New drivers spend £4,750 in first year’s motoring
- Credit: PA
New drivers are spending upwards of £4,750 in their first year on the road, with almost a quarter of that going on insurance.
The Young Drivers Index report, produced by comparethemarket.com, revealed that for drivers aged between 17 and 24 years old the average first year costs of purchasing a car, insurance, maintenance, breakdown cover and fuel amounts to £4,750.
Running costs average £2,200 in subsequent years.
More than half the running costs – £1,246.54 on average – come from insurance, with drivers in the 17 to 24 bracket attracting the highest premiums. The average spend by drivers of this age on a car is £2,564, meaning that they will spend half the car's value on insurance in the first year.
The choice of vehicle can make a big difference to the cost of motor insurance for young drivers.
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The Vauxhall Corsa is the most popular car among young drivers, accounting for 15% of car inquiries and costing an average of £1,979. However, its average premium is £1,162.23, – around £320 more than the average premium across the top 10 cheapest cars for young drivers to insure which stands at £842.08.
Simon McCulloch, director of insurance at comparethemarket.com, said: 'Our research shows that, before even putting a foot on the pedal, young drivers have probably already paid thousands of pounds to simply own a car. Newer models can come with hefty price tags but older cars tend to have higher premiums and maintenance costs as there is a greater chance of them breaking down and causing an accident.
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'When picking your car, it is important to choose a model which won't carry hefty insurance premiums. People may be tempted to opt for third party fire and theft insurance in order to cut costs, however it is important to bear in mind that choosing this option may leave you with significant debts if you have a crash as you will need to pay for repairs to your own car out of your own pocket.'