One-Third of Teens Expect a Car or Truck for Graduation, but Most Don't Know the Ongoing Cost of Vehicle Ownership
COLORADO SPRINGS, Colo., May 26, 2016 -- One-in-three (34%) teens expect to receive a car or truck or help with paying for a vehicle as a high school graduation present, according to a new survey conducted by Junior Achievement USA (JA) and American Honda Finance Corporation (AHFC). But while the survey showed that 54% have spoken with their parents about the costs of vehicle ownership, only 14% answered correctly that the average monthly cost of vehicle ownership exceeds $700 a month.* The survey of 1,000 teens was conducted by Opinion Research.
"Most young drivers really don't understand the ongoing costs of vehicle ownership, and this can result in decisions that have future financial implications," said Jack Kosakowski, President and CEO of Junior Achievement USA. "It's important that parents have these conversations with their teens so that they can avoid putting their credit in harm's way."
To help young drivers navigate the financial aspects of owning and maintaining a vehicle, JA and AHFC created the Financial Test Drive, an informational website at www.financialtestdrive.org
AHFC also has sponsored Junior Achievement to support the JA Personal Finance® program, an interactive and experiential blended-learning curriculum which shows teens how to be responsible when using credit, establishing a budget and learning to save. The program is targeted to high school students and is facilitated by volunteers in communities across the nation whose personal and professional experiences enhance student learning.
JA Personal Finance is accessible through Junior Achievement's online Learning Management System and available to local high school students through local Junior Achievement offices across the country.
About American Honda Finance Corporation
American Honda Finance Corporation (AHFC), operating as Honda Financial ServicesSM and Acura Financial Services®, helps to satisfy the financing needs of consumers of Honda and Acura products including automobiles, sport utility vehicles, minivans, motorcycles, powersports products, marine engines and power equipment. For more information visit http://www.hondafinancialservices.com or www.acurafinancialservices.com.
About Junior Achievement USA®
Junior Achievement is the world's largest organization dedicated to giving young people the knowledge and skills they need to own their economic success, plan for their future, and make smart academic and economic choices. JA programs are delivered by corporate and community volunteers, and provide relevant, hands-on experiences that give students from kindergarten through high school knowledge and skills in financial literacy, work readiness, and entrepreneurship. Today, JA reaches 4.6 million students per year in 112 markets across the United States, with an additional 5.6 million students served by operations in more than 100 countries worldwide. Visit www.ja.org for more information.
* AAA estimates average monthly cost of ownership including loan payments, fuel, instance and maintenance at $725.
SOURCE Junior Achievement USA
CONTACT: Ed Grocholski, Junior Achievement USA, (719) 540-6165, ed.grocholski@ja.org
RELATED LINKShttp://www.ja.org
