How can I dissuade 19 year old DS from taking out car finance?

Maureen43

Hi All
My 19 year old DS is dead set on taking out car finance. He wants approx £4k to buy an old Audi or BMW. He already has a car, which I bought him when he passed his test, but wants something more exciting.
I'm worried because I know he already drives too fast and brakes too hard, and a BMW or Audi will only make that worse.
I'm more concerned on the financial front. He already pays out monthly for car insurance and phone, plus a small amount of rent to me, and I think taking out a large car loan at 19 is a really bad idea. H earns reasonably well (about £18k) but still.....
He might miss payments and, because he lives at home, that may affect MY credit score (and I had to fight hard to get that back after my marriage).
Can anyone give any ideas on arguments which might dissuade him?
Thank you
Maureen

onwards&upwards

To put your mind at ease, credit histories are linked to individuals, not addresses, so unless you are linked to him through any joint financial accounts then his actions won’t impact your credit. 

He’s an adult, so free to make bad decisions, but is he ever planning to move out?  Having big loan repayments for years will make that very difficult.  His salary is not bad for his age but very low compared to most.  Could he be tempted to post on the loans board here for a reality check? 

Maureen43

Thank you for your comment about his loan affecting me personally. Does that mean that bailiffs can't come for my money if he defaults?
He admits he is only thinking short term and says he has no plans to move out. I've told him his wages are pretty good for a 19 year old but there is no potential for progression so he will still be earning the same in ten years! It's so frustrating.

BrassicWoman

19 with a safety net is a good time to make mistakes. 

Maureen43

What is the safety net?

Comms69

Maureen43 said:

What is the safety net?

You.......

Maureen43

I'm not in a position to bail him out if he defaults. I'm not the safety net.

Emmia

Have you thought about increasing his rent (you could secretly save the difference for him to use as a deposit in the future), or making the current rent level conditional on putting aside a certain amount each month in savings (probably into something that isn't instant access). 

Audi's and BMWs are also not cheap to maintain and insure - can he afford those costs as well?

onwards&upwards

Maureen43 said:

Thank you for your comment about his loan affecting me personally. Does that mean that bailiffs can't come for my money if he defaults?
He admits he is only thinking short term and says he has no plans to move out. I've told him his wages are pretty good for a 19 year old but there is no potential for progression so he will still be earning the same in ten years! It's so frustrating.

If he defaults, debt collectors could knock but they have absolutely no powers to do anything other than ask for the money.  Don’t let them in.

If he gets as far as a CCJ then real bailiffs could show up, but again if you keep your doors locked they have no right to come into your home.  Most likely they would just repossess the car if that hadn’t already been done. 

comeandgo

If he drives too fast and breaks too hard an Audi or BMW are probably the best cars to be in.  

roddydogs

You become a "safety net" for life when you decide to have children!