Looking for recommendations and thoughts on whether a kid’s car should be titled in the kid’s name, the parent’s name, or both. In this case the kid is a boarder who will not have the car during the school year but will probably take the car to college.
I am sure there are a myriad of issues surrounding this, but in my mind, I bought the car, it belongs to me until you are self-supporting, at which time I may give it to you.
FWIW, our “kids” car is registered in my name, though both kids are now away at college without the car. Pretty sure I did this because car was bought when kid still had learners permit…and you need a valid license to title a car.
If the older one (graduating from college May 2019) wants it for the start of her adult life, I will sign the title over to her.
Do most parents buy cars for their kids in boarding school? I’m not excited about a car sitting in our driveway unused for many months of the year and perhaps less excited about my own vehicle being used. With a BS kid who will get a learner’s permit in several months, I suppose it’s time to figure this out.
You and me both @Altras ! My son just turned 15 last week and I realized that this is something we will need to think about. Although we can reasonably hold off until Summer of 2020 before we have to think about possibly getting another vehicle.
Also, do they offfer drivers ed at BS? When I went to BS 20+ years ago they did offer it (from an outside company) and I learned both the written test portion and driving instruction while away at school.
You should check with your insurance agent. Insurance rates will be a lot more expensive if car is in your kid’s name. But, if car is in your kid’s name and they get in a wreck, you aren’t liable. I know a family who’s D crashed the car and her passenger was paralyzed in the accident. While the family had a large policy, the lawsuit verdict was greater than the policy. Luckily the family had an umbrella policy that covered the gap, but that was almost not enough.
@Altras & dramakid2: The key thing is to get a “kids” car that you actually don’t mind driving yourself. In our case, it was a used Subaru wagon…in the winter I throw Blizzak snow tires on that thing and fear no storm!
In my case the car was inherited from a grandparent. I would not have otherwise allowed SmallFry to have a car until college - and even then, it would depend on where the college was (no sense in getting a car if college is in, say, NYC).
The potential liability was what I was worried about - maybe better to keep it in the kid’s name.
I fail to see the need for any of this. The whole point of boarding school is that you live there. Why bring a car?
Cars are typically not allowed at boarding school - I don’t know of any school offhand that allows boarders to have cars. For us, a car would be useful during the summer so he could get a job and get himself there. My husband and I both work full time, and it’s unlikely that a 16 year old will get a job that will coincide nicely with our work hours.
We currently have a 10 year old car that is in great shape and may be a good option for him for summer 2020. We’ll enjoy an upgrade and he can have the old Malibu.
@WorkingMan, the OP said that the car is inherited from a grandparent and that the kid, who is a boarder, will not have the car during the school year. Boarding schools do not allow cars for boarders on campus.
@altras and @dramakid2 we are not getting DS a car until he needs one (maybe college, but maybe after?) 1. It’s an additional expense that we really could use elsewhere 2. He would only use it when he’s home…and geez, this gives me a reason to spend more time with him by driving him everywhere he needs to go!!! Lol all kidding aside, DS actually has said he’s ok with it…he’s willing to wait until the need arises.
The fact that most schools prohibit boarders from having cars is ample reason to have it in psrents’ name. Titles can be transferred in most states within the family without paying sales tax, so there’s no good reason to put it in the child’s name.
We have two soon to be three teen drivers so like @SevenDad, the ancient Subaru Outback with Nokian Hakkapeliitas is in my name, operated under my rules.
We’d have to have the car in kids name. As business owners there are always liability issues. I’d consult with our attorney and ask. Lots of libelous people in the US.