My husband and I are on track to be debt-free by the end of the year. We have two vehicles, and his employer will give him a company car in a couple of weeks. Our son is about to turn 16, and he really likes our truck. Should we sell the truck or keep it for him?
—Tracey in Chicago, Ill.
Dave Says: I think you should keep the truck with your son in mind. You could give him ownership, but make sure you keep it in your name until he turns 18.
Now, I wouldn’t just give him the truck. I think he should have to work and earn some money to put toward something of this magnitude. Someone needs to walk the dogs, cut the grass, and even babysit once in a while. There’s absolutely nothing wrong with a young man of his age taking on those kinds of responsibilities.
Just handing a kid the keys to a vehicle will cause nothing but problems later. Make him do some work and earn that ride!