New research revealed skyrocketing first car costs have driven potential buyers out of the market.
RACQ’s annual Young Drivers Survey found the price of first cars has risen to $9000 dollars in the last year, compared to $7129 in 2021 and over $6000 in 2018.
The data, derived from drivers aged 16-24, revealed less p-platers were buying cars, with almost 50% relying on vehicles owned by their parents to get them from A to B.
Logan p-plater, 18-year-old Katelyn Creevey, was fortunate enough to have her parents purchase her a car.
Ms Creevey’s parents spent $8000 on a 21-year-old Mazda 3.
An RACQ spokesperson, Lauren Cooney, said buyers were not necessarily getting newer or better-quality cars by spending more money.
In fact, she said the market had forced young people to purchase older model vehicles.
“In 2022, the average age of a first car was 13.7 years old, compared to 11.2 years in 2021 and 10 years old in 2020,” Ms Cooney said.
Ms Creevey’s first car, although costing $1000 less than the average price, is 10 years older than average.
“With cars getting more expensive, our research also showed the number of young people buying a first car themselves went down last year, from 66% in 2021 to 60% in 2022,” Ms Cooney said.
“Not only are more parents helping their kids buy a car, but they’re also lending their cars to their children for extended periods of time.”
