Studying to drive and shopping for a automobile is usually a important monetary dedication, particularly within the midst of a price of residing disaster. Regardless of the prices, new automobile registrations elevated by 18.2% in 2023 in comparison with the earlier yr.

Uswitch automobile insurance coverage carried out a survey to analyze the primary causes new drivers are studying to drive and what automobile possession prices they thought of prior to buying their first automobile.

Causes new drivers attain their licence

The highest causes new drivers attain their licence is independence (35%) and journey flexibility (22%). With greater than 1 in 6 jobs within the UK requiring a driving licence it’s no surprise that the third most typical cause to study to drive is for work (11%).

Regardless of independence being the primary cause new drivers resolve to study, in relation to buying their first automobile, the survey revealed that almost all can not afford the monetary dedication themselves. Over a 3rd of respondents (37%) obtained assist from their household, both by a member of the family gifting cash in direction of the acquisition or gifting them the automobile.

The survey additionally revealed that many first time drivers are unaware of the extra prices of proudly owning a automobile, lots of that are a authorized requirement.

Listed under are among the key prices that the survey revealed new drivers didn’t find out about:

• Gasoline: Greater than 1 in 4 new drivers (27%) don’t think about the price of gasoline when shopping for their automobile, regardless of independence being the most typical cause for studying to drive.
• MOT: 36% of recent drivers are unaware of MOT prices. In keeping with Halfords, 1 in 6 drivers mentioned they can not afford their MOT renewal, nonetheless 71% nonetheless intend to drive their automobile, risking a superb of as much as £1,000.
• Breakdown cowl: Over half (54%) of recent drivers don’t find out about breakdown cowl. One restoration firm alone (RAC) attended over 29,000 breakdowns in 2023, highlighting the danger of being stranded on the facet of the highway.
• Automobile tax: Over 1 in 3 new drivers (38%) aren’t conversant in the price of automobile tax. From April, the flat price of automobile tax after the primary yr might be £190 for petrol and diesel automobiles.
• Automobile insurance coverage: Regardless of automobile insurance coverage being a authorized requirement within the UK, 1 in 4 new drivers (25%) have been unaware of this outgoing. In 2023 the typical price of a totally complete coverage for drivers who’ve held their licence for lower than a yr was £1,707.23. It’s because new drivers are seen to be an even bigger reckless driving danger and have much less expertise with driving, pushing up their premiums.

Uswitch automobile insurance coverage knowledgeable, Leoni Moninska, shares high tips about what to contemplate earlier than turning into a automobile proprietor:

“When you’ve obtained a driving licence and determined you need to purchase a automobile there are a selection of things to contemplate. You’ll want to make sure you’re financially ready for the dedication and resolve what automobile is best for you: 

• “Accounting for added prices: It’s necessary to make sure you’re conscious of and have accounted for all prices related to proudly owning a automobile.
  – On high of the automobile itself, sure working prices comparable to gasoline, insurance coverage and automobile tax are unavoidable so have to be factored into your price range.
  – Different prices comparable to MOT prices rely on the automobile you purchase. Driving to sure locations can even contain prices, like congestion cost in city areas, or toll roads.
  – Estimating your month-to-month automobile utilization and utilizing that to work out the full of all obligatory bills might help you assess affordability. It’s additionally a good suggestion to think about emergencies by placing extra cash apart for upkeep and restore prices so that you simply’re ready.
• “Deciding the place to retailer your automobile: The place you retain your automobile is a vital issue as it will probably affect insurance coverage quotes, the protection of the automobile, and parking prices.
  – When you’ve got a driveway, that is essentially the most wise place to retailer the automobile. Parking in a storage doesn’t essentially make insurance coverage cheaper as driving out and in of the storage might end in accidents.
  – Should you don’t have a driveway, yow will discover roads with free parking, or you might have to purchase a parking allow (the eligibility and price of which can rely in your native council).”