Tough love? No. This is real-life advice and a way to teach your kids that cars are a terrible investment that should NEVER be financed.
I have one kid in college and the other about to start. The older one saved a little money as we told him that if he wanted a car, he would have to buy it. He managed to save $4k by the time he needed a car.
Our younger child saved better and worked harder so by the time she needed a car, she had a little over $10k in the bank.
Both bought cars with cash and had $1k in their savings after the purchase for emergencies should anything go wrong.
My son bought a 2013 Mazda 6 for $2500. It needed 2 tires, and the driver’s window wouldn’t go up or down. So, $650 after purchase.
My daughter wanted a tiny car. She was looking at the Mini Coopers and Smart Cars. I talked her away from the smart things because their repair history was abysmally bad. Minis have certain models, engines, and years that can also be terrible so I helped her navigate that mess while she bought a miniature BMW convertible for $8k. (by the way, umm, it’s a fun car to drive).
The idea isn’t that they picked the right or wrong car. It was their money and all I could offer was guidance. The idea is that it was THEIR money and THEIR choice.
My wife and I did not buy cars for our kids and won’t ever do that. Our kids worked hard, saved, and bought what they could. That’s how life works.
Now that they have their cars and those cars are paid for, they put at least a car payment (if not more), into savings every month to cover maintenance and to save up for their next vehicle.
This is one thing regular people do to get wealthy – quit wasting money on stupid crap.
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