We bought our son a brand new camero when he turned 16. In return, we asked that he treat it like a new car should be treated.
He has always been the responsible one of the three, made good decisions while his friends were not, and had a great GPA. We felt he earned his car.
In return, he kept his end of the bargin, the car still smells new ..3 years later. It doesn't have a scratch on it, and the inside is for the most part cleaned up.
He is a freshman at Mizzou this year. We did not allow him to take his camero to college. We felt that was just asking for trouble in a college parking garage. He did however, in January, take a 2005 Grand Prix GT, he didn't complain about the downgrade as he understood our thinking.
He actually said he didnt' care if we sold the camero to help pay for his tuition to school.
He appreciated his car and we appreciated that he was taking good care of it as he promised.
I consider it a good life lesson. We still have the camero, it is sitting the garage, we haven't decided what to do with it at this point. On college breaks, when he comes back to Illinois, he drives it, but other that that it it sits. Financially , it makes sense to sell it. Emotionally, he was his first car. ( plus, my husband loves driving around it, i think it makes him feel 20 again