Over a quarter (26%) of young drivers are relying on their parents to buy them a car, according to new research from AA Cars.
The survey of 11,000 motorists also found that over a third (34%) need to receive financial support from the Bank of Mum and Dad to get them over the line to purchase their own car, even if it’s not being 100% funded by their parents.
Nearly half (49%) of those who had a car bought for them, said it was a reward for passing their driving test, while 23% received it as a birthday present, and 4% as a Christmas gift.
Other occasions for receiving a car included starting university or celebrating exam success.
However, most young drivers do not benefit from such generosity.
Three-quarters (74%) of respondents in this age group reported they had never been gifted a car, while 66% had not received any financial assistance from their parents.
Rising cost of car ownership
The rising cost of car ownership has made it even more difficult for young drivers without financial support to get on the road.
The cost of insuring a car, in particular, remains a significant financial burden for many new drivers.
However, separate AA Cars research shows that the used car market is becoming more affordable at present.
The average price of the 20 most popular used cars on its platform dropped 6% in the third quarter of 2024 compared to the same period last year.
There are even bigger savings for smaller hatchbacks such as The Fiat 500 which registered an impressive 20.4% annual price drop, followed closely by the Ford Fiesta (19.8%), Ford Focus (15.2%), and Volkswagen Golf (12%).
These vehicles, often chosen by young drivers due to their affordability and practicality.
In addition, models like the Fiesta are also traditionally cheaper to insure, offering an extra advantage for new drivers looking to keep costs down.
James Hosking, director of AA Cars, said: “Getting on the road has become a significant financial hurdle for young drivers today.
“With the cost of living at record highs and the average price of a new car well above what previous generations paid, many young drivers face an uphill struggle to afford their first car without family support.
“Not everyone has the privilege of being gifted a car, but our research shows that parents often try to lend a helping hand — even if it’s just contributing to a portion of the price.”