New drivers' first-year costs revealed

New drivers' first-year costs revealed

Britain's young motorists are likely to be forking out nearly £5,000 during their first 12 months on the road, a new study suggests.

The research indicates that buying a car, car insurance, fuel purchases and vehicle maintenance are combining to leave the typical 17 to 24-year-old driver facing first-year costs of £4,750.

Running costs over subsequent years, meanwhile, are costing them an average of around £2,200, more than half of which is accounted for by insurance premiums.

The research suggests that a typical young new driver will spend £2,564 on buying a vehicle and almost £1,250 on insuring it.

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According to the study, carried out by comparethemarket.com, the most popular car among young new drivers is the Vauxhall Corsa, costing an average of nearly £2,000 and carrying a typical insurance premium of just over £1,160.

Experts are reminding young motorists that although a third party, fire and theft policy can help lower their costs, it may leave them having to foot the bill for repairs to their own vehicle in the event of an accident.

Telematics policies - which pass information about motorists' driving habits back to insurers - they add, can come with lower premiums while encouraging responsible driving.

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Copyright Press Association 2016. Motoring News articles do not reflect the RAC's views unless clearly stated.

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