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re: Money Talk - Teenagers' first car
Posted on 8/19/25 at 10:41 am to anc
Posted on 8/19/25 at 10:41 am to anc
quote:
Would you put a 16 year old in a Porsche?
Nope, nope, nope.
I put all of my children in beaters that were SAFE, first and foremost. I would NEVER give them a performance car.
I lived in Roswell, GA from 2000 thru 2004. During that time, there were two incidents that occurred within a mile of me that have stuck with me ever since.
First, was an accident where a kid's parents went out of town and left him the keys to a Nissan 350Z. He invited two friends over for a sleepover - the friends did not let their parents know that host kid's parents were not in town. They were playing video games and decided to go to Waffle House at 2:00 AM. The kid was driving the 350Z at 95 mph through a neighborhood with winding streets and inadequate street lights. He didn't see the Penske moving truck that was parked in front of a hous blocking 1/3 of the road. Two of the kids were killed instantly and the third kid (the driver) has the cognitive ability of a potato. The parents swore that their kid had NEVER done anything like that before. As I understand it, the parents of the driver blame the other two kids for pushing their little angel to do what he did. He was an honor roll student who, by all accounts, was not the type of kid to go do something like this. Regardless, it was a terrible situation.
The second incident happened around the same time, where some parents gave the jewel of their eyes the keys to a brand new jacked up and loaded Ford F-150. That was the last time they ever saw the kid alive. The kid died when he was ejected after he flipped the truck while doing donuts in front of the gate to their neighborhood within an hour of getting the keys.
I don't understand why anybody would ever give an inexperienced driver anything other than a 5 star crash rated car that will not tempt them to go 100 mph. Who are they trying to impress?
I would promise them the nicer car when they graduate from college. By that time, they will be experienced drivers and they will be a little more mature. I would give them a used Corolla and leave the rest of the money in an account for later.
1
Posted on 8/19/25 at 11:14 am to lynxcat
quote:
My kids will not be driving luxury vehicles for a first car. Looking back, starting with a used Ford Explorer was a great first vehicle.
Same. I plan on getting a new car with good gas mileage that should last 10 years.
Posted on 8/19/25 at 12:01 pm to Jax-Tiger
same shite here. dumb punk boys with dumbass parents or lackthereof allowing that shite.
Posted on 8/19/25 at 1:42 pm to anc
We have the money to purchase something luxury I guess one would say for our 16 year old. We decided to buy her a Mazda cx-30. Brand new and reliable. Out the door with warranty for $33k. Had no intentions of it having leather or a sunroof but in order to get the safety features we wanted for her we had to go up a trim level. We bought her the 10 year 100k warranty. This car is meant to last her through Highschool and college u til the point she can afford something in her own. Those cars you listed are one I consider a person needs to work for in life and strive for but maybe your daughter has and everyone feels differently about it. I can tell you however the maintenance and repairs on the list you suggested will be pricey. Be ready
This post was edited on 8/19/25 at 1:44 pm
Posted on 8/19/25 at 2:04 pm to Skeeterzx190
After sitting in the high school parking lot when they let out, I decided nothing new for my daughter. I told her I would buy her something better when she graduates. They all drive terribly.
Posted on 8/19/25 at 2:35 pm to Skeeterzx190
quote:
We decided to buy her a Mazda cx-30. Brand new and reliable.
This is really the way to go. It's brand new, safe, under warranty, won't cost a shitton once it goes out of warranty, etc.
3-4 year old base macan is pretty much the definition of all of the downsides of a Porsche and none of the upsides.
It will handle like as close to a sports car as a small suv can, but your 16 year old daughter probably couldn't give less a shite about that. Just seems like you are asking for an excuse to buy a badge, because the underlying car isn't anything close to what people think of when they think Porsche.
Posted on 8/19/25 at 2:37 pm to anc
quote:
I was a pretty savvy investor before hand, but this changed my life. Put me in the room with some really smart people.
What would you say were your other best and worst investments (stocks, real estate, or whatever)?
This post was edited on 8/19/25 at 2:38 pm
Posted on 8/19/25 at 2:45 pm to anc
I could be the richest man in the world and I wouldn’t buy my 16 year old a Porsche. You have to achieve something in life first.
This post was edited on 8/19/25 at 2:46 pm
Posted on 8/19/25 at 3:04 pm to anc
Congrats to you on preparing and saving for your daughters first car. I plan to do the same as I have my first child coming in January.
I can say from my experience that driving a junky first car made me really appreciate when I was able to buy a nicer ride. It also made me realize that a car is just something to get you from point A to point B. I don't ever see myself driving something over the top nice. To each his own though.
I can say from my experience that driving a junky first car made me really appreciate when I was able to buy a nicer ride. It also made me realize that a car is just something to get you from point A to point B. I don't ever see myself driving something over the top nice. To each his own though.
Posted on 8/19/25 at 3:53 pm to GeauxTigers123
quote:
What would you say were your other best and worst investments (stocks, real estate, or whatever)?
Worst investment is easy. I invested $50k in a friend's business venture. It was all gone, including the friendship, in 100 days. The only ship that won't sail is a partnership.
The investment that gave me a leg up is living in Nashville circa 2005. I bought a 1800 square foot "starter home" for $152k. Lived in it three years and took a job back in Mississippi. Rented it for 2 years as the market heated up. Tore the carpet up and put hardwood in and sold it in the Summer of 2010 for $350k.
I was able to put a sizable down payment on a $450k home in a gated community in Madison. It hits different when you have a good income and don't have debt. Got the mortgage paid off right before COVID hit. Put my first daughter through Georgia Tech with very little out of pocket. She was the only one in her program to graduate debt free.
Save for your kids. I am not completely doom and gloom, but our kids are going to need more help from us than we did. My first daughter got married this summer and lives in Charlotte. I gifted them a down payment and I am floating their mortgage at 1%. When they pay off this townhouse in 8-10 years, I will give them every cent back. They don't know this.
Nothing I have been able to do surpasses this.
My wife and I are running our life like a micro family office. I have studied family offices extensively. You can't do everything they do, but you can do 90% of it.
This post was edited on 8/19/25 at 3:57 pm
Posted on 8/19/25 at 4:18 pm to anc
Our only grandchild turns 16 soon and time to help getting him a car. Convinced my daughter to get him a truck, a single cab probably a Toyota. That way the most amount of other kids in there at any onetime will be 1. The more kids in the car the more chances of being distracted.
Posted on 8/19/25 at 5:32 pm to anc
That’s all very interesting. I like to hear other people’s wealth building strategies.
Back on the car, though I just can’t see buying a kid a Porsche for their first car.
Back on the car, though I just can’t see buying a kid a Porsche for their first car.
Posted on 8/19/25 at 5:40 pm to GeauxTigers123
quote:
Back on the car, though I just can’t see buying a kid a Porsche for their first car.
Yeah, after a couple days of research, the Macan is an Audi Q3 with a "Porsche tax" on repairs and maintenance.
I found a '21 BMW X1 in Mobile that I am going to go look at this weekend. That may end up being the winner.
Posted on 8/19/25 at 5:41 pm to anc
After going through this decision with my son I recommend getting a safe, high mileage Camry or Honda that can get dinged and banged up and save the rest of the money for if they deserve something better after graduation.
Kids will straight frick up a car.
Kids will straight frick up a car.
Posted on 8/19/25 at 5:47 pm to anc
quote:This one?
I found a '21 BMW X1 in Mobile that I am going to go look at this weekend. That may end up being the winner.
Definitely price out the max care warranty.
I'm sure things have changed, so maybe some more research is warranted, but supposedly the warranties offered by carmax are legit and you can actually use them.
Posted on 8/19/25 at 5:53 pm to JohnnyKilroy
Definitely don’t buy from carmax.
Also, what’s the point of the X1 besides the BMW emblem in your driveway? I’d suggest listening to everyone else in this thread and get a Toyota or Honda suv for her.
Also, what’s the point of the X1 besides the BMW emblem in your driveway? I’d suggest listening to everyone else in this thread and get a Toyota or Honda suv for her.
Posted on 8/20/25 at 9:35 am to anc
Number one consideration for a first car should be safety. I suggest a slightly used Acura RDX. Or one of the Honda SUV's. Don't get the girl a high performance SUV that could be a bit much for a new driver.
Posted on 8/20/25 at 11:27 am to anc
Lexus is the only one of those
Posted on 8/20/25 at 2:36 pm to anc
quote:
I feel like if we could find the Lexus in the right color combo, we'd be set.
A Toyota product is always a good answer, but Lexus has been on the "Butt ugly Grill spree for a while now.
I would lean rav4, or crx.
Posted on 8/20/25 at 6:29 pm to LSURussian
We also bought our daughter a Mazda CX-30 for her first car. A couple of years old with about 30k miles. Has tons of safety features & is an all around great 1st car. She can keep it and drive it till the wheels fall off or trade it in on something nicer, up to her! I’ve seen her driving, no way I’m putting her in a luxury car!
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