More than half of parents financially contribute to their child’s first car, new research has revealed.
The survey, conducted by comparethemarket.com, found that a quarter of mums and dads (28%) covered the entire cost – at an average of £3,528.
|City||Average amount parents contribute to their child’s first car|
Help from the bank of Mum and Dad didn’t stop there, with one third (34%) of parents paying for the entirety of their children’s driving lessons, with an average cost of £1,159 per child.
Of the parents who admitted to financially contributing to their child’s driving lessons – 48% helped out from their savings, while 44% used funds from the household budget.
The study also found that many parents contribute to their child’s initial on-the-road costs, with 18% admitting to contributing to MOT, road tax, servicing and fuel until their child can afford it themselves.
Alex Hasty of comparethemarket.com said: “The cost of insurance for new drivers is exceptionally high when compared to that of more experienced drivers, costing an average of £565 more than the average insurance premium.
“Therefore, it’s not surprising to see that so many parents are financially contributing towards their child’s first year of car insurance.
“It’s really important for new drivers to use comparison services such as ours to help find the right policy for them and to check for any potential savings.”