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Young drivers waste cash on flash
2004-11-02 - By Philip Byrne
Claims that young drivers (age 17 – 20) are being priced off the road are being contradicted by new research from the RAC in the UK. The new figures reveal the majority of young drivers ignore running costs and go for flash cars instead.
Figures show that a third of young drivers choose a car just based on how it looks, while only seven per cent shop for a car on the basis of its running costs and the cost of insurance influences the decision of just 13 per cent.
Yet an average of €5,000 is spent on a first car, with almost half of young drivers (48%) buying it themselves and only 19 per cent relying solely on parents. Over half (51%) had acquired a car within a week of passing their driving test and 44 per cent went for a larger car, even though this can double their running costs.
Ailbhe Sharp, manager of the RAC School of Motoring in Rathmines, Dublin says: “Although these figures are for the UK, I know from anecdotal evidence that the situation is similar in Ireland. This is the case, even with our increased insurance costs which can see some young drivers being quoted upwards of €3,000 for cover. And even though statistically, Irish drivers pass their tests at a slightly older age than in the UK, I know that a lot of our young drivers go for a car based on what I would call the “flashiness” factor – witness the surge in interest in “modified motors” among our 20-somethings.
A first car is an emotional, not a rational, purchase – but you need a balance between what is affordable and safe, as well as stylish.”
The RAC research shows young people rarely give due consideration to the cost of their first car and struggle to afford or maintain it as a result.
While insurance quotes for young drivers are typically three times that of their parents, the RAC survey also found huge discrepancies between insurance quotes for young drivers. In an effort to ensure young drivers get value for money for all of their motoring related expenditure, the RAC School of Motoring has developed four simple points of advice:
Formal driving tuition - some insurance companies will insist on young drivers undergoing some formal driving tuition with a qualified driving instructor. And even for those that do not insist on it, they will often give a better quote to young drivers who can show proof of formal driving tuition.
Try a smaller car - RAC research has revealed that, almost half of young drivers (44%) opt for bigger cars as their first model. However, going for a car that is smaller and so more cost-efficient can really cut down fuel and insurance costs.
Shop around for insurance - insurance for young drivers can be expensive and the cost varies widely, so all new drivers should shop around for insurance quotes in order to get the best deal, not just take the first policy offered. A good broker can search the top insurers to find the best available policy.
Take out breakdown cover – it may sound obvious, but young drivers buying used cars can avoid large recovery and repair bills by buying even the most basic breakdown cover for their car – for example, RAC Ireland can offer a basic At Home & Roadside Assistance service for only €95 per year.
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