The cost of running a car for young drivers has risen by an average of £385 in the past year, according to new figures.
On average, a 17 to 24-year-old motorist will now pay £2,488 per year to run their car, with increases driven by higher fuel and insurance costs according to Comparethemarket’s Young Drivers research.
The typical annual fuel costs for young motorists have increased by £244 in 12 months, going from £748 to £992. However, car insurance contributes toward half of the overall running costs for younger drivers, with the annual premium for this age group now standing at £1,236. This represents a £141 year-on-year jump, which Comparethemarket attributes to the rising cost of repairing or replacing vehicles, alongside the increasing value of second-hand vehicles.
Julie Daniels, motor insurance expert at Comparethemarket said: “The rising cost of running a car among other soaring household bills mean that many young drivers could struggle to afford to stay on the road and may impact their ability to get into work or see friends and family. It is even more challenging once other costs such as parking fees, breakdown cover, and car maintenance are considered. ”
A separate study of 2,000 young drivers found that 76% of young drivers said that their pay wasn’t high enough to cover the rising cost of driving, while 68%t said that they would no longer be able to afford to run a car if costs continued to rise. In addition, more than eight in 10 are concerned about petrol and diesel prices.