Based on statistics released from Co-op research group, young first time drivers pay a high cost just to take the road. According to their figures, first-time young drivers pay approximately £4,459 to get on the road in the beginning.
Of course this cost is a total figure which includes road tax, driving lessons, insurance and driving tests and that is not counting the cost of their car. Co-op found that an average 18 year old owns a vehicle worth about £1,450 and this car is typically a Vauxhall Corsa. Insurance on this car is approximately £2,294 on an average and the young driver will have to pay £480 for 20 driving lessons.
After their lessons, young drivers are then required to sit for two driving tests which cost £62 per test and then £111 is spent on a provisional licence. The road tax is £30 and the theory test is £31. This is how Co-op arrived at the figure of £4,459 to get on the road for first-time drivers.
Surprisingly, young drivers are buying their first cars at a much younger age than in previous years as the average age of those able to buy a car is 18. Co-op states that this is a full four years earlier than people of their parents’ generation owned their first cars, and with the economy in the state it is in, these figures are even more surprising.
One final statistic which is interesting to note is that 53% of today’s youth between ages 17 and 25 are reliant on parents or family members to purchase their first vehicle whilst greater than 75% of consumers over the age of 45 actually purchased their first vehicle on their own.
Even though there are more youth today on the road at a much younger age, the cost is huge in comparison to a generation ago. Oddly, insurance is the biggest cost involved for first-time drivers which is why it is so amazing that such a large number are actually on the road. With so many older drivers unable to afford insurance, it is inconceivable how so many of the younger set can afford the expense.