvo]

Thanks for the input guys , The car is a 1991 laser and it belongs to the old lady whose husband has just retired and they no longer need two cars .
It is in good nick and always gets regular servicing ( the car not the lady )
and she is asking 3 grand for it with roadworthy and 12 months rego
I will go with lending him the money .
Cheers ,Dayvo

[bommodore]

bullshit tell him to catch the bus if he wants a car he can save the money like most of as did

[Patrio7]

make sure he doesnt go out and get something too fancy, they say ones first car is to learn in.

i financed mine with parents help for deposit but i still drove it like a tool but now that im off my p's and have done my burnouts and other stuff im over hooning, i look after my car [ or try to ] nowadays

[Shounak]

My parents were generous with me. They knew I was really into cars and I'd go and get a loan to get an awesome car...

So for my 18th birthday present they gave me an interest free loan to get the car I wanted.. I pay them back once I get a job, after I finish Uni..

They didn't want me to work too many hours to support a car whilst I'm at Uni, so the interest over a few years is basically the gift..

I'm not complaining..

[MaN|aC]

my parents paid for my first car a VL when I was 16, I had it easy :P

[minux]

Unless you are buying new, loans for cars are pointless

[vlv8vic]

make him catch the bus. i had to buy my car. i knew i was going to have to buy my car and i dealt with it.

give him a handout now and watch him expect it in the future.

if you feel the need to give him what he doesnt deserve, go and buy a near roadworthy $400 datsun (they are out there!) and let him deal with it.

[sircruisealotVS]

september is still a while off yet...tell him to start saving!
he doesnt need a nice first car, and lets face it...its goin to get abused anyway.
id make him work for what he wants...otherwise he's goin to keep comin back to you for money each and every time he runs into troubles, teach him the value of independance and that he cant mooch off mum and dad any more for money.
plus im sure he's not goin to be catching the bus exactly without a car of his own...no doubt he has friends who have cars.

[POVRTY]

if you buy it make it a cheapie. if he wants a good 1 than he can save

[Hot-Rod]

Yeah i have to agree with the majority, let him catch the bus . If you giv him a car before he finishes school expect him to lose his licence in the first 2 months of driving too school, or worse crash.
So i'd say tell him to save his own money for his own car.

[semi]

buy him a real cheapie and tell him you'll pay for the basic parts and stuff to get it in RWC, but thats all hes getting unless he saves money for his own car. He can learn to fix it up and everything and have pride in it. Unless hes fully not into cars

[Baritji]

Sometimes, I wish my parents helped me with my first car! I think maybe you should make him save up, and say, for every dollar he earns, give him 10c for his car. That way he pays the majority and learns the value of a dollar! Or maybe you could pay his insurance, or fuel for a month, or something!!! If he is spending every cent now, are you sure he won't do the same thing when he leaves school!?

My parents never gave me handouts, something of which I am very glad about. I am only 18 but I am completely set up to look after myself and can handle almost anything! I am even about to buy my first house!!!

If my parents straight out bought me a car, or lent me money I do doubt I would be in the same position I am in now. I probably wouldn't have left home at 16, instead I would probably be there until my early 40s!!!

[semi]

well done with being self sufficient at 18 mate, i wish that was me. Im the same age and in a pretty different situation. My parents help me out when i need it, give me fuel money occasionally as at the moment, due to exams and stuff im not really working, but usually i pay for all my stuff. I do live at home though

[Shounak]

If you start working a full time job at 18, being self sufficient isn't all that hard..

If you're at full time Uni and work a couple of hours in a non-serious job, then it's nearly impossible to be fully self sufficient, without some kind of assistance.

The more time you spend working , the less time you spend on Uni. Uni is the full time thing after all..

A distinction has to be made. Like if people go out and get a job after they finish their VCE/HSC/Year12, that's one thing. Studying at Uni fulltime is a completely different one..

[Spyper]

I do full time work and full time uni.. but only back in first year uni so I've got time to waste. Next year I'll be seriously cutting back my hours.. completely agree Shounak.

As for the options.. loan him the money with strict repayment rules.. if he stuffs up without good excuse, start adding interest. Well not that, but make sure he understands the value of a loan, not just money.

[fu2]

i would say make him catch the bus

i had to save for my 1st car (the vp) and i think because of this i respect it more. i dont do burnouts and im really protective of it

[crazyspoon05]

I'd make him save as well, even though I bought my first car off my parents I still had to work to earn enough to pay for it and I had to apply for the loan as well.

This is the best way to teach them about financial matters for the future..

[Sebastian]

i know it sounds harsh but having just been in the same position (buying my first car) i have to agree with most people, he should catch the bus. if he really wants a car and is going to appreciate it he would have already been saving up for one. my parents made it clear early on that they wouldnt be giving me money towards my first car and so for three years i had been saving up to by my car. if he isnt willing to save up for what he wants then he doesn't deserve a car. the other thing of course is all the subsidiary costs relating to cars (servicing, insurance, rego, FUEL), if your son is blowing all his money at the moment on crap then there is little chance he is going to be able to mantain a car
Cars are not just toys they are commitments

also it annoys me that people believe that getting a good first car is bad, in my opinion if your likely to be in an accident you shouldn't be driving furthermore as a driver im very safe and am unwilling to do things which are going to endanger my car like burnouts but i guess thats because i had to pay for every cent
anyway thats my opinion

[VRFURY]

i had to save for my first car, and i was just getting out of yr 12 and had a part time job but then went in to full time careing for my dad when he got sick. i svaed and saved for my car cos i new it was important for getting my dad to hospitals and to look after the house.

But it made me really apprecitate what i worked for even if it was only my VL :P

[MOTIV8]

I would tell him that I would match him dollar for dollar and that he had better start saving. Stipulate a cut off date and that it is then up to him.