The Cost Of Running A Car For Young Drivers Is At An All Time Low
It doesn't come as shock that a new drivers are expected to pay a considerably higher price for running a car. But, after reports released from Compare The Market, running a car in 2021 for young and new drivers is at an all time low.
- 3 Mar 2021
This year, the cost of a young driver running a car for a year has dropped by £296.
A driver under the age of 24 will pay around £2000 for the year. This cost covers insurance and fuel, which is at an all time low since 2015. The drop in price stems from the smaller number of cars on the road in the pandemic.
Car insurance is accountable for 53% of the running costs of a car, which now averages at £1,095.
|Cost Name||Cost||% of Total Cost|
|Est. VED (Road Tax)||£125||6%|
|Total cost per year||£2074||100%|
|Source: Compare the Market|
Although prices have dropped, the financial implications of the pandemic have prohibited younger drivers from being able to afford the running costs of a car, even with the price drop.
Being worried about these costs may be enough, but having an unexpected mechanical or electrical failure sprung onto the car will make things worse.
Protecting your car (and bank account) with a used car warranty, you will get the ultimate peace of mind if anything goes wrong.
For new or young drivers, our Pay As You Go warranty is perfect for keeping the costs low as prices start at £18.18 a month.
Get your no-obligation quote and start your cover today!