Young drivers 'face running costs of nearly Â£2,400 per year typically'
Young drivers face forking out nearly Â£2,400 per year just to get on the road, analysis suggests.
More than half of the average £2,381.55 car running costs for 17 to 24-year-olds - which does not include the cost of buying a car - is insurance cover, according to the research from comparethemarket.com.
Hikes in insurance premium tax (IPT) and changes to the personal injury discount rate used to calculate compensation payouts are factors behind the growth in insurance costs, according to comparethemarket.com, which used data from its own website as well as other sources of information to make the calculations.
It found the cheapest premiums available to young drivers on the market come in at nearly £280 less than the average premium of £1,348.36.
Simon McCulloch, director at comparethemarket.com, said that while the past year has seen motoring costs remaining broadly flat for young drivers, this has "done little to counter the huge rises that came before".
He said: "With an average annual cost of £2,381, getting on the road is simply not an option for many and increasing costs will only price more people off the road.
"The cost of insurance remains the single biggest cost for young drivers, having risen by over £200 since January 2015."
Here is how the typical cost of £2,381.55 adds up, according to comparethemarket.com:
- Insurance, £1,348.36
- Fuel, £818.69
- Road tax, £115
- MOT, £54.85
- Breakdown cover, £44.65