Car insurance 'more costly than vehicle purchase'
29/08/2007
New research has revealed the amount parents are willing to contribute towards the cost of their children's first car, however it was highlighted that car insurance could be a bigger expense than the purchase.
According to online
car insurance price comparison service Gocompare.com, mums and dads will pay £1,014 to help their son or daughter get on the road.
The firm found that most parents had high expectations for the vehicle, with three-quarters stating that they would imagine the car to be no older than five years of age.
But Hayley Parsons, managing director of Gocompare.com, has commented that there are extra costs to consider when young people get on the road.
"It's not just the price of the car they need to consider. For a
young driver, it can cost more to insure a car than the value of the vehicle itself," she said.
In the UK, it is legal for a young person to start taking driving lessons from the age of 17.
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