Dave Says: 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