The cost of motoring can be difficult to manage even for someone on a decent salary, which means that often it is something that is out of reach for young people, particularly if they do not have a parent that can help out. In addition to the cost of the car itself, insurance can be an enormous expense for young drivers on top of road tax, maintenance and (rising) petrol costs. Driving is an important skill for a young person to have and not being able to afford it could hold someone back in both their professional and personal life.
So, what are the few pieces of financial advice for young motorists?
Choose the Right Car
First, you need to make sure that you are driving the right car. This will be something that ticks all of the boxes for your needs but is also cheap to buy and run. There are plenty of good options for first-time drivers that are cheap to buy, insure and run and buying these in the used car market can be a great way to save money on the costs of a car.
Find A Used Car Finance Company
Following on from this, a finance deal on a used car can make the costs much easier to manage. You will want to find a used car finance Wales specialist that has relationships with all the major finance houses and will be able to find you the best deal based on your needs with no deposit to keep your upfront costs down.
Look Into Car-Sharing Schemes
These days, car-sharing schemes are a great option and proving to be highly popular with young motorists. This allows you to simply book a car to use as and when you need it, which will work out to be significantly cheaper and easier than owning your own, plus you do not have to worry about maintenance or depreciation.
Opt For Black Box Insurance
Young drivers are at a disadvantage because the cost of insurance is higher as they are deemed a greater risk. While this might be true, it is frustrating for many that are excellent drivers and less dangerous than older drivers on the roads. Black box insurance is a good option for skilled young drivers as it monitors your driving habits and performance to set a fair insurance price, and this could help you to make big savings in the long run.
Learn Basic Maintenance
Every motorist should do their own basic maintenance, but few do. Doing your own basic maintenance will not only save you money on garage bills and keep your car in the best condition, but it should also prevent major costly issues from arising. There is a lot of helpful information online on how to perform basic tasks to keep your car in good condition. Additionally, make sure that you stick to the service schedule too.
It can be tough for a young person to afford driving these days, but there are always steps that you can take to make it easier to afford.
