Car running costs are too expensive for a third of drivers
New research has revealed that a third of drivers need financial support from their parents to manage car running costs.
Auto Trader surveyed more than 2,000 drivers and found that 33% needed parental help with insurance costs, fuel, repairs and MOTs in the last year.
A further 22% say that while they haven’t received financial help from their relatives in the last year, they have at some point.
The average amount of help received across all age groups was £411.42 per year, with 63% receiving between £100 and £499. One in five motorists receives between £500 and £999, while two per cent receives more than £1,000 a year.
Those aged 17-24 get an average of £433 per year, closely followed by 25-34-year-olds (£429). Even older drivers receive significant financial support, with 35-44-year-olds getting an average of £373.88, those aged 45–54 receiving £405, and those 55 and over getting £377.
Bank of mum and dad
Erin Baker a car-selling expert at Auto Trader, said: “For many younger drivers, getting behind the wheel is becoming increasingly expensive, and it’s clear that the ‘Bank of Mum and Dad’ is keeping a large part of the nation on the road.
“The fact that 70% of those who get help feel grateful shows there’s no sense of entitlement here, just a genuine struggle with rising costs. But it’s also interesting that embarrassment plays such a big role. Driving has long been seen as a symbol of independence, and that perception is now being challenged by financial reality.”
