How much did you pay for your first car? A few hundred pounds maybe?
New drivers spent an average of £6,600 on their first cars in 2022 and are increasingly turning to mum and dad to make their purchase possible.
According to research from used car marketplace Cinch, 48% of under-25s get help from their parents to buy their first car.
In 16% of cases, parents paid the full price of their child’s first set of wheels, forking out £10,000 or more in one in 10 instances.
Buying a first car may be more expensive than ever as almost half (47%) of image-conscious under-25s are opting for a car that’s one year old or newer.
The Cinch survey also revealed that young drivers receive indirect help from their parents too, including the savings made by still living in the family home rather than owning or renting their own place.
More than two thirds (67%) of those aged under 30 who spent £10k or more on their first car said they still lived at home with their parents. And for many, the savings appear to be a key factor in their car buying decision.
Over a third of drivers under 30 (36%) said they would rather have a nice car and live with their parents than have a cheap run-around and live by themselves.
Sam Sheehan, motoring expert at Cinch, said: “More than ever, first time drivers are stepping into nearly-new cars – with the average age of the first car now standing at just four years old. Younger people today are more image-conscious than ever before, with social media likely playing a role.
“As such, many want a newer, more aspirational car that they can show off. The bank of mum and dad is definitely playing a role, but the data also shows that many drivers in their early 20s are prepared to spend a lot of their own money on a car. The availability of affordable monthly payment plans makes owning a nice car more achievable for younger drivers.”
Young drivers want the best car possible, so why not opt for a Kia? The Korean brand was recently ranked the best in the UK – read more here.