Recent data has revealed that 53% of people aged 22-29 have no savings at all. That’s a significant 12% increase from 41% 10 years ago.
While household bills and other living costs take priority, your car can quickly become a ticking timebomb of expenses if the correct pre-emptive maintenance isn’t carried out – which in turn adds pressure in the long run.
As a generation facing an uncertain economic future, avoiding being slapped with fines and unexpected repair costs should be of increasing importance for young motorists.
Select Car Leasing conducted a survey and revealed that 18-24 year old motorists are lacking key maintenance and legal motoring knowledge, risking an eye-watering £7,200 in fines and repair costs – that many can’t afford.
Key findings include:
- Almost 50% of young motorists are unaware of how to check tread depth – opening themselves up to almost £3k in fines.
- Less than 3 in 10 young motorists know how to check their brake pads, jeopardizing their own and other motorists’ safety on the road.
- Almost 1/3 of 18-24 year old motorists don’t know how to check tyre pressure – which could result in overheating and a nasty accident.
- Young UK adults are relying on older, unreliable cars to get by – with only 3% likely to be driving a safer new model.
- Polite or Naïve? 7 in 10 young motorists could be accidentally admitting guilt by apologising after a collision.
- Almost 4 in 10 young adults either don’t have breakdown cover or are unaware if they do. Without the correct cover in place, many young motorists are risking having to pay a £250 towaway charge if their car gives up on them.
- Young motorists are phoning the wrong people in the case of an accident – an overwhelming proportion of younger drivers are likely to call a family member, rather than call 999 or 101 to properly report the incident.
- Only ½ of 18-24 year olds know how to carry out simple windscreen wiper maintenance, which, if left unchecked, could lead to a scratched windscreen and a repair bill of up to £100.
- On average, less than one in ten 18 – 24 year olds maintain their car at the recommended frequency, if at all – less than 1 in 10 young adults maintain their car according to the correct schedule advised by Michelin and other authorities, the lowest scores of all age ranges by a substantial margin.
The survey results raise strong questions about how younger drivers can be better informed on simple car maintenance checks. With over half staring at an empty piggy bank, they are in dire need of education around simple car maintenance tasks to provide the self-sufficiency that will help them to avoid racking up huge car repair bills.
See more information here: https://www.selectcarleasing.co.uk/news/generation-no-savings.html
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