It costs the average young driver nearly £4,500 to get their first car on the road due in no small part to rising car insurance rates, a new research study has recently revealed.
Cheap car insurance provider The Co-operative said that, between the cost of a first car, securing insurance for the vehicle, and then paying for road tax, driving tests, and driving lessons, new drivers typically need £4,459 to get behind the wheel. The research used the example of an 18 year old new driver with a £1,450 Vauxhall Corsa and has paid £480 for 20 driving lessons.
The motor car insurance provider said that the average new driver needs two driving tests before they pass, which adds an additional £124 to the quickly growing sum. Meanwhile, between road tax, a theory test, and a provisional licence, another £111 needs to be paid as well.
The largest expense is of course car insurance. This is due to premium policy costs of £2,294 for the average young driver between the ages of 17 and 22, according to industry figures.
The Co-operative was not surprised to see car insurance costs named one of the key reasons why people decide not to buy a vehicle. 30 per cent of survey respondents reported exorbitant insurance costs as why they don’t have their own car, The Co-op said.
However, even though the costs to get out on the road are truly eye-watering, the research also found that new drivers are purchasing their first vehicle younger than ever before. The average motorist now purchases their first car at the age of 18, which is four years before the average age drivers in their parents’ generation bought their first cars.