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As with just about anything else, the cost for a new driver to hit the road is rising.
The average total for taking lessons, passing a driving test and then buying, insuring and running a first car is now £6,574, according to GoCompare – the highest since before the pandemic.
To help motorists choose which models to consider for their first motorcycle, it has unveiled the top 10 cheapest cars to insure for a young driver between the ages of 17 and 21.
A steep price to pay for independence: A driver aged 17 to 21 will pay a total of more than £6,500 to hit the road for the first year in 2022, according to a new report
The total cost of getting on the road for young drivers – and their parents who are likely to provide financial support – is up 3 per cent from £6,394 last year.
It’s the highest since 2019, when the average young driver car bill was £6,846, although the figure fell significantly to £6,071 in 2020, most likely due to much lower insurance premiums due to driving restrictions during Covid lockdowns, according to the price comparison site.
The total amount is a combination of driver’s license applications, driving lessons and exams, and then costs for the first car, insurance and tax.
GoCompare says the annual increase for new drivers is “attributed solely” to higher vehicle costs.
According to AutoTrader, used car values have risen for 29 consecutive months.
According to the latest report, the average price of a pre-owned model in August was £17,039, which is 16 percent higher than the same month in 2021.
For new drivers who are likely to be able to only afford an older, small used vehicle, this has had an average knock-on effect of over £200, with the average young motorist under 21 spending £3,592 on their first set of wheels – compared to up to £3,366 in 2021.
While the average price paid for a first car has risen, the cost of insuring one has reversed, the report claims.
For 17- to 21-year-olds who bought their first-year cover through GoCompare between August 2021 and July 2022, they paid an average annual price of £1,430 for a fully comprehensive policy – that’s £42 less than in the previous 12 months.
Buying the right first car will also have an impact on premiums, with the report listing the cheapest models that young drivers can insure.
The report says the cheapest engine for them to insure is a Skoda CitiGo at just £908 a year over the 12-month period under review.
The mechanically identical sister cars, Volkswagen’s Up! and Seat Mii, were the top three cheapest engines to insure, averaging £930 and £960 respectively.
Those living in the South West have been found to benefit from the lowest cost of car insurance with an average of £1,221, while young people living in London have the highest premiums averaging £1,896.
In our report, you can read our top ten tips for lowering the cost of car insurance in just minutes.
The study also calculated that one-fifth of the total cost of getting out and about was driving lessons, with the RAC saying the average learner needs 45 to pass their exam, which at a cost of £30 equates to a whopping £1,350 .
According to the calculation, students have to pay an average of £1,350 in driving lessons to get on the road
An additional survey of more than 1,000 parents of new drivers found that more than one in four (27 percent) thought the cost of their child’s car insurance was much higher than they anticipated.
About 44 percent of parents said they contribute to the cost of their children’s first car, although a fifth (19 percent) also described the process of helping children get on the road as a “significant drain on their children.” own finances.
Ryan Fulthorpe, GoCompare’s auto expert, said the company’s “Cost to Get on the Road” report serves as a benchmark for calculating the costs that young people and their families will face once they reach the age. achieves that they are driving, at a time when the cost of living is on the rise.
“We knew this was going to be a challenging year for a number of reasons – the global rise in the cost of used cars, the cost of living crisis in the UK, not to mention that this is the first year we’ve been somewhat back to normality after the pandemic,” he said.
‘Unfortunately, while costs for young drivers have been moving in the right direction in recent years, we are now seeing a slight increase in prices.’
It is important to note that GoCompare’s calculation does not take into account fuel costs, which have risen dramatically in 2022.
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