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Generous British parents spend an average of £3,410 - on their child’s first car, according to research.
A study of 2,000 mums and dads of 16-21-year-olds found one in six 'helped' their offspring to pay for their first vehicle, contributing an average of 45 per cent of the total cost.
But a lucky 16 per cent of youngsters had their parents pay the full amount.
The survey, commissioned by Parkers.co.uk, also revealed 44 per cent of parents help with the cost of their child’s car insurance.
One quarter will also pay the road tax while a fifth even contribute towards petrol and diesel.
It also emerged London parents put the most towards their children's car - parting with £4,351.
Mums and dads in the south west part with £2,678 on average while the typical spend in the North East was £3,365.
Around 414,000 Brits aged 21 or under passed their driving between April 2018 and March 2019, according to the DVLA, meaning parents could be spending a combined £340 million per year on kids’ first cars.
Keith Adams, editor of Parkers.co.uk, said: “The research shows just how much is spent on new cars for first time drivers.
“It’s amazing to see just what parents are prepared to spend on their children so they can experience the independence of driving.
“Parents obviously want their kids to be safe when out on the roads alone so we know researching for the perfect first-time vehicle is a lengthy and often confusing process.
“A first car is something we all remember – from the colour to its maker – and is likely to affect the car choices we make in the future.
“We want to encourage both parents and young drivers in helping them find their perfect car.”
The study also found 77 per cent of those with more than one child said they plan to help them all equally with buying their first cars.
And one quarter of parents plan to pay for their children’s car in full when they learn to drive.
Although one in 10 said they would prefer to pay their child’s car off monthly rather than buy it outright, and would be prepared to pay up to £138 a month.
More than one quarter of parents who bought or contributed to their child’s car said it’s a parent’s ‘duty’ to help out, while others did it to give the youngsters their own ‘independence’.
But almost half know their child can’t afford their own car while 24 per cent said they’re helping out because the youngster ‘deserves it’.
One sixth of parents even bought their child’s vehicle before they could drive so that they could use it to learn.
Times have clearly changed though, as 54 per cent of parents didn’t have any help from their mum and dad when buying their first car.
It also emerged eight in 10 of children’s first vehicles were used, with the average being nine years old when they bought it.
And 42 per cent of parents who helped out set a budget beforehand, while one quarter researched which models are most suitable for new drivers.
However one eighth of those polled admitted they do not plan to help their child buy their first car in any way, with the top reason being because they can’t afford it.
One third want to encourage their youngster to make their own decisions about money and four in 10 believe children need to learn to save for the things they want.
A further one tenth feel that if parents buy their child’s first vehicle it won’t teach them to save, but an opposing 32 per cent said parents should help with ‘large expenses’.
Almost half of all parents surveyed via OnePoll contributed to their kid’s driving lessons and more than one third paid for every lesson.
Keith Adams added: “It’s so important to get that first car purchase right, especially
when it comes to buying the safest, most reliable car you can for the money.
“Avoiding stolen cars or those with a bad history is also of paramount importance.
“At parkers.co.uk you can find your perfect car through our cars for sale section, then research its hidden history - and even check that you’re paying a fair price using our free valuation tool.
“Buying a car can be stressful enough - more so if it’s for a loved one, so it’s so important to make sure that you’ve bought yourself a good one.”
*Parkers.co.uk's top five first cars for around £3,400
1) Fiat 500 2012 – cool image, cheap to buy and run, the perfect first car
2) MINI One 2010 – BMW quality, great to drive, lots of choices available
3) Vauxhall Corsa 1.2 2014 – safe, solid, you probably learned to drive in one – and great value
4) Ford Fiesta 1.25 2013 – a great car to drive, lots of dealers, cheap to run
5) Skoda Citigo 2014 – excellent engine, based on the Volkswagen Up, fantastic fuel consumption
ENDS
