Parents More Likely To Purchase Child's First Car

A new survey conducted by AutoTrader.com revealed a dramatic increase in recent years in the number of parents purchasing their child's first car.

Among adults who have children of driving age, more than 40% of those surveyed bought their child’s first car for them. Less than 20% of their children purchased their first car for themselves. The survey found that more than 50% of those adults bought their own first car, while just over 10% said their own parents purchased that car for them.

Rick Wainschel is AutoTrader’s vice president of automotive insights.

“You’ve heard a lot about this notion of ‘helicopter parenting,’ if you will, people looking over their children’s overall life experiences, and I think that this is maybe an embodiment of that.”

Many parents said they felt obligated to help their children through tough economic times. Others said their main motive in purchasing the children’s first car was to control the choice of vehicle. Parents reported the three characteristics most important to them in a buying first car for their children were reliability, safety, and price.

 

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...