Young driver insurance news
11/11/2008
Economy forcing motorists to downsize cars
With insurance for young drivers a key cost consideration as the economy deteriorates, many credit crunch-hit young motorists are weighing up the benefits of buying smaller cars.
New research is showing that people's next choice of car will be affected by the economic downturn and looming recession.
Recent studies and the views of experts in the motoring industry reveal that a vehicle being cheaper to run is likely to prove a major factor when deliberating about a new car purchase and associated running expenses.
Many people look set not to buy a car at all, some plan to hold on to their current motor longer than originally anticipated, or else they may choose to spend only up to £3000 - and no more, according to a study by uSwitch.com, a price comparison site.
An example of downsizing benefits were highlighted in an article published in The Observer newspaper. By switching from an 1800cc Volvo to a 1300cc Ford Fiesta, young driver insurance costs were cut dramatically from £800 annually to £220, and other running costs were reduced including a tank of petrol dropping to just £35 for every fill-up.
For the budget-conscious, Hoot Car Insurance Services recommend motorists consider various cars within a set price range and insurance group, and then compare running costs including insurance for young drivers, fuel, maintenance and road tax.
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