• It is estimated that young drivers fork out almost £4,750 to be on the road within their first year of driving.
• The average motoring costs for this age group is £2,200 after the first year.
• Insurance accounts for half of this amount according to www.comparethemarket.com
• The Volkswagen Up! is the cheapest car to insure for young drivers, costing £805 per annum.
£8,000 is the astonishing figure, according to www.comparethemarket.com that young drivers between 17 and 24 have to spend within the first 7 years of passing their test – just to be on the road. Half of which is the cost of insurance. This means that insurance costs an average of £1,247 for cover per year.
According to the comparison site’s latest biannual report ‘Young Driver Index Report’ 17 – 24 year old drivers have to spend an average of £4,750 within the first of driving – that’s including the price of buying their car.
Following the first year, the average outlay is £2,200 a year to cover the cost of insurance, maintenance, breakdown cover and fuel until reaching the age of 25. The majority of this expense is made up of insurance costs.
The most popular car choice among the youngest drivers is the Vauxhall Corsa, which is even more expensive to insure than this average.
www.comparethemarket.com reveal that 15% of people in this age group used their website to get insurance quotes for the super-small Vauxhall, with the average vehicle price being valued at £1,979.
However, the average insurance premium offered is £1,162 – nearly two thirds what the cars are worth.
It’s also around £320 more than the average premium across the top ten cheapest cars to insure if you’re in this age group.
Topping the list of the top 10 cheapest cars to insure is Volkswagen’s smallest (yet very sophisticated) Up! The ‘City Car’ costs an average of £805 per year to insure for 17 to 24-year-olds. This is closely followed by the Hyundai i20 which has become an increasingly common sight on the roads and is also cheap to insure.
Simon McCulloch, director of insurance at comparethemarket.com, said:
“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.
“When picking your car, it is important to choose a model which won’t carry hefty insurance premiums.”
My Car Credit have taken a look at a selection of the 10 cheapest cars to insure for 17-24 year old drivers. It is unsurprising that all cars listed are either ‘City Cars’ or ‘Superminis.
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Imagery courtesy of www.carbuyer.co.uk