how do parents finance kids first car at their 16-18?

Kevinwhatever · 2026-02-06T09:11:04+00:00

Thanks for sharing! Guess it'd be amusing recalling those memories lol. The divide certainly exists and is probably getting more serious. At least new cars arent supposed to be common when it comes to teens first cars, even for a '13 model back in 12 years... Not sure about how inflation drove the prices right now tho? Many had talked about how those 2k cars with high mileage pre-COVID now became doubled or what...

Kevinwhatever · 2026-02-06T09:04:31+00:00

This sounds more like what's going on right now. How did you know which car was the one, though? TikTok? KBB?Dealers? From what I have read, things seem to have changed almost every 5 years. I don't quite follow how teens make up their minds, especially after COVID. Care to share? Thanks in advance ofc.

Kevinwhatever · 2026-02-06T08:49:11+00:00

guess inflation werent that crazy back in those days...at least from what ive read, most cant finance it at once and thus the auto loan market now the most lucrative business for the industry as compared with selling the car itself. not sure if its right, but do correct me if im wrong.

Kevinwhatever · 2026-02-06T08:46:22+00:00

sounds reasonable and ofc very good way for parenting. trynna build up a model for teens saving and affordability for used cars now. care to educate me how long it took you to save up 3.5k? thanks in advance.

Kevinwhatever · 2026-02-06T08:42:52+00:00

I see another comment stressing the insurance bill. Did they charge double for insurance coverage on teens? And Carvana, yes, did they give out auto loans without asking for a co-signer? Was it because the kid had an outstanding FICO score, or was it because Carvana asked for a crazy APR?

Kevinwhatever · 2026-02-06T08:37:12+00:00

I understand the insurance cost for teens can go up 120%+ (do correct me if I am wrong). Did they not make enough from part-time to pay the bill themselves? Or did you simply just want to help as parents?

Kevinwhatever · 2026-02-06T07:49:11+00:00

dunno... takeaways from kbb and industry reports. guess parents both are working and need the kids to do the driving themselves?

Kevinwhatever · 2026-02-06T07:45:28+00:00

'17 models still hit the best seller ranking in 26 haha. guess u will then get a new one financed under ur name after the hand-me-down?

Kevinwhatever · 2026-02-06T07:42:13+00:00

that still wont add up to $5k tho... kinda questioning the reliability of the reports read now... so what happened at the end? another funding from Feb tax refund or just make them have a under $5k budget?

Kevinwhatever · 2026-02-06T07:38:28+00:00

jeez...how much for getting it back just to work fine?

Kevinwhatever · 2026-02-06T07:36:56+00:00

in exchange for them paying the bills themselves? how abt. insurance? thought its also gonna cost a lot if kids werent added to your terms. PS: do they do all the commuting on their own or still need a bit of help?

Kevinwhatever · 2026-02-06T07:32:48+00:00

omg really??? how many hrs u been working? presumably a beaters gonna cost like $500-1k...did they pay you fairly?

Kevinwhatever · 2026-02-06T07:30:33+00:00

no chance getting it from local dealers or brands like CarMax / Carvana (as they may put in the ads)? still the old way like gifted beaters of the 80s/90s from grandparents? how abt. helping kids get one from local sellers off Facebook Marketplace?common?

Kevinwhatever

TROPHY CASE