Young drivers are being warned that the cost of driving a car is rising rapidly.
This comes after a new survey from Compare the Market has found that parents are supporting their children with hundreds of pounds to keep them on the road.
While most parents admit that it is a 'financial burden', nearly half don't expect to be paid back. Parents are forking out hundreds of pounds to keep their kid's car running by paying for repairs, insurance and even the car itself.
READ MORE- Spain issues weather warning after hailstone storm batters holiday hotspot
Although they say they are hesitant to take the money, without the support, the young drivers argue it would impact their jobs and social life.
The research shows that 70 per cent of drivers between the ages of 17-24 say they have relied on financial support from their parents towards their motoring costs in the past 12 months – receiving an average of £781.
The Tank of Mum and Dad report highlights just how dependent young drivers are on their parents to help them pay for insurance, petrol, repairs and motoring taxes during the cost of living crisis.
More than half of parents admitted to contributing to their kid's driving for the first year after they had passed their test.
Meanwhile, more than a quarter contributed for the first two years during which their child was on the road. Only eight per cent kept up the contributions for three years or more. This payment came in the forms of paying for insurance, repairs and even their first car.
The survey found that the cost parents contribute the most to is their child's insurance – paying out an average of £277 towards insurance policies.
The average car insurance premium for a 17-24 year-old now stands at £1156 according to Comparethemarket’s figures, meaning some parents are paying more than a fifth of this annual expense.
Repairs and maintenance costs are the second most common financial contribution, costing parents £197 a year, followed by fuel (£176) and then vehicle taxes and MOTs (£131). In addition, 46 per cent of parents said that they helped their children purchase their first car – contributing an average of £2,514 to the cost of the car.
The research from Comparethemarket shows that for many young drivers, their careers, social and family lives are dependent on parental support, with 53 per cent of young people saying their jobs would suffer if they didn't have a car.
However, as the cost of living continues to rise, many parents admit to finding it difficult to help finance the running costs of their child’s car. 58 per cent of parents agree that having to support their child with costs associated with their car is a “financial burden” on them, but 48 per cent do not expect their children to pay them back.
Young people are very reluctant to receive the support in the first place, with almost six in ten saying that they feel guilty that they need to ask their parents for financial support to run a car when their parents are also struggling with the cost of living crisis.
Julie Daniels, motor insurance expert at Comparethemarket said: “It would be difficult for many people to comprehend how they would get by without a car. It gets us to work and to see our friends and family. However, our figures show that for many drivers, the cost of running a car is becoming impossible.
"A concerning proportion of young people rely on the generosity of family members to stay on the road, placing a considerable financial burden on those supporting them. It also means that, if costs continue to rise, some of those who can’t rely on parental support may not be able to get to work.
"Compared to other age groups, young drivers tend to pay a lot more for their car insurance. However, there are a few ways that they could save money. It is a good idea to shop around and compare policies to see if there is a better deal available. Switching to a telematics policy may be a good option for young drivers to consider, as well as adding an experienced named driver to their policy. However, young drivers should take care to avoid fronting.
"This is a type of insurance fraud, where a more experienced driver claims to be the main driver of a car, when in fact they’re not. Finally, a quick and easy way for any driver to find a great deal ahead of their renewal can be by signing up to automated car insurance renewal quotes. Comparethemarket automatically notifies customers whose policy is about to end about any available deals and savings to be had".
-READ NEXT:
Sainsbury's announce September price changes affecting every customer amid cost of living crisis
New September driving laws that every motorist should be aware of to avoid a fine
John Lewis to offer free meals to staff over Christmas amid cost of living crisis
Quirky Glasgow one-bed studio flat in 'desirable' area on sale for £69,000
Glasgow Universal Credit claimants among most likely to be impacted by crackdown
