Buying your kid's first car

Whiner

motorguy wrote: »

Son saved for his first car via the proceeds of a part time job since he was 16, which i was then able to get him through the motor trade, as i was trading at the time.

More saving, a little profit from a few trade ups into better cars that i guided him with and he now has his fifth car in 3 years - a BMW 120d M Sport that he bought for £9,000 in cash. It has a retail price of maybe £12,000 if he had went to a dealers for it.

Didnt want to - and hadnt the money to - buy him his car, but this way its his own cash so looks after it.

His name Matthew Harris by any chance?

motorguy

Whiner wrote: »

His name Matthew Harris by any chance?

Actually you're close. First name Matthew.

Lurgan, northern Ireland?

Whiner

motorguy wrote: »

Actually you're close. First name Matthew.

Lurgan, northern Ireland?

No, South Wales

Just seemed a bit of a coincidence lol. Not the same person though

greensalad

My parents gave me 10 driving lessons for my 17th birthday. My grandparents gave me £700 to buy a car (actually they bought one for me, but gave money to my other cousins who apparently needed far more expensive cars).

I don't think it's fair to say all children will not appreciate being helped out. Helping your children financially does not make them spoilt or ungrateful. Teaching your kids where the money comes from, that they are helping you for certain reasons and that you should be financially responsible and do it for yourself in the future are what makes a child respect money.

I loved that little car. I was very grateful of the help and eventually passed my test after way too long.

[Deleted User]

My grandparents paid for my first car (£2.4k) and first year insurance upfront. I looked after the car, not all people who have cars bought for them razz around and crash.

Quiet_Spark

Strider590 wrote: »

want little Johnny to drive like a lunatic and have an accident, then buying him a car is the fastest way to do it.

That may be the case for some kids, but my eldest managed to look after a 318 iS M-Sport for 3 years with no issues before trading up to a 530 D which has survived a further 6 years without incident.

busiscoming2

We paid for the driving licences, tests and bought the first car (around £250 -£300). They paid for the rest. Just going through the motions for the youngest at the moment. The insurance seems to be so much more now than it was a few years ago. In fact it is so expensive DS2 won't be able to afford it on his Saturday job wages and we certainly can't afford to pay it, so he is looking at a moped instead.

victorias_dad

we paid for the lessons the car and the insurance but he buys the petrol after all we are not made of money

pulliptears

With DS one set of Grandparents paid for all lessons and test, other set contributed (along with us) a chunk towards first car. DS paid for his own insurance, tax, petrol etc

DD turns 17 in October. Gran has lesson money saved, we plan to buy the first car we bought for DS from him for the money we paid for it 3 years ago and give it to DD. This then gives DD a decent first car she knows the history of and DS a chunk of money to put towards a newer car. DD will be responsible for her own insurance, tax and petrol as with DS.

My parents bought my first car and paid for my lessons as did DH's parents for him. It's something we are fortunate enough to be able to do for our own children.

lexington013

Bought my son a £500 F reg BMW (it's a beauty, 82000 miles). It's so good I'm having first refusal on it!
Seriously though he has paid me back over a number of months, therefore it's his car and he has made the effort. I have paid the insurance (£800), so feel I have contributed. It was great to see his face when I opened the garage door, priceless.
The car is Old Skool Cool according to his mates.....LOL.