Posted on 3/29/2016
Buying a car is a hefty responsibility, regardless of who it is! The initial purchase is not only a monumental one, but the aftermath of car upkeep, perhaps a monthly payment, and of course weekly commitments such as a full tank of gas can be overwhelming. And of course, the unforeseeable car mishap—needing a new transmission, the random breakdown, or maybe just a twist of poor fate needing a new car altogether. Needless to say, purchasing a car is a financial responsibility from the moment you sign the title. So what happens when your new driver has this responsibility so that they can have transportation for school, work, or a social life? Should you help with this, or chalk it up to a learning experience and have them pay for it all on their own? Here are some tips and things to consider as your kid moves towards the purchase of their first car, and the involvement you may or may not have with it. Do they have a job? Take a step back and reflect on whe ... read more