Results from a recent survey indicated that due to the slow economy, parents are spending less on cars for their teens, report news sources .
The study found that 60 percent of parents who have teens with drivers licenses have chosen to cut back on spending for cars their teen because of the economic downturn. This spending includes not only the cost of the car, but also associated costs like insurance, registration fees, inspections and maintenance.
The survey also uncovered that parents with a lower household income are more likely severely cut or put off spending for a teen’s car. Parents with annual household incomes less than $30,000 indicated that they were either spending less on teen car purchases or saving that money, whereas 32 percent of parents with annual household incomes in excess of $75,000 are taking similar austerity measures.
As a Charleston car accident attorney , I encourage parents to take needed steps to keep teens safe on the road even in the face of tough economic realities. Because of my experience as a Charleston auto accident lawyer , I am very aware of the split-second difference between everything seeming fine and a terrible vehicle crash. I urge motorists, both teen and adult, to always practice safe driving habits.