Why your first car will be from bank of mum and dad

ONE in three young drivers rely on their parents to buy their first car, a study has found.

And after the keys are handed over, one in five then need mum and dad to pay for their car insurance as well.

Given the soaring cost of insuring a firsttime driver, that’s no small expense. Drivers aged 17 can expect a first year insurance premium of up to €6,500.

Add in road tax, driving lessons and licence tests, and parents can hand over almost €10,000 for their child’s first year on the road. And that’s before they even fill up the tank. The research, from insurance firm Aviva, showed that many seeking independence on the road were far from independent financially.

Thirty-three per cent of young drivers polled had their first car bought for them. That compared to just 20 per cent in the Sixties, when most young drivers saved up to buy it themselves. The average cost of a first car these days is around €1,800.

The type of car young drivers choose has also changed over the years. In the Sixties, 92 per cent of first cars were second-hand, with the Ford Fiesta the most popular. Fast forward to today and the Toyta Yaris is one of the most popular first cars.

And young drivers don’t necessarily have to settle for old bangers. One in four are lucky enough to hit the road in a brand new model.

But while they eventually set off in style, first-time drivers are waiting longer to get their own wheels. The average age now is 25, compared to 21 in the Sixties.