My son just showed up at home - with a NEW CAR! Help
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You should also consider that if he is leaving home, he likely does need a car. My daughter is in 11th grade and just turned 17.
Bull, unless they are in a small, isolated school miles from civilization. Both of my kids went to large universities without their car for the first two years. They lived on campus, walked to classes, took the campus transit to town when necessary, walked to football and basketball games, recreation, and didn't have to pay usurious parking fees. Did they like it? No. Oh, well. :-) My son and daughter shared a car in high school. When eldest went to college, youngest still had two years left in high school, commuting to a private high school 10 miles away with a heavy extra-curricular schedule and needed the car more. When she started college, the eldest got the car because he was living off-campus and was a junior. The youngest then got two years at college with no car. :-)
Yup.
I wasn't allowed to have my car the first year on campus bc my parents didn't want me worried about it or messing around with it.
Wound up catching rides with friends home...most stuff was on campus anyway.
Even when I had my car, it sat in the parking lot most of the time.
This is an excellent, albeit expensive lesson, on poor financial planning and living within your means.
What I would be concerned about is an 18 year old so invested in his car that he decides that he can't afford college because he needs a job to pay for his car . . . because he needs a way to get to his job to pay for his car . . . because he needs so much money to pay for his car, he doesn't have any money left over for college . . . And, depending on what you know about his impulse control and his choice of friends, I'd also be worried about illegal ways that he might be offered to make some extra cash. Losing a car would be embarrassing. Getting arrested for drug dealing would be a life-time issue that he would never overcome.
I'm sorry, I know it's frustrating when they do dumb stuff like this. 30% interest? Jayyyssssusss . . . I give it four months before the car is repossessed . . . heck, he's not going to be able to pay for the GAS for that gas hog!
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