Buy it - He'll love it.I recently reserved the Tesla Model 3. My question here is, would it be reasonable to gift this car to my son as his first car? He has saved up 15k so far and his mother and I have agreed to pay for the rest.
He's obviously very excited about the car seeing all the hype it's caused. I'm just wondering how convenient would it be to own this car in college? He plans on going to University of Pennsylvania, if accepted. If not, he will probably settle for our state university. The long trips back and forth with the constant wait for supercharging when gas can be filled up within a matter of minutes really tempts me not to buy it for him. I'm also wondering how convenient would it be to charge it IN college? He's not going to have a place where he can plug in his charger directly into the wall since it requires it to be set up (correct me if I'm wrong, not very familiar with Tesla), so he's forced to rely on the super chargers located near him.
What would you guys recommend?
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I agree. The attitudes about it being too much money and spoiling him are completely incorrect IMO. The kid saved $15k. How many high school kids can manage that? If he's got a legit shot at Penn, he's doing REALLY well in school too. By offering to pay what is essentially half the cost of the car, the parents are merely giving him an incentive/reward. It's basically the same thing as the federal gov't giving a tax credit to EVs.
That said, based on what the people who know that campus have said, I wouldn't get him the car right away. Or buy it for the tax credit, but keep it at home for a year. It sounds like too much of a pain at the dorm. Look into house rentals. Then, after a freshman year at the dorms in which he's got time to acclimate to the rigors of college and is still doing well in school, being responsible, etc., he can look into living off campus in a house with a garage that he can charge the car at.
At your son's age having saved up $15k puts him in such a great situation, most kids don't have that much that young. It would be a great head start to being a starving/thirsty college kid and/or fresh graduate.
Unfortunately, cars are about the worst things to spend money on when you don't have very much of it (or really even if you do). They are depreciating assets, and have expenses tied to them (insurance, maintenance, etc) on an ongoing basis. Without an income stream, that can become a big liability.
Personally, I don't think college life is a good time in life to have a shiny new car. Chances are you're going to have to park it all kinds of places you wouldn't necessarily want to, and his buddy is going to barf in it at some point.
Honestly I think it would be better to keep saving and save the new car purchase at least until he has a steady income stream. Otherwise I think he should focus on capital preservation of that precious savings and just get some basic transportation while he gets his degree. I think he'll ultimately appreciate not giving into the immediate gratification for a longer term view. Also gives him something to strive for, which is a great motivational tool.
Unfortunately, cars are about the worst things to spend money on when you don't have very much of it (or really even if you do). They are depreciating assets, and have expenses tied to them (insurance, maintenance, etc) on an ongoing basis. Without an income stream, that can become a big liability.
Personally, I don't think college life is a good time in life to have a shiny new car. Chances are you're going to have to park it all kinds of places you wouldn't necessarily want to, and his buddy is going to barf in it at some point.
Honestly I think it would be better to keep saving and save the new car purchase at least until he has a steady income stream. Otherwise I think he should focus on capital preservation of that precious savings and just get some basic transportation while he gets his degree. I think he'll ultimately appreciate not giving into the immediate gratification for a longer term view. Also gives him something to strive for, which is a great motivational tool.
voip-ninja
Give me some sugar baby
$15,000 is a much better start towards an eventual down payment on a first home or the seed money for an IRA but I'm just old fashioned that way.
In college few of us had cars and those who did ended up being the chauffeurs for everyone else... anytime someone wanted to do a shopping run or wanted a designated driver, call the poor sap who brought their car to school. Nobody had any trouble doing normal stuff with public transit and with bicycles.
Those cars got beat up too, scratches, door dings, fender damage from crap student parking jobs, not to mention the interiors getting somewhat trashed.
There was one guy who, in sophomore year his father got him a brand new Saturn. That was something like a $8,000 car back then and it was FANCY!!! I remember him showing us all how amazing it was and how his dad took him on a tour of the factory to show him all the space age stuff they did with putting it together.
It was totally rashed out in a year or two.
Do what you want to do, but frankly it sounds like a completely foolish use of funds to me.
In college few of us had cars and those who did ended up being the chauffeurs for everyone else... anytime someone wanted to do a shopping run or wanted a designated driver, call the poor sap who brought their car to school. Nobody had any trouble doing normal stuff with public transit and with bicycles.
Those cars got beat up too, scratches, door dings, fender damage from crap student parking jobs, not to mention the interiors getting somewhat trashed.
There was one guy who, in sophomore year his father got him a brand new Saturn. That was something like a $8,000 car back then and it was FANCY!!! I remember him showing us all how amazing it was and how his dad took him on a tour of the factory to show him all the space age stuff they did with putting it together.
It was totally rashed out in a year or two.
Do what you want to do, but frankly it sounds like a completely foolish use of funds to me.
K-MTG
Sunshade Captain of TMC
It really depends on the school. For instance in California, you need a car for UCI but you don't need one for USC/UCLA. It depends if its a commuter school or not. UCI has dozens of parking structures compared to USC where you often have to parallel park.
In college, I had a decent car that cost about $45k. It was no big deal since a decent amount of kids had 6-figure cars.
Saving $15k is a really big deal for a high school student! I only had $5k at that stage.
In college, I had a decent car that cost about $45k. It was no big deal since a decent amount of kids had 6-figure cars.
Saving $15k is a really big deal for a high school student! I only had $5k at that stage.
After all the amazing responses, and consulting with my son, I have decided to say no to the Tesla. This is mostly for convenience sake, nothing more. Although it does seem like a reasonable car. I've already had it reserved for quite some time now so who knows... I may just end up keeping it for myself 
If any of you have any car recommendations for him (non-EV due to the charging aspect) that would be much appreciated.
If any of you have any car recommendations for him (non-EV due to the charging aspect) that would be much appreciated.
Maximilien
Member
After all the amazing responses, and consulting with my son, I have decided to say no to the Tesla. This is mostly for convenience sake, nothing more. Although it does seem like a reasonable car. I've already had it reserved for quite some time now so who knows... I may just end up keeping it for myself
If any of you have any car recommendations for him (non-EV due to the charging aspect) that would be much appreciated.
I say that is a good decision in my opinion. I don't discourage EV tho, as 1st gen used Leaf and Volts are cheap and can still enjoy the electric range. For 1st gen volt, it got 300 miles of hybrid after 40 miles of electric range. That might suit him. For volt, you don't always have to charge.
If non-EV, I would say Honda Civic. For the price, it is compact, easy to park and won't arouse jealousy among teens. I like the rear of Honda Civic Coupe with the long band of headlight. Compared to Toyota Corolla, it looks more sporty.
JeffK
Well-Known Member
After all the amazing responses, and consulting with my son, I have decided to say no to the Tesla. This is mostly for convenience sake, nothing more. Although it does seem like a reasonable car. I've already had it reserved for quite some time now so who knows... I may just end up keeping it for myself
If any of you have any car recommendations for him (non-EV due to the charging aspect) that would be much appreciated.
For a student where reliability, safety, and capacity (for moving) are useful, I would pick a compact to midsize utility vehicle. Go shopping here:
IIHS safety ratings
An excellent point, moving and picking up furniture and stuff from craigslist are a part of college life
Great googly moogly!
An excellent point, moving and picking up furniture and stuff from craigslist are a part of college life
Yeah, in college, with the amount of moving around, something with a lot of cargo capacity would be great! I mean, yes, I survived with a Civic and my roommate survived with his Integra (go ahead and laugh K-MTG), but a SUV or van would have been much more useful. Since Penn gets snow (right?), I'd probably go with a nice, reliable SUV. Maybe a Highlander or Pilot? Unless things are really cramped over there, in which case drop down to a CR-V or RAV-4. When I went to grad school and went skiing more (and experienced actual weather like rain and even snow one day), I switched my Civic with my sister's CR-V during those winter months and it made life easier.
After all the amazing responses, and consulting with my son, I have decided to say no to the Tesla. This is mostly for convenience sake, nothing more. Although it does seem like a reasonable car. I've already had it reserved for quite some time now so who knows... I may just end up keeping it for myself
If any of you have any car recommendations for him (non-EV due to the charging aspect) that would be much appreciated.
Honestly, that 1st year especially living on campus, I'd consider no car. When I lived on campus, a simple bike was much more useful than a car.
sneakypotato
Member
Might not be the popular opinion, but I'm going to advise against it for a couple of reasons.
First, I personally wouldn't give my son such an expensive car when first going to college. It's admirable that he wants to pay such a good chunk of it, but I think you should consider other options for a college student. He would be so much better off saving that 15k (or at least a portion of it) while he's in such a young stage in life. Help with a Telsa would be excellent after he graduates. I just can't help but think that money could be used in other more important ways, but that's not my place to say. Nice cars are wonderful to have, but typically college students have more things they should be investing their money in aside from cars. Not that your son isn't responsible, but sometimes valuable life lessons are learned in college when you don't get the best of everything. It gives you something to work towards.
Second, since he's limited to Supercharger access to charge the car, the chances of him accidentally ending up stranded are much higher. Not to mention the fact that he's going to have to constantly wait to charge his car. Time can be difficult to manage correctly when you're in college. I don't think I would even recommend an EV to somebody that could only use Superchargers to charge their vehicle, it's just too much of a hassle for how much you're paying for the car.
Consider an alternative, or even perhaps a much more reasonably priced gas vehicle, just while he's in college. Tell him to save that 15k through college and help him out with a Tesla after he graduates as a gift. Teslas are wonderful when you have access to charging at your home or apartment, but otherwise I can see the whole system being too stressful when you're trying to study and take your first steps into your own life.
hahaha! Indeed.
Hey, for what it's worth, your son has scrimped and saved and studied hard, he sounds like an outstanding young man.... may I suggest a name for his car "the ass wagon"... kid is gonna be popular, that's all I'm saying. Ahhhh to be young again.... let's go streaking!
EpiKAC
Member
This x1000.
I have two kids in college right now. Both are very responsible and had saving of their own before heading to school. Both still have their original inexpensive "first" cars (12yrs old, worth about $3k each) they got from us when they first got their license. Neither had any intention of spending their savings on a fancy car, and both plan to use it on their first place once they graduate. I couldn't be prouder.
One of my kids lives at home and primarily uses her car to get to work or class and back. Neither are more than a 15 minute trip either way. She doesn't need or want anything fancier than that. She wants her degree, and to keep adding to her savings while getting it, not spending it all on something she would rarely use.
My son goes away to school. And he works on campus. He's freely admitted he only uses his car when he makes the road trip home, and prefers NOT to use the car in school. The campus has a fantastic transportation system and there is no need for any wear and tear on his car, or his wallet to keep it full.
My strong advice is to encourage your kid to save his money for when he graduates. If he gets a great job at that time and finances aren't an issue, then splurge then. And if he chooses a field without a high pay scale, he could instead help alleviate some of his costs with his savings.
Encouraging him to waste all his savings before he ever gets to college seems counter-productive to me.
Just my (worthless) two cents.
One other thought, along these lines... We have two kids, both of them getting through college, with one ending up a doctor, and the other a project manager. Looking back, the greatest gift we gave them was to enable them to complete their schooling and start out on their own debt-free. So many kids these days are saddled with student loans that are sucking the life out of their futures. Save the money now, to be sure he has that opportunity to start out life not in a hole.
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