Parents spend more than £2 billion a year on motoring costs for their offspring, according to new figures from car parts and servicing chain Kwik Fit. That’s an average of £381 per child each year. However, some parents shell out more than £1,000 a year to supplement their child’s motoring budget, which needs to cover outlays such as car insurance and repairs.
One in five parents either buys outright or contributes to the purchase of their child’s first car. In many cases, this can mean shelling out several thousand pounds. But for more than a third, it’s worth the expenditure to know their kids are driving vehicles that are safe and sound. Roger Griggs 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 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.”
Ongoing motoring costs
Some 16% of parents help their children to cover the cost of car maintenance, including servicing and MOTs, while15% help with insurance costs. More than one in 10 has also helped their kids to pay for repairs caused by an accident. In most cases, parents have to step in because their kids simply can’t afford to stay on the road otherwise. Kwik Fit found that this was the case for 48% of the parents who responded to its survey. The research also indicates that mothers are more generous, spending an average of £396 a year on their child’s motoring, compared to £367 for dads.
About six in 10 of those with children aged between 17 and 25 contribute to the youngsters’ motoring costs. New drivers are not the only ones who turn to their parents for help with their motoring costs, though. More than four in 10 parents with children aged between 26 and 30 also offer financial support to help their children get and stay on the road, while over a third are still paying out for motoring expenses when their children hit their early thirties.