The most exciting part of my 17th birthday was being able to drive. My older brother had already been on the road for two years. I had witnessed the freedom that it gave him and longed for the day when I wouldn’t have to time my outings to fit in with the next bus or train.
For weeks after I passed my driving test I felt smug every time I was behind the wheel. The possibilities; the places I could go. Now? I can count on my hand the number of times that I’ve driven in the past month and wonder if owning a car makes financial sense.
My brother and I have shared the same Renault for years, which costs about £680 annually to insure. It cost significantly more than that when we were under 25. Then there are petrol, MoT and road tax costs to factor in — all of which can be avoided if we sell our once-cherished wheels. Several friends with cars find themselves in the same situation, favouring walking or cycling over driving. One has been looking into joining a car club such as Zipcar, which allows you to hire a vehicle for as little as £3 an hour.
Research shows that the number of under-25s learning to drive has dropped by more than 20 per cent over the past decade. The decline has been attributed to soaring motoring costs, particularly insurance, which Consumer Intelligence says has risen by five times the rate of inflation. A study by the market research company shows that average premiums increased by almost 16 per cent in the year to May, adding about £90 to motorists’ annual bill. Drivers aged 21 to 24 experienced lower proportional increases than those aged over 50, but their bills were still higher at an average of £1,202.
Industry experts say this is, in part, because of the government’s increase in personal injury payouts — the reform of the so-called Ogden rate — and the sharp rise in insurance premium tax.
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Insurance costs aside, millennials’ diminished enthusiasm for car ownership can also be explained by the proliferation of technology. Tracking trains and buses on smartphones has never been easier.
For those who live in cities, a car is more of an annoyance than a necessity — all you need to get around is the Citymapper app. No wonder we’re shunning driving when we can reduce traffic, air pollution and our bills simultaneously.
