What’s the best way to finance a new car? If you don’t quite have the funds to buy a new car outright, you’ll be Car insurance isn’t cheap regardless of your age or experience. However, young drivers often have to fork out considerable sums in their first year of driving. From putting their foot on the pedal as a new driver to the last journey in their first year, young drivers can pay in excess of £2,000 for their insurance. To help the young drivers out there, here’s our advice for the 10 cheapest cars to insure.
Cheapest Cars to Insure
Passing your driving test is an important part of growing up. However, the costs attached to being a new driver can be worrying too. According to comparethemarket, half of the costs in your first year are down to your insurance. That’s why we believe it’s important to choose a car that keeps these costs down. If you choose from our top 10 cheapest cars to insure, you’ll be on the right track!
City Car Insurance
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.
According to comparethemarket, £8,000 is the astonishing figure that young drivers between 17 and 24 have to spend within the first 7 years of passing their test – over half of which is the cost of insurance. To make sure you avoid this money-trap, it’s important to avoid cars with higher premiums.
Choosing the Right Car
Simon McCulloch, Director of Insurance at comparethemarket, 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.”
If you’re looking for a way to finance your first car, get in touch with the My Car Credit team for more advice or do the maths with our car finance calculator.
Require more help?
Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!