Steve and I have talked a lot about how we will be able to afford buying our children their first car. He had to buy his own first car and I was blessed by my great grandparents with mine. He got to pick out what he wanted and worked hard to make payments on it. I didn’t pick out my first car but was thankful to not have to make payments on it.
We have four kids and three of the four are close in age, meaning we would potentially have to purchase a new car every other year for three years. Our game plan does include us helping finance their first car, but we have already started setting them up for success.
Each year our girls get money for various occasions such as birthday, christmas, good grades, etc. We opened them a bank account when they turned one and we put all of that money into their accounts. We add to that money to match their age. So my 9 yr old currently has $900. Now I know this isn’t a ton of money but by the time they are old enough to drive it will be a good little nest egg. We will not allow them to purchase their first car until they have enough money in their accounts to cover 3 months of car insurance and gas for it. I am hoping this will buy us a few more years.
When we are ready to take them shopping for their first car, we will take them to look at preowned first. We don’t feel a “new” car is the best choice for a first car. We will likely take them somewhere like Don Vance Chrysler Dodge Jeep Ram to look around. I love that we can see their inventory online before heading in.
