Parents cough up for kids' car costs

Friday, June 19, 2015

Almost three in five British parents with children aged 17-25 contribute to their kids’ car costs, according to research.
The study by automotive servicing and repair company Kwik Fit found that 59% of parents would contribute financially to their child’s motoring costs with an average contribution of £381 per year, resulting in a total annual cost to the nation’s parents of £2bn.
One in five parents (20%) said they will buy a car for their child or contribute towards their first car purchase, 16% help cover the cost of car maintenance including servicing and MOTs, 15% help with insurance costs, and 11% help fund any repairs after an accident. 
Kwik Fit said when asking their parents for help with their motoring budget, young drivers would be wise to approach mum first as mothers appear to be more generous, saying that on average they spend £396 on their child’s motoring, compared to £367 for dads. 
This financial support seems to continue long after a driver’s first years on the road.  43% of parents with 26-30 year old offspring say they still contribute to their child’s motoring budget, and over a third of parents (36%) with children aged 31-35 are still dipping into their own pockets.
When asked why they were willing to offer such generous contributions, over a third (35%) of parents said it was to ensure their child was driving a vehicle that they knew was safe.   Almost half (48%) said that they helped fund their child’s motoring expenses because they were unable to afford it themselves.
Roger Griggs, communications director at Kwik Fit, said: “Becoming a motorist and passing the driving test is exciting, but it can also be expensive, particularly for young people who are unlikely to have much in the way of spare income. There’s often a temptation to cut corners to help bring costs down but this is likely to be at the expense of safety, so it’s good to see parents are keen to help cover these costs.”

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