The economy isn’t just hurting Mom and Dad, teenagers, who are being told they have to pick up more of the tab on a new car purchase, are having to settle for less than in the last few years.

Gas prices have also caused a shift in the kinds of cars teens are purchasing, as they are now responsible for more of the gas tab than in the past. In addition, more people are protecting themselves with an auto warranty.

Approximately 400,000 new cars are bought for teenagers every year. Small and compact cars like the Ford Focus and Chevrolet Cobalt account for 24% of teen sales this year, which is up drastically from just 15% one year ago.

However, compact SUVs, such as the Jeep Wrangler, account for around 24% of all cars purchased for teenagers this year, but that’s drastically down from 33% of sales a year ago.

According to a study by CNW Marketing Research, it was discovered that teens are purchasing more low-end models thanks to the economy. The average transaction price in 2008 is $16,000, which is down from $19,200 in 2007. Also, more people are concerned with new car warranties to protect themselves from unnecessary repair expenses down the road.