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Apr 02

Car facts for younger drivers

Posted by:AutoMoney

Young drivers

It is well known that after the cost of housing, either in rent, student accommodation, or a mortgage, the next most expensive thing to consider for young drivers will be the cost of running a car.  In order to help the younger drivers out there, we have created a handy guide of car facts and information.
 

By law, all cars MUST have the following:

• Valid insurance – The cost of insurance can vary massively between different companies, so you must search around for some great young driver policies. You should also consider a “black box” or “telematics” policy. A box is fitted to your car which monitors the times at which you drive, the distances, and also how you drive. By driving sensibly and avoiding high mileages and busy periods, you can reduce the amount you pay for your insurance. 

MOT – This stands for Ministry of Transport Test and by law this must be completed once a year on all cars that are three years old and over.  Carried out at a garage of your choice, the car is checked over and tested to make sure that it is road safe. Prices for an MOT have been capped by the government at £54.85, meaning that an MOT cannot be more than that cost, but garages are free to charge less than that if they want – so it is worth shopping around when it comes to MOTs.

Car Tax (also known as Road Tax) – How much you need to pay yearly on car tax will depend on whether you have an old or new car and also the size of the engine. So it makes sense to check out what the annual cost will be before you buy the car.  A change in the payment method late last year means that car tax can now be paid monthly via direct debit. 

When running a car, you will also need to purchase fuel – either diesel or petrol, which can be costly, but we have some top tips to get the most out of your fuel!
 

Tips for reducing fuel costs:

Drive carefully – by accelerating and braking gently, you will help to reduce your fuel consumption, as will driving to the speed limit. 

Heavy goods – by carrying around heavy items in your boot or in the back seat, you are going to add extra weight to your load and therefore use more fuel. The addition of roof racks or roof boxes will also add to your load, so only use when needed and make sure you remove heavy items from the car as soon as you can. 

Consumption – when you buy a car, you will need to pay close attention to the consumption statistics – the bigger engine in your car, the more fuel you will need - so be prepared. 

Fuel prices – most supermarkets are competitive when it comes to fuel prices and if you are savvy, you can sign up to reward points or loyalty schemes and accrue them via your fuel purchases. Sometimes you can even use these loyalty points on shopping or via money off vouchers.

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350.5%APR Representative
Representative example: Loan amount £1000. Duration 18 months. Repayable by 16 monthly repayments of £170.42 and one of £198.42 (includes Bill of Sale registration fee of £28) commencing two months from the date of the loan. Total amount repayable £2925.14. Rate of interest 187% per annum fixed. Representative 350.5%APR. LOANS ARE SECURED ON YOUR CAR. The vehicle may be repossessed if you do not keep up the repayments.