should i get my son a car, in the current economic problem?
My son wan’t a car that i promised him a long time ago
but he doesn’t understand that in current time having cash in your hand is like gold. noting that i was gonna get him the car by selling some of my shares in the stock market . but when the economic crysis began i lost about 80% of my shares value. i still can afford to get it from other savings in bank . he wants a volkswagen golf which costs 160,000 egyptian pounds = 47,000 USD
If your son is old enough to be driving he is old enough to start learning about finances. With the economy being the way it is and you loosing so much in stock, I really wouldn’t buy him that car. If this is first car it’s also possible that he’s not going to be a very responsible driver yet. I would do what my parents and most of my friend’s parents did and offer to buy him something much cheaper. Get a decent but inexpensive used car for him to drive. When he wants something better and he can afford it, he can either buy it himself or you could offer to pay half of the cost if you are in a better position financially by then. I just don’t think now would be the best time to spend money if not absolutely necessary.
Golf Savings Bank – Bellingham, WA
