Youngsters ‘paying less’

THE cost of keeping a car on the road for young drivers has fallen by £296 year-on-year, largely thanks to falls in insurance and fuel prices, say researchers.

On average, a 17 to 24-year-old driver will now pay £2074 to run their car in the first year – the cheapest annual running cost since 2015 – according to comparethemarket.com.

The price comparison website’s latest Young Drivers study analysed the cost of insurance, fuel, road tax and breakdown cover.

Car insurance makes up 53 per cent of the running costs. But fewer cars on the road because of the pandemic means the average premium for such motorists has dropped £169 in 12 months to £1095. That’s the lowest average cost since the research began nine years ago.

Annual fuel costs have decreased as the price of petrol has fallen and people will drive fewer miles in 2021.

A typical young driver will now spend £763 on fuel, driving 7347 miles over the course of a year, compared with £884 at the start of 2020 for an average of 7480 miles.

Despite these savings, comparethemarket.com research from last year found that 47 per cent of 17 to 24-year-olds with a full or provisional driving licence found that the financial impact of coronavirus had made it harder for them to afford to run their cars.

Comparethemarket.com motor insurance chief Dan Hutson said: “Young people will be relieved that the cost of driving has fallen so dramatically and this will hopefully ease some of the financial strain many are under.

“With young drivers paying the highest insurance premiums, the recent drop in prices should