Why car leasing could be an ideal funding option for young drivers

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According to research carried out by www.HonestJohn.co.uk, the number of 17-year olds taking the practical driving test has fallen by over 100,000 since 2007 / 2008, and the overall number of under-25s in the UK learning to drive is also down by 20 per cent. As costs of driving are spiralling, there is one way to control the cost of motoring where budgets are of prime importance; car leasing could be an ideal funding option for young drivers.

Insurance for young drivers

Recent figures show that a city-based teenager driving an £8,000 small hatchback worth can be quoted up to £13,498 for a comprehensive 12-month insurance policy, while those living in rural areas will be asked to pay £8,750; many blame the rising cost of car insurance as a major contributor in young people putting off their decision to start driving.

Average premiums increased by eight per cent in the first quarter of 2017 according to the Association of British Insurers (ABI), with accelerating costs being driven by the Insurance Premium Tax (IPT), whiplash claims and adjustments in the way that compensation is calculated. Over the past few years, IPT has doubled to 12 per cent, bringing in the Government an estimated £5.8 billion a year.

Driving lessons and practical driving tests for young people

As well as insurance, an average learner, based on following costs £34 provisional licence, £62 practical driving test, £23 theory test, and 47 hours of professional tuition at £30 per hour will fork out around £1,529 to get their licence.

Driver and Vehicle Standards Agency records show that although the average pass rate for the driving test has increased since 2007 & 2008, up from 44 to 47 per cent, the total number of tests taken has fallen from 1.8 million to 1.5 million.

Why car leasing could be an ideal funding option for young drivers

Traditionally, young drivers have opted for older, cheaper vehicles, that have been financed or bought outright.

Leasing is an ideal way to lower monthly outgoings, with small cars from Rosedale Leasing, part of the Lookers Family, starting from a little over £100 per month. Low deposits can also be arranged to help with cash-flow, too.

Leased vehicles are new, which means that they are more efficient, require less maintenance, and safer than older vehicles, with dated technology.

If you would like to find out more about leasing a car for a young driver, or if you are a young driver yourself and would like to speak with our friendly, helpful and impartial staff who can provide you with expert advice, call Rosedale Leasing today on 0845 148 3012.

You can also browse our website at any time of the day or night and tailor-make your own contract hire and leasing quotation.

 

 

About HonestJohn.co.uk: HonestJohn.co.uk is the website that champions for fairness to car owners by publishing expert, unbiased information to help consumers make informed choices about their cars.

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