When they have passed their driving test and are looking to purchase their first vehicle, many young people forget that the cost of a car is not just what you pay upfront. There is also the maintenance costs from fuel, insurance, parking and much more. These are all things that new drivers should keep in mind when they are budgeting for their first car. However, it is not exactly the easiest thing to budget. After all, the cost of maintaining a car varies from city to city. In one, you could get high insurance prices but cheap servicing. In another, the cost of servicing your car might be low whilst insurance might be high.
Young drivers hoping to get a full picture of how much owning a car would cost in their particular city might benefit from the research produced by Kwik Fit. The British motoring company looked at the cost of insuring, parking, servicing and fueling your car in all of the UK’s major cities. They found that the cheapest place to own a car is Exeter, where it costs only £867, followed closely by Reading, where it costs £1,014. The most expensive city to own a vehicle, on the other hand, is Birmingham where costly insurance, fuel and parking means it is almost three times the cost at £2,170.
There are factors which can help to lower this cost, however, if you are living in one of the country’s most expensive cities. Insurance premiums can decrease if you buy a slightly newer model of car, for instance, or get a “black box” installed that monitors your driving safety. You should also opt for a petrol car over diesel in order to keep fuel costs down. Furthermore, new drivers should be aware of where they are parking. Purchasing a parking space in a private garage might, for example, be more cost effective than getting a permit from your local council.