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A new survey from Allstate finds that the uncertain economy is preventing many parents from spending on their teens' cars as well as on other driving-related expenses.
According to the survey, 60 percent of U.S. parents who have a teen with a license and 46 percent of all parents say the recent economic downturn has led them to reduce spending on their teen's car.
Although just 48 percent of parents polled said they their own car or shared a car with siblings when they were a teenager, 73 percent said their child has his or her own car and only 8 percent said their child shared a car with a sibling, indicating the rate of teenage car ownership has risen considerably across generations.
The survey also found that 57 percent of parents would pay less than $5,000 on a car for their child, as compared to the 41 percent who said they would spend more than $5,000.
With money tight for a lot of families, auto refinancing on existing loans can be an option to reduce driving-related expenses. Money initially used on high monthly loan payments and interest rates can be parlayed into other avenues when lower installment and interest rates are obtained through an auto loan refinance.
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