How much will it cost to run a car? | Driving Test Success

How much will it cost to run a car?

Passing your driving test is one of the best feelings in the world. However, If you are among the 48.7% that pass their driving test, the cost to run a car will determine if you are able to stay on the road.

Here is a rough breakdown of the annual cost of running a car minus insurance for popular first-time car models*.

  Fiat 500 Ford Fiesta Volkswagen Polo Vauxhall Corsa Citroen C1
Total annual running cost £1,758/yr £1,754/yr £1,966/yr £1,880/yr £1,461
Annual fuel cost £960 £980 £998 £1,035 £847
Servicing & maintenance costs £768 £744 £853 £730 £594
Car tax £30 £30 £115 £115 £20

To briefly summarise, the cost of running the cheapest car is around £2,922 annually which works out at £234.50 a month… without insurance!

To help soften the blow, we have gathered some top tips for you keep the cost of running a car under control.

Buy an economical car

It’s quite natural to want a set of nice wheels to reflect your new ‘independent’ status, but more often than not, purchasing, insuring and running a flash car is unrealistic. Buying or financing an affordable car will not necessarily give you the image you want, but it will work wonders for your insurance cost.

For example, using quotes from Compare the Market to insure a 2017 BMW 1 Series, it could cost you a whopping £3,969.74 annually! Whereas a 2011 Citroen C1 would cost £991,21 annually.

Image By Korser01 | [CC BY-SA 3.0]

 

Complete the Pass Plus course

Pass Plus is an advanced driving course which gives new drivers the chance to improve skills in town and all-weather driving, rural roads, driving at night, driving on dual carriageways and finally, motorway driving. Completion of this course often means new drivers can get cheaper insurance quotes.

For example, Compare the Market quotes £770.93 to insure a Citroen C1 with a pass plus qualification, which is a saving of £220.98.

Install a Telematics box

Selecting an insurance policy which fits a telematic box to your car can really help to bring insurance down and help you monitor your driving. This box monitors speed, cornering, acceleration and braking, which in turn rewards you with a lower premium for good driving. However, these boxes can be restrictive as most come with a curfew and bad driving can result in a premium increase.

Add a relative to your insurance policy

Adding an older relative to your insurance policy tends to bring the cost of your policy down as they are more experienced and assumed ‘safer’. However, it is important that you name the person who will mostly use the car as the ‘named driver’. This is so you don’t get accused of ‘fronting’ which is a type of insurance fraud where a high-risk driver hides behind a more experienced driver on the policy.

The key points to take away from this post is that it’s becoming increasingly difficult to learn to drive with the rising prices of lessons, cars and insurance. But, in order to keep the cost of running a car down you need to ensure you are well prepared, and invest in cost-saving schemes to make it a lot cheaper!

 

* Costs based on information from the Money Advice Service website

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