The average costs associated with getting a young motorist’s first car sorted and on the road is now more than £4,400, according to research from one discount car insurance provider.
Motor car insurance provider, the Co-op, found that the average 18 year old will need to cough up £2,294 on average to pay their car insurance rates. Aside from that, the cost of purchasing the car, taking driving lessons and driving tests, and paying road tax, brings the total to in excess of £4,400.
The Co-op crunched the numbers, choosing a typical first car – a Vauxhall Corsa, purchased for £1,450 – as a base. In addition to the costs involved in insuring the vehicle, an 18 year old will need to spend £480 on 20 driving lessons, £124 on two driving tests, £30 on road tax, £31 on a theory test, and £50 pm a provisional licence.
The Co-op said that, even though the costs of getting that first car on the road are quite high, new drivers today are purchasing their first cars younger than they have in generations. The average Brit owns their first car at only 18 years of age, which beats the average of their parents’ generation by a total of four years.
While more than 75 per cent of those 45 years of age and over purchased their first car without any help from their parents, the newest generations of motorists cannot make such a claim. At 53 per cent, more than half of those between the ages of 17 and 25 had to rely on their parents to help them purchase their first car.