Research reveals parents collectively paying out £22 billion to get their kids on the road
New research has revealed that across the UK, parents are collectively paying out more than £22 billion in costs just to get their kids on the road*.
A survey of 1,000 parents carried out by leading car websiteNFDA Trusted Dealersfound that parents are struggling to keep up with the spiralling cost of getting their children motoring, as insurance prices for young drivers have increased by 13 per cent on last year**. More than half of parents (56.4%) revealed they have installed a company ‘black box’ or dashboard camerain an effort to reduce their child’s insurance costs. One in five (22.1%) have also agreed to a high excess to reduce costs, while 40 per cent of parents have put their names on their child’s insurance policy to lower payments.
Learning to drive now costs the average new driver around £7,000, with insurance and the cost of a car making up the majority of the total*** and the Bank of Mum and Dad are picking up much of the cost for young motorists, with more than three quarters (75%) saying they paid for their child’s driving lessons. One third of parents (30%) also helped their child with a deposit for a car andmore than half (54%) of parents revealed they pay out for regular maintenance checks, car accessories and cleaning.
In addition to helping out with the cost of insuring and maintaining a car, more than three quarters of parents (77.1%) also help their children buy their first car, with one in five parents (18%) prepared to cough up to buy their child a brand new motor.
Parents in the West Midlands and London are most likely to splash out and buy their child a new car outright (25%), while parents in Scotland are the most frugal, choosing to buy a used car instead (50%).
Neil Addley, Managing Director of NFDA Trusted Dealers, said: “The survey findings show that each year the costs associated with learning to drive rises, putting a strain not only on learners, but also on the Bank of Mum and Dad. Increasing prices means there is often a temptation to scrimp on some things, such as the quality of the car, but this can lead to high running costs, leaving you out of pocket in the longterm.
“Trusted Dealers is committed to helping young motorists get on the road and all our listings are competitively priced and adhere to a unique set of standards, our10 Points of Difference. These safeguards ensure that you get the best quality usedvehicle for your kids, at a good price.”
“With more and more parents stepping in to help get their children motoring, we have also developed a dedicated section on our site (http://www.trusteddealers.co.uk/category/testing-times/) which is filled with tips and advice from buying your first car, to the best cars for students.”
Trusted Dealers is part of the National Franchised Dealer Association (NFDA), the UK’s leading retail motor industry body. The site, which lists cars from the country’s top dealerships, offers complete peace of mind for those buying a used car online.
For more information, visit www.trusteddealers.co.uk