Parents are likely to purchase their child's first car
Posted on Friday, August 31, 2012 at 3:02:02 PM
All over the nation, students are packing up their cars to the gills with their belongings and making the trip to colleges or universities. However, who paid for that vehicle? A recent study from AutoTrader.com has found that more parents are purchasing their child's first car than ever.
According to the study's results, 53 percent of adults with children of driving age said they had to buy their own first car. Only 14 percent of adults in that age bracket had their parents buy a vehicle for them. Now the trend has almost completely reversed, with 41 percent of those same adults admitting to buying their children a first car and only 17 percent claiming that their kids bought vehicles on their own.
As automotive buying trends continue to change, more people are finding that affordable auto financing makes all the difference in such a large purchase, which is why rates from Home Loan Investment Bank could be superior to others on the market. Parents considering purchasing a car for their child may find there are plenty of financing options available.