Son has finally realised he cant keep his car!

gilly41

My son is 20 and going in to his 3rd year at Uni this month. He passed his driving test 3 years ago and his grandparents, my exs parents, bought him a newish car!!They didnt ask me what I thought i was just told he was getting it! As you can imagine at 17 this was everything---every lads dream to have a nice car bought for them!!They paid his first years insurance and my son worked part time at college to pay for petrol etc.
Anyhow the last 2 years of owning it he has struggled on----his grandparents have paid his insurance for him but told him that any repairs/tax was down to him to pay!!
He has just taken it for a MOT and it has failed----not sure what the problem is but this was going to cost another £60 to repair on top of the £44 for the MOT and then it needs taxing!!!We have sat down today and worked out his budget for the year---£4020 student loan and rent/bills etc at Uni of £2400 for the year.
This leaves him with approx £30 a week to live on(food/toilitries)/buy bits for Uni/clothes/bit of pocket money etc. For the first time he realises that he just cannot run a car(he has definately grown up this last year!!!!) and he has agreed that it is a huge expense that he just cannot afford til he earns a full time wage!!He is going to fill in the necessary form on Monday to take it off the road and leave it in his grandparents garage!!They have now said they will pay for the repair but he has told them he cannot afford petrol/tax and that he is not in position to run it!! I dont think they are too happy but I have told him it is his car and it is down to him to decide if he can afford it!!!
I actually feel pleased he has made this choice and has realised that he cant have everything in life----well at least not a car til he has a decent income! He is going to get a part time job at Uni but that still doesnt bring in a huge amount of cash.
Do you think he has done the right thing?
x

Jamz

he could work part time and get enough money to run the car, just how much does he use it?

gilly41

He is not really using it that much to be honest---OH can take him back to Uni and pick him up. When he goes to see his gf he always uses the train!!
The thing is it has had repair after repair this last year---the last job cost him £120. He has always had a part time job but he has to work this round his degree so he cant make a huge amount of cash!
x

newleaf

Yes, absolutely! Good on him for being so reasonable - and shame on Grandparents for being so sniffy about it. Anyone knows a car just gobbles up money.

CLAPTON

frankly it was most irresponsible of his grandparents to give any 'gift' that costs money to run with out discussing the full implications before any decision is made.

in general students can't afford and dont need cars.

if the car has a resale value he may wish to consider having the car repaired and then selling it. it does a car no good to sit doing nothing for a year.
i think he is a very sensible chap.

gilly41

Thanks for all the replies.
Clapton those are my thoughts entirely and have been since day one!! My OH and I were not happy when he got the car but he was over the moon to receive it and was a young,impressionable 17 year old!! Three years on I can see he is growing in to a young man who is learning that he cant have it all!! I have suggested that he maybe gets it repaired and through its mot and sell it now but I dont think he is quite ready to get rid of it yet!! I think though, that when he returns at Xmas he will have made up his mind that it is time to let it go.The only thing is that he will have to pay for a re test at that stage as if he doesnt get the repair done now at the same garage the test fee will become due again(think i am correct)!!!On top of the repair(which they have said they will pay) he has his tax due and so it goes on!!!!!!
x

Gemmzie

A three year old car failing it's (first?) MOT - bin it, invest the money in a high rate regular saver / ISA (standing order over each month to fill them from standard savings account) and buy a new car when he finishes his degree.

david_hellier

Yes, he's done the right thing. He could sell it of course; cars are such a waste of money.

kathfisch

Well done you gilly, your attitude to money and needs vs wants is rubbing off on him :T

gilly41

Hi
Sorry if it read wrong--it isnt actually a 3 year old car ---it is a Y reg so not sure how old!! I think it is possibly its second MOT though not 100% sure---can you tell I dont have much interest in cars LOL?
x

Willsnarf1983

Sorry i'm gonna go the other way!!, I went to uni, worked and ran a car with a relative ease, It can be done and isn't overly expensive.

But yes not a wise thing of the grand parents!

Will