Quote:
Originally Posted by UglyBuzzard
I am financing a small portion so he can see what payment obligations are like. If he does not work in some way, for us or external, to make the payment, he does not get the keys that month.
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I’d try to tighten up that strategy. Put something in writing and stick to your guns. If the arrangement is too loose, he will find a way to squeeze out of it, every month!
At least have him pay for the insurance. He will appreciate the car and be more careful if he has some skin in the game.
Also, what is your plan if you DO take the keys away? Who drives him around to activities, work etc? That arrangement should be specified as well (we will give the car to grandma to take you on your errands. She drives).
Honestly, I think you are in for heartbreak if you don’t force him to pay real $$$ in some fashion. He won’t beat up the car, and won’t let his friends do that either. Otherwise, eh - dad will just get me another car.
Personally, I would present the options - this car will cost you $$$each month, and you have to find a way to pay that or we sell the car. Car B may not be as nice or impressive, but you won’t have to work as much to pay the insurance, gas, etc.
Let him decide. He will feel so grown up if you work with him to let him decide how much risk he wants to take.