Thanks! Good to know. I’m years away from that and not even sure what the driving would entail at that time in 10-15 years with all these new options as autopilots, Uber, remote driving…
Here you go. Just need to be your own bank and lease it to your son dirt cheap.
https://www.cargurus.com/Cars/inventorylisting/viewDetailsFilterViewInventoryListing.action?sourceContext=carGurusHomePageModel&entitySelectingHelper.selectedEntity=d511&zip=08755#listing=246079185
Get him a 8-10 year old (we’ll maintained) CamCord with 100k on the clock. Let him pay costs to maintain (fluids, tires, brakes, etc)
He’ll understand/learn what it means to maintain a car and become responsible. Much cheaper to insure, as well.
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Whoa, a 16-year-old brand-new driver with a leased vehicle that requires minimum coverages of 100/300, can’t imagine what that bill’s gonna be! I agree with the others who’ve suggested a used car first. I did that with my son, got him a 5 y.o. Prelude, which he proceeded to back into a fire hydrant within the first week because he couldn’t see it behind him. Good luck!
Let get back to the main topic about the cars!
He wasn’t asking for parental or financial advice. Its his money and his kid, let him treat him how he wants unless he specifically asks for it.
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Need to check this with your agent.
In my case, two teenager drivers carried on my policy.
Cheapest was the 2019 Mazda 3 by quite a bit. The 2019 Civic Sport and Accord 1.5 T were both ~15% more, Jetta SE/R was 20% more
I have to carry high coverage 250/500/250 level since the car is signed in my name. Kids have to be 18 to be a legal title holder.
Hi- I’m in North Carolina
He’s paying for it :-).
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with his allowance?
Would it have been possible to avoid that by having after market rear view camera?
That’s kind of one of the thought of all this new active and passive safety tech. Shouldn’t it help reduce such accidents thus lower theoretically cost to the insures.
It was back in the 90s. And yes, that WOULD be one advantage for the OP to lease a new car for the kid, the safety features.
He’s been working for 1.5 years.
Saving.
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Thanks to everyone for all of your feedback. I welcome more as this has been very helpful. I am wondering why most of you assumed that I was paying the lease (perhaps it was the way I worded it?). This is my son’s car and he will be picking up 1/2 of the monthly payments and gas. I will take care of insurance.
As much as he could possibly save in 1.5 years, that money disappears quickly when you are a car owner, especially when you go to college in a couple of years and have much larger expenses and little time to earn.
I never thought I would recommend this, but buy a new Chevy Spark or Mitsubishi Mirage G4. You’re looking at right around $10K for a BRAND NEW CAR with a long warranty. If he truly doesn’t care, then you’re giving him reliable transport at a very low cost. Safety rating is good, and the Spark has optional safety tech.
But your name is on it, right? My comment was more directed at lease-end damages, overmileage penalties, etc. I know when I was 16 I was hitting my friend’s trash cans out by the road 
Just make sure he realizes that a lease is basically a rental and the captive finance company owns the vehicle.
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Value of money is highly personal but I wouldn’t put my son in a Chevy spark. It has a high fatality rates per mile driven because it just doesn’t do well against larger vehicles. I drove a beater as a teen, it was a good experience. But I support the OP getting his kid a new car. Safety difference between a new midsize sedan and a 10 year old used car or a Spark/G4 is huge.
The used Camry/Accord/corrola thread is a good idea but those retain their value too well. They end up being too expensive to be good used values.
I agree with some previous posters to look for VW or Hyundai leases (or great purchase values).
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I’d strongly recommend buying a last gen corolla with cash. 2013-14?
If you must lease. Hyundai Elantra is the way to go. Leases pretty well for what it is and comes with some great standard safety features.
Be sure to use the search function here and see what people have historically paid before signing it.
Contrary to the multiple suggestions to get a used car. I would suggest leasing a new car and getting lease wear & Tear protection for like $20 more a month.
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