Are young people priced out of the car market?

Posted on: 06/03/2014

Running your car isn't cheap. Paying for fuel, maintenance, insurance and regular services all add up. And young people especially are feeling the pinch in the car market, according to recent findings.

 

In GoCompare.com's recent survey, it shows that young people feel priced out of car ownership. Over a third (35 per cent) of non-drivers aged between 17 and 25 responding to the survey said it is just too expensive to learn to drive or to own a car.

The GoCompare survey also showed that 32 per cent of young people believe they spend less using public transport than it would cost them to run a car, though 22 per cent admit to feeling trapped at home by not being able to get around more. The survey’s respondents also said that, on average, young drivers spend £1,831.40 a year keeping their car on the road, with four in five spending up to 30 per cent of their income on running their car.

Almost two fifths (39 per cent) of young drivers spend over £2,000 a year. And even just obtaining a full driving license can cost around £1,381 (based on Driving Standards Agency figures showing that the average learner driver needs 47 lessons and 22 hours of private practice before they pass their test) in driving lessons, license and test fees.

18 per cent of young drivers said they turn to their parents for help with their motoring expenses, while 15 per cent of 17 to 25 year old drivers hold a full licence but cannot afford to own a car themselves.

Source: Tyrepress.com

To help you save money on running your car, use this excellent online resource from Which and these 40 tips from moneysavingexpert.co.uk

Don't feel priced out of car ownership. Use equity tied up in your old car to help purchase a new vehicle: Sell your car to us at Recycle Motors.



Author: ADMIN
Categories: Blog

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