When it comes to being mobile it seems younger drivers are willing to make some pretty big sacrifices
In a survey of 500 drivers aged 17 to 24, carried out by Morar on behalf of Admiral LittleBox, it found the majority would stop spending money on new clothes and socialising in favour of running their car.
When faced with a list of items young people typically spend their money on, new clothes was the thing most people were willing to go without ,with 69% saying they’d give up a fashion update in favour of keeping their car on the road.
Socialising with friends and going to gigs or festivals were the next most popular things young drivers would ditch with 60% saying they’d rather spend money on their car.
The research suggests young people are a bit more sensible than they’re often given credit for with the least popular items people said they would give up being food (18%) and saving for a deposit on a house (13%).
Admiral LittleBox found young drivers spend £3,435 a year on average on motoring costs, with fuel accounting for £1,077, (31% of their costs) and insurance making up an average of £1,014, (30% of the total).
Other expenses include maintenance and repairs which take £558 (16%), vehicle excise duty or road tax which costs £411(12%) and getting the car through its MOT costs an average of £375 (11%).
It’s young men who shell out the most on motoring – the average man spends £4,264 a year on motoring, 46% more than young women who spend £2,914.
Head of Telematics at Admiral, Jo Garcia, said: “Our research shows just how important being mobile is to young drivers, whether that’s for their work or their social life. It also shows they’re not as frivolous as some people might expect. In fact two of the things they’d most be willing to sacrifice spending money on are new clothes and going out with friends.
“Running a car is costly for anybody, but for younger drivers the expense can take a bigger share of their income. There are simple ways they can cut their bills however; buy a car with lower fuel consumption and one with lower vehicle emissions; they’ll save money on fuel and road tax.
"And a car in a lower insurance group is cheaper to insure too. They should also consider black box insurance like Admiral LittleBox. The technology monitors your driving, so your insurer can set a premium based on how you drive and not how your peer group drives.”
Although black box insurance could save new drivers money off their insurance bill, the survey found 27% said they wouldn’t consider it, however, more than half said they definitely or probably would.