Any parent with a teenager probably dreads the idea of them getting their driver’s license, and once they pass that test the next question arises – are they ready for their own car?
Well, not surprising, parents and teens have very different answers to that question. A new survey finds that 76% of teens between the ages of 15 and 17 believe they fully understand the financial responsibilities that come with owning a vehicle, while 85% of parents with kids that age disagree.
But even if teens do understand that owning a car doesn’t come cheap, that doesn’t mean they think they have to pay for it themselves. In fact, 86% of teens believe parents should help them pay for automobile expenses, while 91% of parents think kids should be on their own when it comes to car bills. Of course, not many expect their kids will keep up, with 61% of parents saying they expect their teen will start complaining about the cost of the upkeep of their car within 30 days of getting it.
Overall, 25% of teens say they expect to get a car for graduation this year, but it looks like they may have to earn it. The study finds that 96% of parents would be willing to help their kid get a car but only if they showed they can be responsible financially, by either preparing a budget, saving some money towards the car, or showing them that they know what is required to buy a vehicle.
Source: The Business Journal