oliver said...
I would love to be able to put this whole car thing off and make her pay for it etc. But I can't see it happening.
I know she will prang it, so a safe car is really important.
How many cars or repairs are you gonna pay for Oliver?
For how many years will this continue?
My knob head sister is 37, living in my parents 2nd house, and on her 4th consecutive car that family has paid for (she has also had 2 very serious and extremely expensive car accidents).
She has cost them 100 000's of dollars so far and it looks like her willingness to remain financially dependent will continue for many years (read decades) into the future.
I made a big decision early on, knocked back some offers of financial help, offended my parents, and decided the best way to become independent would be to pay for my own material possessions.
For many years life was a day to day challenge.
5 years ago I did some work for an ex-farmer. He was very wise. He did not give a cent to any of his 3 kids for their cars.
He paid for their 3rd party insurance and nothing else. His kids had to either save up for a cheap car or pay a bank loan off if they wanted a better car.
All maintenance, license and fuel costs paid for by the kids.
He said his kids were more likely to drive sensibly (presumably to save money on running costs) and therefore less likely to have accidents.
No Job, meant no cashflow, and that would mean no driving.
He stated that a car was the first purchase that signified their independence. It was a perfect way to show that his offspring could act like adults.
The ex-farmer wasn't short of coin.
After his kids had shown that they had learned how to look after their own transport needs, he and his wife happily injected significant funds toward the purchase of their first home.
This is the method I plan to use for my kids.