German Drivers License Requires a Savings Fund

Our son will be 17 soon and every once in a while he gets the typical German statement: Na, da wirst Du ja bald Deinen Führerschein machen! Reaching the legal age of 18 includes getting the driver’s license. Oh ja, das deutsche Fahrvergnügen! Well, wanting the license seems universal, but…

Germans generally do not ask about what college one intends to attend as the rate of university graduates is rather low at 14%. But most Germans hold a driver’s license, which is costly. So costly that some parents or grandparents start saving for the driver’s license as of birth –  in the same way some international parents set up a college fund for the newborn.

In Germany, the cost of a driver’s license ranges from euro 1200 – 1800, based on 18 minimum hours of attending the Fahrschule. In some cases it takes much longer, such as more lessons, another testing fee (in general, one out of three fail the driver’s license test), etc. The base price given usually applies to young and quick learners only. Older applicants usually end up taking more lessons, the rate of failing is higher and then the cost is usually between euro 2200 – 3000.

The German ADAC  offers the following savings plan:

ADAC driver’s license savings plan – a gift for the future. Why not present this on the child’s first day in first grade? You can start saving as low as euro 10 a month. Earn 4.3% interest.

(4.3 % only apply to savings plans which run 17 – 18 years. For example, on a 10-year savings plan, the rate of interest is 4.0%)

As parents of international children, we believe our children will get their driver’s license whenever they are ready. This is not a top priority. We have a college fund for them – not a driver’s license savings plan.

Comments

  1. So they save up for 10+ years and at the end of that time they *have* to finance a driving license with it?

    It reminds me of why a 5 pound note is better than a 5 pound gift voucher. You can use it in *any* shop. (Wow-effect)

    Surely it’s better to save a set amount for 10 years, and maybe fund BOTH the driving license and the higher education, and maybe get an ever better rate of interest that way?

  2. The cost of getting a driving license in the UK was high enough that I thought it was a good deal to accept my father’s offer at the time, over 40 years ago (!), that he would pay for the lessons if I didn’t ride a motorbike or smoke before getting my license.

    You could get a motorbike license a year earlier than a car license, and a lot of my school friends had motorbikes while I was still cycling. Still, it had the desired effect. I never bought a motorbike and have never smoked. And that has probably been good for my health.

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