The costs keep coming...
But whilst insurance contributes to the overall outlay, young drivers have other high costs to consider to keep their car on the road.
As global oil prices continue to climb to their highest point since June 2015, fuel has become a greater expense for anybody looking to run a car. According to current estimates from the AA, the average price of unleaded petrol was as much as 119 pence per litre. This means that the average 17-24 year old is now spending a staggering £880 per year on fuel, up £51 in the last six months. This makes petrol, unsurprisingly, the second biggest annual outlay for young people running a car.
But that’s not it -- there are of course further expenses we’ll all be familiar with. Other compulsory car related costs include road tax (on average £110) and MOT (on average £54). And, for peace of mind, breakdown cover will set young drivers back an average of £45, one of the few costs to have gone down in the past six months. So, with annual car running costs coming in at a massive £2,397 a year, it begs the question of how 17-24 year olds are ever meant to afford to run a car.