Young drivers co-buy wheels to save money and the environment

Environment worries and the high cost of car-ownership mean many young drivers are co-buying their first set of wheels, according to new research by Direct Line Car Insurance.

With the cost of running a car totalling £2,000 per year for first-time car owners, more than one in 10 (12 per cent) young drivers have teamed up with a friend or family member to buy a car.

Buying a vehicle with friends or family to split the cost of driving has enabled two million motorists* (six per cent of all drivers) to get on the road when they otherwise wouldn’t have been able to. 

It would seem that this co-buying trend is set to continue with more than one in five (23 per cent) 18-29 year olds currently considering sharing their car and subsequent costs.

Cost cutting is not the only reason young drivers are co-buying cars.  Going ‘green’ is also an increasing concern with four out of five (82 per cent) of all motorists saying vehicle emissions are a growing worry. 

Out of the young drivers who already share a vehicle close to a quarter (23 per cent) are sharing because it is better for the environment and 14 per cent do it to help reduce congestion.

Emma Holyer, Direct Line’s Motor spokesperson said:

“Sharing a car is a great way to save money on costs and to help reduce vehicle emissions as well.  It’s particularly helpful for younger drivers who tend to pay higher insurance premiums.

“To help car-sharers, Direct Line offers named drivers the chance to build up their own no claims discount.  And for those drivers living together for whom it is not practical to share a vehicle, Direct Line offers a multi-car discount for vehicles registered to the same address.”

For more information, log on to www.directline.com/car

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Emma Holyer/Direct Line Press Office
0208 256 2182 / 07894 158605
Email: emma.holyer@directline.com

Notes to Editors:

The research was carried out on behalf of Direct Line car insurance by YouGov. A nationally representative sample of 2,083 GB adults were questioned online between 15th to 18th December 2006.   Results are weighted to be representative of the GB adult population.

*There are 33.8 million drivers in the UK (Census data, 2001) and according to YouGov data, six per cent of all drivers co-own a car because it’s the only way they could get on the roads. Therefore, 33,809,493 x 0.06 = 2,028,569