Musings from Dad helping his daughter buy her first new car

[gixxerjasen]

Good on her for asking questions along the way about things she doesn't understand.

 

[Big Sky]

Brings back memories...

My kid got his first vehicle at age 16 - a 1987 Toyota pickup with 150K on the clock or so, not too much rust, $1,100. Yep, he dented the hell out of it learning. We sold that to my brother-in-law two years later, 12 years ago, and BIL is still driving it with 350K or something on it. But I remember The Boy, when he was driving his increasingly dented beater, noting all his buddies who were driving brand new rigs. I just pointed at his dents and said "no way." Later, I bought another beater and let him "borrow" it. He totalled that one. Since then he's been buying and maintaining his own vehicles. Amazing how much better they hold up and how much longer they last. So, Pants and Tootie are doing this right: Make her earn the equity. Give her the responsibility...and pride in ownership. That increases the owner's value multi-fold. But, oh, her heart will break when she gets that first scratch, parking lot dimple or dent.

 

[BigOgre]

(Sales) "That stands for Mom and Dad Down Payment Assistance."
She looked at me.

Pants winks and smiles.

That's a great feeling, ain't it?

 

[Redfish Hunter]

Pants said: "I think the color is rich and makes the car look perhaps a smidge more upscale than it is".

I say: Just imagine if Yamaha were to use that color on their flagship Sport Tourer! It would look so much nicer than the Lipstick Pink on a Pig color they used in 2014!

I am immensely pleased to "read" some happiness in your posts my friend. Your obvious pride in your lovely daughter is wonderful to see, it is good to read positive things from you. Now, if we can just get ourselves another FJR, we can get back to some real FJRforum goodness.

 

[Fred W]

Very nice color for a car. Almost the same gunmetal gray as on my wife's Saab 9-3 Vector. Happy trails to your lovely daughter, Pants.

But on a sporty motorcycle that would just be bo-ring.

I'll take my Bass Bote, Hair-On-Fire, Ticket Me Red any day of the week over Assfault Gray.

@Redfish -

 

[hppants]

Big-O: It is a wonderful feeling.

 

[hppants]

I had a little bit of second guess over the last couple of days. When the finance manager was offering the extended warranty and the Stop Gap Insurance, it was easy for me to explain what they were. Regarding the warranty, it was equally easy for Taylor to pass - after all, it is a Mazda/Toyota and the dealership gives her (in writing) a lifetime powertrain warranty for internally lubricated parts. She struggled with the S/G insurance and at one point, I matter of factly told Taylor that they will not let her take the car unless she makes a decision. As she was showing signs of desperation (Dad - tell me what to do!!!), I did the best thing I could. I told her what I would do.

So she passed on the $600.00 policy and 10 minutes later, she's off to the races (God - PLEASE tell her to SLOW DOWN!!!!!!!).

The next day I got to thinking. She's got a 60 month note. She did put some money down, but what if (heaven forbid) she totals the car soon? Could she get upside down in the loan under circumstances beyond her control? Unlike her mother and I, she doesn't have any money to bail herself out. Hmmmm......

I called someone that I trust in matters of finance. We went over some numbers and it would appear she made the right choice. His GENERAL rule of thumb was that if the vehicle is worth under $40K, putting 10% down should keep you in the black regardless. With today's low interest rates, you are basically paying all principle every month, so the loan takes care of itself. Over $40K can't really be generalized - too many variables to discount.

Tootie's coming over for our weekly Sunday lunch. I purposely forgot something at the grocery so we can take a ride together. I just wanna see her face in the driver's seat again.