Parents tighten purse strings when it comes to teens' cars

September 22, 2011 12:00 AM

A recent survey from Allstate found that many parents were pulling back on spending when it came to their children's vehicles because of economic conditions.

Parents usually help out financially when a driver gets their first car, whether that means buying a vehicle for them or helping out with things like maintenance and tune-ups. However, with economic conditions still not favorable, many are cutting back. Sixty percent of parents who have teens with a license say they are cutting back on their spending when it comes to their kids' vehicles.

Other expenses beyond buying the car come into play. Most parents (51 percent) say that they will pay for vehicle inspections and registration fees. Meanwhile 45 percent say they will pay for insurance, with 44 covering the cost of general maintenance. Gas and damage caused by the teen driver were less likely to be paid for, at 17 percent each.

Parents who have children that are just beginning to drive should consider sitting down and talking with their kids about the importance of vehicle maintenance. Teaching young drivers to keep their tires inflated, get regular oil changes and take their car in for tune-ups are good habits to start at an early age.

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