Warren Buffett's Son Wanted A Corvette As A Teen – The Billionaire Gave Him $5,000 Towards It But Said No Other Gifts For 3 Years

Warren Buffett is one of the richest men in the world, yet his down-to-earth lifestyle is almost as famous as his fortune. He still grabs McDonald's for breakfast, lives in the same modest Omaha home he bought in the 1950s and, despite his billions, has never been one to spoil his kids. 

Instead, he raised Howard, Susan and Peter with a clear philosophy: they wouldn't inherit the bulk of his wealth, but they would learn to earn, save and appreciate the value of hard work.

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One of the best examples of this? Howard Buffett's teenage dream of owning a Corvette. As a Forbes article from 1998 (A Son's Advice to His Father) recounted, Warren's unconventional parenting made a lasting impression, not just because of the car.

Howard, Warren's middle child, sat down for the interview in New York over Cokes and sandwiches, where he opened up about the unique challenges of growing up with a billionaire father. When he was 18 in 1973, he wanted one thing more than anything else: a brand-new Corvette. But Warren wasn't about to just write a check. Instead, he offered a deal.

Warren agreed to put $5,000 toward the car, but the money would count as Howard's birthday and Christmas presents for three years and his graduation gift. And Howard still had to come up with the remaining $2,500 himself. It was a classic Warren Buffett move – teaching his son that even a dream car came with a price.

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Howard took the deal and got his Corvette, but the lessons didn't stop there. Not long after, someone backed into the car. A bystander shrugged it off, saying, "No big deal! That's the Buffett kid – there's lots more where that came from." But Howard knew differently. He had to pay for the repairs out of his pocket.

Finding his path outside his father's shadow wasn't easy. Like his siblings, Howard bounced between colleges before eventually dropping out. He spent time at Augustana College, Chapman College and the University of California at Irvine but never finished a degree. His journey eventually led him to politics, inspired by his grandfather, Howard Homan Buffett, a Republican congressman whom Warren greatly admired.

In 1988, Howard decided to run for commissioner of the Douglas County Board in Omaha. Before throwing his hat in the ring, he asked his dad whether losing an election would harm his reputation. Warren's response was encouraging and straightforward: "Not at all. People will respect you if you are willing to participate and put yourself on the line."

However, Warren wasn't about to bankroll the campaign. In true Buffett fashion, he offered to match only 10% of the funds Howard could raise himself. "It was a good solution," Howard said, acknowledging that it pushed him to work harder.

The campaign wasn't without its challenges. At one community meeting in a lower-income neighborhood, Howard worried he'd be dismissed as just another rich kid from West Omaha. He turned to Warren for advice. "Just go down there, shake hands and be friendly," his dad told him. "They're all going to think you're going to be a jerk, so as long as you're not a jerk, you win."

As the interview ended, Howard reflected on his father's influence and their family dynamic. "Our family is close. No one is jockeying for position," he said, adding that Warren's advice and listening ear had been instrumental over the years. But Howard couldn't resist a parting quip about his dad's famously tight grip on money: "Now we'd love to have him loosen up a little!"

For Howard, the Corvette may have been the first deal he struck with his dad, but it certainly wasn't the last – and it left him with more than just a nice car.

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