Parents pay for young's first car

L-platesMany young motorists now rely on their parents to fork out for their first car, according to a survey.

In the 1960s, around 80% of first time car owners funded their purchase themselves, according to the poll by insurance company Aviva.
But now around a third of first cars are paid for by someone else, most likely by mothers and fathers or other family members.

The recent reliance on the bank of mum and dad comes despite the fact that the average age of a first-car owner is now 25 compared with only 21 in the 1960s.

But today's drivers are much more likely (26%) to have a new car as their first motor than in the 1960s (8%), when nearly everyone cut their motoring teeth on second-hand models.

In the 1960s only 6% of first-car owners had their motor insurance paid for by someone else, while now the figure is as high as 21%.

The poll also showed that the most popular first car of the last 50 years was the Ford Escort, followed by the Ford Fiesta, Ford Anglia and Vauxhall Corsa.

Aviva marketing director Heather Smith said: "Owning a first car is a fantastic milestone of independence and whether it's a much-loved treasure or a shiny new set of wheels it provides an important rite of passage for any driver.

"Over the past five decades, we have seen a fundamental shift in the typical first car owner. However, despite these changes the nation's love for affordable classics, from Corsas to Golfs, Fords have stayed at the forefront in the history of the first car and feature as firm favourites across Britain's driveways."

The top five first-car models were Ford Escort; Ford Fiesta; Ford Anglia; Vauxhall Corsa and Nissan Micra. Completing the top 10 were Vauxhall Viva; Morris Minor; Volkswagen Golf; Renault Clio and Mini Cooper.

Cars that will hold their value in 2013
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Parents pay for young's first car

The Porsche Cayenne caused a bit of a stir when it launched in 2002 as the luxury SUV signalled a fresh direction for the traditionally sporty brand.

The second generation 2010 diesel model has been found to retain a whopping 84.2% of its original value even after three years and 30,000 miles on the clock.

A new Cayenne diesel starts from an eye-watering £47,390, but based on CAP's calculations after three years the resale value is only likely to fall 15.8%– a loss of £7,488.

Next up is a more mainstream option if you want to battle depreciation.

The Toyota Land Cruiser V8 diesel SW is the second best vehicle to retain its value over a three-year stretch clocking up 30,000 miles.

CAP Automotive found that this 4x4 retained 72.4% of its original price on average.

So a new 2010 V8 diesel available from £32,145, would only drop in value by 27.6% leaving it worth around £23,273 today – a cash loss of £8,872.

The Porsche 911 has been around for over 50 years and still remains an iconic sports car as well as a great depreciation buster. The GT Coupé body style was found to retain 72.1% of its value over three years and 30,000 miles.

So a 2011 model that would have set you back a whopping £73,123 might only fall in value by 27.9% -a loss of £20,401, by 2014.

This environmentally friendly 4x4 got a reboot in 2010 and the second generation model is still popular today.

CAP Automotive found that this particular model retained 70.3% of its original value on average.
Prices start from £28,965 and if the research stands up you should only lose 29.7% or £8,603 of the value after three years and 30,000 miles.

This compact 4x4 is a family friendly crossover that has a very adaptable interior- with the ability to remove the back seats fully.

According to CAP's research the Yeti retains 69.9% of its value over three years and 30,000 miles.

New it is the most affordable of the top ten with a starting price of £15,235 and after three years on the clock it is likely to only fall in value by 30.1%, which amounts to £4,585.

Despite its reliability track record, Land Rovers remain appealing to car buyers for its off-road ability, comfort and style.

The second generation of Land Rover's Discovery 4 can keep you in the money according to CAP's research. The make and model was found to retain 69.2% of its original value.

Prices start from £32,695 so after three years with 30,000 miles built up you might find the vehicle experiences a 30.8% drop at resale, leaving you £10,000 out of pocket.

The sporty medium-sized SUV can run circles round its load-lugging rivals and was found to hold onto 69.1% of its original value by CAP Automotive.

New the 2008-2012 range was available from £26,600, so with an average fall of 30.9% found for models with three years on the clock, buyers can expect to lose just over £8,000.

The Kia Sportage holds onto its original value well too, retaining 68.2% on average.

It's another affordable crossover with the looks of a 4x4 but less off-road ability.

The improved 2010 Sportage is available from £17,495 so a fall of 31.8% would leave you £5,560 out of pocket after three years at the time of resale.

The Mercedes-Benz Viano is the only MPV to make the list.

New the 2004-2010 Viano's were available from £35,760, but after three years and 30,000 miles the value of this range tends to drop by 33.8% - a loss of over £12,000.

Even though it's quite obscure and was only available in limited numbers with left-hand drive, the Corvette Z06 Coupé was found to retain 65.5% of its list price after three years on the road.

Available new it would have cost from £45,850 so after three years owners are likely to experience a 34.5% drop where around £15,818 would be wiped off the value.


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