The average cost of driving lessons, road tax, driving tests, insurance and the actual purchase of your first car comes to £4,459 according to new research.
Research from the Co-operative banking group found that the average 18 year old owns a Vauxhall Corsa with a value f £1,450. Young drivers often end up footing a large insurance bill though, with the average cost of insurance for someone aged between 17 and 22 currently standing at £2,000.
The average cost of 20 driving lessons (£480) and the actual driving tests (£62) both contribute to the rising cost of motoring.
The additional costs of £111 cover a provisional licence, theory test and road tax.
Despite the high costs of getting into the driving seat, figures show that new motorists are purchasing their first car younger than ever. The average person owns their first vehicle at the age of 18, which is 4 years younger than the previous generation.
The research also found that more than 75% of people aged over 45 bought their first car themselves. Today however, many youngsters rely on the ëbank of mum and dadí to find their first set of wheels as 53% of 17- 25 year olds expect their parents or relatives to cough up the cash.
Grant Mitchell, Head of Motor Insurance at The Co-operative Insurance, commented on the findings; ìUnfortunately, the biggest challenge is the cost of car insurance which has risen at a disproportionate rate for young drivers because they are involved in more accidents on the roads.”
The cost of car insurance has proved to be the most financially draining aspect of owning a car for young drivers. Older drivers still struggle with the rising cost of car insurance and 30% of people said that this was the main reason as to why they did not own a car.
Compare car insurance with MoneyExpert
First car £1,450
Provisional Licence £50
Driving lessons £480
Driving test(s) £124
Theory test £31
Road tax £30