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Many young people anxiously await the day they can get behind the wheel, and it seems that once they're there, few are willing to give it up, with research from Morar and Admiral LittleBox revealing the value younger drivers place on being mobile.
The survey found that the majority of those aged 17-24 would sacrifice luxury spending to be able to afford to run their car, with their four wheels being high on the list of priorities. Indeed, 69% said they'd happily forego spending on clothes, while 60% would rather spend their money on their car than on socialising or going to gigs and festivals, with only things like food and saving for a house deposit (which only 18% and 13% respectively would be willing to cut back on) taking precedence over the car.
Considering how much running a car costs, it's good to hear that younger drivers would be willing to make cutbacks, with the research finding that younger drivers spend, on average, £3,435 a year on motoring costs. The bulk of this is made up of fuel, which accounts for £1,077 (or 31%) of the total, closely followed by car insurance, which costs an average of £1,014 (30% of the total). Then there's the cost of maintenance and repairs (£558 or 16% of the total), vehicle excise duty or road tax (£411/12%) and getting the car through its MOT (£375/11%) – it all adds up!
Head of Telematics at Admiral, Jo Garcia, commented on the findings: "Our research shows just how important being mobile is to young drivers, whether that's for their work or their social life. It also shows they're not as frivolous as some people might expect. In fact, two of the things they'd be most willing to sacrifice spending money on are new clothes and going out with friends.
"Running a car is costly for anybody, but for younger drivers the expense can take a bigger share of their income. There are simple ways they can cut their bills however, such as buying a car with lower fuel consumption and one with lower vehicle emissions to save money on fuel and road tax. And a car in a lower insurance group is cheaper to insure too."
She also recommends younger drivers consider black box insurance: this kind of technology monitors your driving, "so your insurer can set a premium based on how you drive and not how your peer group drives". It'll monitor everything from your speed and braking to acceleration and cornering, and even the time you're most likely to drive, and will set your premiums accordingly. You could even save money if you're able to show you're a safe enough driver, so it could pay off!
Whatever kind of insurance you're looking for, make sure to compare the options using our car insurance quote tool to find the best deal possible. That way, you may not have to make so many cutbacks after all.
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