New Drivers Struggling with Cost of Car Ownership

New Drivers Struggling with Cost of Car Ownership

July 29, 2014

new driversRecent research by easyCar has discovered an incredible 76% of drivers under the age of 30, are finding cost of car ownership too expensive. With fuel costs, road tax and insurance growing ever more expensive many newly qualified drivers find actually owning and running a car beyond their means – even with the offers thrown at them by car brands to buy new.

The study also discovered nearly half of those questions (46%) who do currently own a car are seriously considering losing the car altogether in a bid to save money. For various reasons, cost being one, the study also found over half of all the motorists questioned report that they are driving less this year compared to 2013.

And even with the proliferation of cheaper cars on the market buying a first car isn’t it seems as easy as the adverts would have you believe. 57% of under-30s needed or expected to need financial assistance in order to buy their first car. That’s compared to only 22% of those aged over 55, who when buying their first car, required assistance.

Richard Laughton, CEO, easyCar Club, said: “We have known for some time that owning a car in the UK is becoming unaffordable for large swathes of the population, and this is particularly true of young people.”

Over 58% of under-30s surveyed said that owning and running a car in the UK is too expensive, while 17% said that they would be happy not to own a car at all if they felt their local area was well-served by public transport or car sharing options. Not something that they’ll find too often to be the case.

There is an alternative though, and yes you’ve guessed it motorbikes and scooters.

Young ‘riders’ can expect typically lower insurance premiums on a bike or scooter and can ride a range of stunning looking 125cc machines from 17 years old after completing a one day CBT course for around £120.

Monthly costs are also low. For example you could ride one of Britain’s most popular 125cc scooter the Honda PCX125 for less than £75 a month with a £99 deposit, or Yamaha’s cool YZF-R125 for less than £100 with £400 down! Road tax for both is a staggering £17 a year right now and with huge fuel economies (the PCX does over 130mpg!) you’ll find you’ll have the spare change to actually go out and enjoy yourself too!

So don’t sit there complaining that you can’t afford a car – buy a bike instead. They’re way cooler, more fun and cheaper too so what are you waiting for.

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