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Young drivers rely on bank of Mum and Dad

More than half of parents financially contribute to their child’s first car, new research has revealed.

The survey, conducted by comparethemarket.com, found that a quarter of mums and dads (28%) covered the entire cost – at an average of £3,528.

City	Average amount parents contribute to their child’s first car
Sheffield	£4,544
Edinburgh	£4,230
Birmingham	£4,009
Newcastle	£3,802
London	£3,779

Help from the bank of Mum and Dad didn’t stop there, with one third (34%) of parents paying for the entirety of their children’s driving lessons, with an average cost of £1,159 per child.

Of the parents who admitted to financially contributing to their child’s driving lessons – 48% helped out from their savings, while 44% used funds from the household budget.

The study also found that many parents contribute to their child’s initial on-the-road costs, with 18% admitting to contributing to MOT, road tax, servicing and fuel until their child can afford it themselves.

Alex Hasty of comparethemarket.com said: “The cost of insurance for new drivers is exceptionally high when compared to that of more experienced drivers, costing an average of £565 more than the average insurance premium.

“Therefore, it’s not surprising to see that so many parents are financially contributing towards their child’s first year of car insurance.

“It’s really important for new drivers to use comparison services such as ours to help find the right policy for them and to check for any potential savings.”

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Basic car maintenance defeats most motorists

Gareth Herincx

24 hours ago
Auto News

Three in four drivers are not confident about performing even the most basic car maintenance, according to a new study.

Research by comparethemarket.com found that 76% of UK drivers admit there are no car maintenance tasks they feel confident conducting themselves

Changing a tyre (27%), checking brake level fluid (21%), and changing oil (24%) are the car maintenance tasks Brits feel the least confident performing themselves

Rank	Task	Percentage	Number of UK drivers who don’t feel confident carrying out the task
1	Changing a tyre	27%	11,392,317
2	Oil change	24%	10,131,507
3	Checking brake fluid levels	22%	8,993,503
4	Checking tyre tread depth	13%	5,440,312
5	Changing your windshield wipers	12%	5,264,290

Read the full study, including tips from mechanics on how to avoid being overcharged for a car maintenance service.

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Why running an EV makes financial sense

The annual running cost of an electric vehicle is now £579 cheaper on average than a …

Why running an EV makes financial sense

The annual running cost of an electric vehicle is now £579 cheaper on average than a petrol-fuelled car., according to new research from comparethemarket.com.

What’s more, this difference in cost has increased from last year when EVs were just over £400 cheaper to run.

The research, which analyses the price of insurance, fuel, and road taxes, reveals that the average annual cost of running a petrol-fuelled car is now £1,843, whereas an electric vehicle costs £1,264 to drive for 12 months.

While petrol cars are usually more expensive to run due to the annual road tax exemption for EVs, the cost of driving both types of car has risen year-on-year.

For EVs, the cost has increased by £137 year-on-year, primarily due to higher energy costs in recent months.

The average annual energy bill for an EV has increased by £167 year-on-year to £519, based on driving 6,700 miles, the UK average.

Despite the average EV car insurance premium falling by £29 year-on-year, EVs are still typically more expensive to both buy and insure than similar petrol cars. EV owners also usually choose to install a home charging point which would add an additional cost.

In contrast, the average annual cost of running a petrol-fuelled car has risen by a much steeper £313 year-on-year to £1,843.

This sharp rise in running costs has mainly been driven by the increase in the price of petrol and higher car insurance premiums.

The average annual fuel cost for a petrol car is now £943 – a £221 increase compared to the previous year. In contrast to EV insurance premiums falling marginally year-on-year, the average car insurance premium for petrol cars has risen by £82 year-on-year due to a rise in the value of second-hand cars and replacement part inflation.

ANNUAL AVERAGE COST OF RUNNING AN ELECTRIC VEHICLE
Cost name	2022 costs	2021 costs
Insurance	£690	£719
Fuel	£519	£352
Est. VED (Road Tax)	£0	£0
MOT	£55	£55
Total cost per year	£1,264	£1,127

“Despite surging energy bills, motorists who’ve made the switch will be glad to see that electric vehicles cost substantially less to run than a petrol alternative,” said Alex Hasty of comparethemarket.com.

AVERAGE ANNUAL COST OF RUNNING A PETROL-FUELLED CAR
Cost name	2022 costs	2021 costs
Insurance	£680	£598
Fuel	£943	£722
Est. VED (Road Tax)	£165	£155
MOT	£55	£55
Total cost per year	£1,843	£1,530

EVs are nearly 50% cheaper to run than petrol cars

Electric vehicles are nearly £1,000 cheaper to run than petrol cars over a year, according to new research from comparethemarket.com.

The figures show the average cost to run an EV for 12 months is £1,091 compared with £2,062 for a conventional car – a difference of £971.

The running costs for petrol cars are substantially higher as drivers of these vehicles pay an average of £640 for car insurance and £1,212 for the fuel each year.

Owners of petrol vehicles also typically need to spend at least £155 per year on road tax, while EVs are exempt.

Average running costs for 12 months

Vehicle Type	Insurance	Fuel	MOT	Road Tax	Total
Electric	£583	£454	£55	£0	£1,091
Petrol	£640	£1,212	£55	£155	£2,062
Difference	-£57	-£759	£0	-£155	-£971

The annual cost of driving an electric car has fallen by £77 in the most recent six months (May 21 – Dec 20), compared with the previous six months (Jun 20 – Nov 20).

This decline is due to a £54 drop in the cost of insurance for electric vehicles and a £23 dip in energy costs.

Electric car drivers can further reduce their running costs if they switch to the cheapest premium available. This typically costs £489, which means motorists could save £93 by shopping around for a better deal.

Despite the substantially cheaper running costs, the up-front price of electric vehicles is a sticking point for many drivers considering making the switch from petrol.

A second-hand electric car is typically worth £22,813, based on the average value of electric vehicles from insurance renewal data.

This suggests it would take more than 20 years for the lower running costs to cover the purchase of an electric vehicle. However, motorists may be able to cover some of the purchase price by trading in their existing vehicle.

“The popularity of electric cars continues to accelerate as these vehicles now make up around one in ten new car sales,” said Dan Hutson, head of motor insurance, comparethemarket.com.

“Motorists who’ve made the switch will be glad to see our figures show electric vehicles cost roughly half as much to run as their petrol alternatives.

“These drivers benefit from substantial savings in fuel bills, insurance and tax – as well as doing their part for the environment.

“Electric car owners could save even more on running costs if they shop around for the cheapest deal when their insurance premium comes up for renewal.

“These drivers may also want to think about switching to a new Electric Vehicle Tariff for their home energy. EV Tariffs are designed to help motorists cut their energy bills by making it cheaper to charge electric cars overnight.”

Vehicle thefts down during the pandemic

Gareth Herincx

2 days ago
Auto News

The total number of stolen vehicles in the UK dropped by nearly 15% in 2020 while many of us were at home and able to watch over our cars due to the pandemic, according to new research.

Insurer comparethemarket.com analysed data from 26 police forces, revealing that 61,743 vehicles were stolen over the last two years – 28,454 in 2020, compared to 33,289 in 2019.

Overall, the West Midlands fell victim to the most crimes in the past two years. However, it’s Birmingham West that ranks top for the total number of offences, despite thefts in 2020 decreasing by nearly 21% compared to 2019.

While theft rates in Liverpool, Sheffield and Birmingham East also decreased last year, Doncaster saw thefts increase by 8%.

Top 10 vehicle theft hotspots

Rank	Location	2019 thefts	2020 thefts	Total
1	Birmingham West	1,730	1,375	3,105
2	Liverpool	1,276	1,062	2,338
3	Sheffield	1,199	1,123	2,322
4	Birmingham East	1,050	991	2,041
5	Doncaster	739	796	1,535
6	Sandwell	726	748	1,474
7	Brighton and Hove	672	590	1,262
8	Rotherham	557	615	1,172
9	Luton Borough	679	486	1,165
10	Coventry	506	608	1,114

Range Rover and Land Rover topped the league table for the most stolen and recovered vehicles across the UK.

Read the full breakdown of the Top 20 theft hotspots and tips on keeping your vehicle safe…

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