Young Drivers Delay Car Ownership? - March 2010

This regularly updated section of the HomeApproved web site will cover the latest trends, research, opinion and developments in the UK car insurance sector. 

Young Drivers Delay Car Ownership?
Youngsters of driving age today are citing the ever increasing costs of running a car as the reason for delaying ownership, with over 40% of young people having denied themselves even the short step of obtaining a driving license. On the other hand..

Research has concluded that the current crop of young drivers are quite possibly 'a generation spoilt':

• Young drivers get their first car at 19
• First cars given as a gift for one in three youngsters
• 'Old bangers' a thing of the past - today’s young drivers have higher expectations

To mark the former point, motorists aged between 18 and 25 are now considering purchasing a car with a friend, over 10% having given the prospect careful thought and a further 15% believing it to be a good way to split buying, running, and young driver car insurance costs.

Nearly 1 in 2 young drivers that do not own a car said that their income level was not sufficient to allow for the necessary outlay, 2 in 10 said that their university costs was the prohibiting factor whilst 1 in 10 said that debt was their biggest problem.

ENDS

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