Advice from Nashville's Financial Guru Dave Ramsey
Dave Says
By Dave Ramsey
Author of Financial Peace and The Total Money Makeover
6/26/2006
"Should I give an older car to my child?"
Dear Dave,
I’ve got an old car, a 1992 Chevy, that’s been sitting in the garage ever since I got a company car to drive in my job. It’s still a really good vehicle, it’s paid for, and I’ve got a 14-year old son who’s crazy about cars. I was wondering if you think I should save it for him to drive when he gets his driver’s license or just sell it.
Frank
Dear Frank,
The car is paid for, it’s just sitting there and it’s already lost most of its value. I think it’d be a really cool car for a kid when he starts driving.
Now, if your family is in a financial crisis and you’re having trouble paying the bills, sell the car. But if everything is okay and you’ve got an emergency fund in place and a little investing going on, then keeping a paid-for Chevy in the garage for your son is a pretty neat idea.
- Dave
More About Dave
Dave Says Articles
Dave Ramsey History
Dave Ramsey.com
