Young drivers have a fixation for driving four wheelers but the cost of having and maintaining one becomes the biggest issue. The motoring costs can be reduced by choosing low fuel consuming vehicles, cutting down on car insurance costs and driving safely.
The fixation of youth for driving a high tech car is not unknown to anyone but, the fact that they can leave the luxuries like expensive clothes and socializing for driving cars certainly says a lot about their love of driving cars. According to a survey done by Morar and Admiral LittleBox, it was found that the youth that fall between 17 and 24 years of age are ready to give up luxuries to enjoy being behind the wheels of a cool vehicle.
Nearly 69% of those surveyed expressed their willingness to let go of expensive clothes if they get to drive their car. 60% felt the need of a car more than that of socializing or shopping for festivals and celebrations. Out of all only 18% agreed that they would put food expenses over car costs and 13% said that they would choose to pay home deposits over buying a car. These numbers clearly suggest that a majority of the youth chooses to enjoy driving their own car over other things.
However, driving a car has its own pros and cons with expenses being the biggest drawback second to getting hurt in accidents. When evaluated, it was found that young drivers spend a whopping £3,435 a year on motoring costs.A huge chunk of this account for the fuel costs, which is estimated to be around £1,077 (or 31%) of the total. The next big money cruncher is the car insurance cost which eats up 30% (£1,014) of the total motoring costs. In addition, there are maintenance and repair costs, which sums up to somewhere around £558 or 16% of the total while excise duty and road tax would eat up another £411/12% of the budget.
Well, this is quite a big number for young drivers who may have smaller jobs and so, proves a big burden. This can be easily shrugged off by choosing methods like black box car insurance which monitors the driver’s driving habits like acceleration, braking, cornering etc. to estimate the car insurance premiums. In addition, you can buy cars that consume low fuel to cut down the fuel costs as well as drive within safety limits to avoid heavy repair and maintenance costs. According to a survey done by Morar and Admiral LittleBox, it was found that the youth that fall between 17 and 24 years of age are ready to give up luxuries to enjoy being behind the wheels of a cool vehicle.
To cut down on car insurance costs, one should shop around to find the insurers that offer the cheapest car insurance deals. This method works for one and all, be it a youth or an elderly and paves way to huge savings. There are many car insurance providers that offer lucrative deals provided you do not hide any details from them. You just need to find them, compare them and choose the lowest deal to make maximum savings.Brijesh B. is a personal finance mentor working at UK’s leading price comparison website FreePriceCompare.com. He suggests all UK motorists to compare car insurance quotes before renewal the cover from existing provider. To cover the smaller damage, he recommends a cosmetic car insurance cover.Article Source: http://www.thearticlesbase.com/young-drivers-choose-to-be-behind-the-wheels-over-luxuries/