Co-operative insurance surveyed 2,000 drivers aged 18 to 30, finding out whether young drivers are able to afford being on the road on their own. Finding, however, that one in four young drivers had help from mum and dad to buy their car, it seems that the bank of mum and dad is being used for longer than parents might initially expect.
The Co-op also found that young motorists have help when it comes to their car insurance, MOT test and general car maintenance too.
The cost of being on the road
There are a number of costs which come with being on the road. Not only is there the cost of buying a car to think about, but there’s also the cost of insuring, taxing and maintaining the vehicle too. Fuel costs need to be factored in as well, meaning the costs of motoring can be tricky for young drivers to meet on their own.
It’s not just mum and dad who are enlisted to help financially either, with one in four explaining they receive money from their grandparents too.
James Hilton, director of General Insurance at Co-operative Insurance, said:
“The prohibitive cost of running a car means that young drivers are heavily reliant on the bank of mum and dad, not only to help them buy a car, but to keep it on the road too.”
Despite the high costs, insurance premiums have actually been falling over the last year. Drivers aged between 23 and 29 can now expect to pay, on average, £704 – a 15.5% drop since last year.
Making the costs worthwhile
Although the cost of being on the road can be high, the costs which come with not having a licence can be tricky to contend with too. Whilst public transport can be costly, not having a driving licence can also cause problems when it comes to finding employment too.
The costs of being on the road might be a little daunting, but being able to have the freedom to drive where you want, when you want, is something which many of us simply can’t live without.
Image courtesy of dsagovuk at Flickr via Crown Copyright.