New research published has provided figures for the average spend on a first car. As teenagers and young drivers move up to a different class of wheels the amount being spent is rising.
It suggests that the days of a cheap banger may be numbered, as newly qualified young drivers pick up the keys for newer, younger models.
Parents in the UK are now spending an average of £3410 on their child’s first car. One in six parents bought their offspring’s car outright, while many others chip in for their children’s first vehicle. 44% of parents went on to contribute with the insurance cost too, reflecting the skyhigh premiums often quoted for young drivers.
Children in London received the biggest contribution from their parents, averaging £4351, compared with mums and dads in the south west, where the average parental contribution was £2678.
Typical first car for young drivers
From a survey of 2000 parents in the UK, 80% of youngsters’ first vehicles were secondhand, with the average being nine years old.
Up until 2019, a staggering 414,000 children in the UK aged under 21 pass their driving test annually, obviously those figures are down given the recent pandemic but are set to soar again in 2022.
The research shows just how much is spent on new cars for first-time drivers and illustrates just what parents are prepared to spend on their children so they can experience the independence of driving.
Every parent wants their children to be safe when out on the roads alone so buying the perfect first-time vehicle can be a lengthy and sometimes confusing process. We all remember our first car from the make and model to it’s colour and is something which affects the car choices we make in the future.’
The top 5 used cars bought for young drivers are Ford Fiesta (2017 onwards), Vauxhall Corsa (2014 to 2019), Nissan Micra (2017 onwards), Volkswagen Polo (2017 onwards), Renault Clio (2012 to 2019).
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