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AlDente67

Camaro for a 20-year old? Uh-oh

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So my son has been offered a 2017 red Camaro as a gift.  The owner was a dear relative who died shortly after buying it, so it clocks in around 5,000 miles, mainly sitting in the garage as the Aunt has no use for it.

Not sure of the specs yet, but I think he will be murdered on the insurance, even with good student discount, clean record, etc.   Not sure if this gift is a bad idea.  What would you do?

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Yeah 

check insurance first..... that could be the deal breaker.....

but after that.... it comes down to individual maturity.....

As most of us gear heads..... I drove fast since I got my license..... got my first “fast” car at 20....

 

Only you can be the judge if he can handle it....

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Hard for a 20 year old to turn down a car.  Does he have one a car now?  A red Camaro will kill you on insurance. Doesn’t mean you have to turn down the gift.  I don’t know what it would cost tax-wise to accept a car as a gift but you could accept it and sell it. Or have the estate sell it and give your son cash to use to purchase a different car. 

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20 minutes ago, voyager9 said:

Hard for a 20 year old to turn down a car.  Does he have one a car now?  A red Camaro will kill you on insurance. Doesn’t mean you have to turn down the gift.  I don’t know what it would cost tax-wise to accept a car as a gift but you could accept it and sell it. Or have the estate sell it and give your son cash to use to purchase a different car. 

Tax could be zero. It goes down as a gift for the title/bill of sale. That's what we did for a similar situation. It was treated as a gift prior to the individuals death. 

Its technically an inheritance... however... If the estate sells it and gives your son cash, then it is subject to I beleive 15 percent inheritance tax because he is a nephew. 

 

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13 minutes ago, AlDente67 said:

So my son has been offered a 2017 red Camaro as a gift.  The owner was a dear relative who died shortly after buying it, so it clocks in around 5,000 miles, mainly sitting in the garage as the Aunt has no use for it.

Not sure of the specs yet, but I think he will be murdered on the insurance, even with good student discount, clean record, etc.   Not sure if this gift is a bad idea.  What would you do?

It all goes toward maturity level.   I had a 12 second streetable car at 20, which was something in the 80s.

It also goes to the car.  Is it a 6 popper with poverty caps or a ZL1?  It matters, a lot.   One will get you in trouble, the other will get you dead.

 

 

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I bought him a 1998 Mercedes E430 for his 17th.  My buddy was relocating overseas and just wanted to liquidate as much as he could.  I gave him a grand for it.  Freaking tank, but it is getting a bit old.  Book value is less than the extra set of wheels with Blizzaks (sp?)

Kid is a saint, drives like grandma.  Definitely not my kid.

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holy $hit some of you need either get a reality check or just admit your old fks

 

nothing wrong with the car, the gift, the insurance etc etc.  Kid can die in a yugo just as much as a camaro, it's about proper teaching

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The only ‘problem’ I see is, as others have mentioned, insurance. 
 

I imagine even in a basic 6 cylinder car, it’s going to be cost prohibitive for him to own that car. 

Other than that, rock on! I had V8 muscle cars when I first got my license at 16. 
 

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Camaro is a coupe - insurance for him will be insane.  If he can pay it - sure.  If he can't, maybe sell it (used car market is pretty high right now) or trade it in for something not as bad on insurance and more reliable than his old mercedes.

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Let him have the car, put Life 360 on it and track his driving habits, if he abuses them he loses the car. My boys  weren't crazy that I could track them, (I did in the beginning) which I really don't, it's more for safety and peace of mind 

That's what I did with my boys, as long as I pay the insurance those are my rules.

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2 hours ago, JackDaWack said:

Tax could be zero. It goes down as a gift for the title/bill of sale. That's what we did for a similar situation. It was treated as a gift prior to the individuals death. 

Its technically an inheritance... however... If the estate sells it and gives your son cash, then it is subject to I beleive 15 percent inheritance tax because he is a nephew. 

 

i think that if it goes down as a gift, then mvc will charge tax on book value.....

2 hours ago, AlDente67 said:

So my son has been offered a 2017 red Camaro as a gift.  The owner was a dear relative who died shortly after buying it, so it clocks in around 5,000 miles, mainly sitting in the garage as the Aunt has no use for it.

Not sure of the specs yet, but I think he will be murdered on the insurance, even with good student discount, clean record, etc.   Not sure if this gift is a bad idea.  What would you do?

if he can afford the insurance himself, i say let him accept it. then teach him how to properly drive. you probably grew up on rwd vehicles, so i figure you and most others know what i mean by that, and it's not intended mean.

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What does he want?  Mabye he's not even in to Camaros but would rather have an SUV / pickup truck or a gas miser (Camry, Accored, etc)?

Just as a general comment, newer GM products SUCK.  Complete garbage IMHO.  And I'm a long time GM fan.  But after they did away with the 3800 V6 and starting putting AFM (Active Fuel Management) on almost all their LS V8s it's all been down hill.  GM is one of THE least reliable brands.  We are NEVER buying a newer GM product again.

Sell it / take the cash and buy something more reliable that he wants than won't kill him / you on insurance.  

 

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1 hour ago, 1LtCAP said:

i think that if it goes down as a gift, then mvc will charge tax on book value.....

 

They can only charge tax on what was paid for the vehicle. That would be sales tax. Like I said, I've done it before and owed nothing to title it. 

Worse case scenario, tell the aunt to sell the kid the car for 1 dollar. Problem solved.

 

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3 hours ago, RUTGERS95 said:

holy $hit some of you need either get a reality check or just admit your old fks

 

nothing wrong with the car, the gift, the insurance etc etc.  Kid can die in a yugo just as much as a camaro, it's about proper teaching

This.

I saved all my money growing up and bought a used 3000gt at 20. Have him get a job , pay the insurance and enjoy being 20.  

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3 hours ago, RUTGERS95 said:

holy $hit some of you need either get a reality check or just admit your old fks

Hey... some of us old fks have experience (and almost dying) in this area...  :thankyou:

3 hours ago, RUTGERS95 said:

Kid can die in a yugo just as much as a camaro, it's about proper teaching

Ha... I use to use that story too with my parents. My father had a Plymouth Grand Fury Coupe I think it was, with a 440 and Holley 4 barrel. He got rid of it just before I got my license. My parent's thought I'd wrap it around a tree when I started driving. (Little did they know I would take it out, when I was 16, and do flaming burnouts around the neighborhood when they went out)... :crazy:

Then he traded the Fury for a Ford Galaxie 500 fastback with a 302. They thought it would be "safer" for me to drive...

I used that same excuse as a comparison, you can still die in the slower car, it just takes it a little longer to get up to speed.... They didn't buy that story, unfortunately...  :nono:

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He's always wanted an Audi, but I told him to get a good job first.  Part time at Home Depot doesn't go very far.  Then again, his price for the Camaro compared to market pricing might give him a nice profit, depending on the engine, should he decide to flip it.

I wouldn't buy a GM either, but Jeeps are not renowned for build quality either, and I'm on my 3rd Grand Cherokee now with no issues.

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22 minutes ago, AlDente67 said:

He's always wanted an Audi, but I told him to get a good job first.  Part time at Home Depot doesn't go very far.  Then again, his price for the Camaro compared to market pricing might give him a nice profit, depending on the engine, should he decide to flip it.

I wouldn't buy a GM either, but Jeeps are not renowned for build quality either, and I'm on my 3rd Grand Cherokee now with no issues.

There are things to consider based on how long he plans to keep the car. Audi is a terrible long term purchase. Great cars for under 100k and 4 years, after that.. like most higher end European cars they become expensive mechanical and electrical nightmares. 

 

  • Agree 2

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1 hour ago, AlDente67 said:

He's always wanted an Audi, but I told him to get a good job first.  Part time at Home Depot doesn't go very far.  Then again, his price for the Camaro compared to market pricing might give him a nice profit, depending on the engine, should he decide to flip it.

I wouldn't buy a GM either, but Jeeps are not renowned for build quality either, and I'm on my 3rd Grand Cherokee now with no issues.

do virtually everything you can to scare him awasy from owdies. he will thank you later.

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He cant afford a Weedie, lol.  And he is now backing off the Cam in favor of a Civic hatchback.  Which I think is better for costs as well as driveability in bad weather.

He also liked my idea of a Harley with winter tires, lol.  Mom was not keen on that idea for some reason.

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7 hours ago, 1LtCAP said:

ha!!  hust hope he doesn't get the civic, put a giant wing on the back and a fartcan......and 47 degrees of negative camber, lol

Don't forget rubber band tires.

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1 hour ago, Kevin125 said:

I had an ‘80 Camaro when I was 20.  I don’t see the problem if the kid is responsible.  Other than the insurance as mentioned.

those things took from about breakfast time to almost dinner time to hit 60...........

1 hour ago, Displaced Texan said:

I had a 79 Trans Am when I was 17. I was not responsible. 

these took a little longer.

AAAAAAHAHAHAAHAHAHAHHAHAHAHAAHA

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21 hours ago, Displaced Texan said:

I had a 79 Trans Am when I was 17. I was not responsible. 

Drove mine into a street sign.. a fire hydrant..(water does not come out)...and a tree.   The hydrant was sorta intentional..   i had to get off the lawn I was driving on...

The degree to which I could be considered ..responsible...was not clear.

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22 hours ago, Displaced Texan said:

I had a 79 Trans Am when I was 17. I was not responsible. 

I had 2 new ones when I was 19. Ordered the first one new and 2 months later some old fart ran a yield sign and t boned me. Ordered tha 2nd one with the insurance money. 
Both were black and gold Bandit Trans Ams

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59 minutes ago, Kevin125 said:

Drove mine into a street sign.. a fire hydrant..(water does not come out)...and a tree.   The hydrant was sorta intentional..   i had to get off the lawn I was driving on...

The degree to which I could be considered ..responsible...was not clear.

I’m a little hesitant to talk about the things I did with mine. Statutes of limitation and all... 

  • Haha 1

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