Generation ‘No Savings’: Millennials risking thousands in car repairs
A new independent national research study conducted by Select Car Leasing reveals many young motorists are lacking critical car maintenance understanding
A new independent national research study conducted by Select Car Leasing reveals many young motorists are lacking critical car maintenance understanding as well as essential legal motoring knowledge, leading to huge potential repair costs and financial outlays many can’t afford.
Coupled with this, recent 2018 Office of National Statistics data reveals a startling half (53%) of young people in the UK aged 22 to 29 have no savings at all, a significant 12 percentage point increase from 4 in 10 (41%) just 10 years ago, highlighting many younger motorists will simply not be able to afford large car repair bills.
While household bills take priority, a car can quickly become a ‘ticking timebomb’ of major expenses if the correct pre-emptive maintenance isn’t carried out, in turn compounding personal financial pressure over the longer term. Unaware, underprepared and without the correct skills or spare money to readily fix these issues, younger drivers are becoming trapped in a downward spiralling financial circle regarding their car.
A generation not blessed with a large money pot and facing uncertain economic times, avoiding being slapped with unexpected repair costs as well as fines is of major importance for young motorists in 2019.
Key Research Insights
- ‘Generation No Savings’… Over half (53%) of young people have no savings in 2019. Furthermore, the majority are unaware of how to carry out the most basic car maintenance checks
- Millenials risk major car repair costs and fines… 18-24 year old lack of road knowledge means they are risking a potential eye-watering £7,200 in fines and repair costs
- Brake pad blindness… Less than three in ten young motorists know how to check their brake pads, jeopardizing their own and other motorists’ safety on the road
- Tyre tread ignorance… Almost half of young motorists are unaware of how to check tread depth – opening themselves up to almost £3k in fines
- Tyre pressure philistines… Almost one third of 18-24 year old motorists don’t know how to check their tyre pressure, which could result in a nasty accident
- Young UK adults predominately relying on older, unreliable cars to get by… with only 3% likely to be driving a safer brand-new car model, compared to 14% of 55-64-year olds
- Young motorists rarely carry out car maintenance at recommended frequency, if at all… less than one in ten 18–24-year olds maintain their car according to the correct schedule advised by Michelin and other authorities, the lowest score of all age ranges by a substantial margin
- Involved in an accident? Young motorists are phoning the wrong people… After an accident an overwhelming proportion of younger drivers are likely to call a family member, such as a parent, rather than call 999 or 101 to properly report the incident
- Care free attitude to breakdown cover among Millennials evident… A staggering four in ten cash strapped youngsters either don’t have breakdown cover or are unaware if they do
- Millennials ignorant of potential ‘legal ramifications’ of apologising after an accident… the research finds a hefty seven in ten young motorists could be accidentally admitting guilt by apologising after a car accident or collision
For the full article, and all the research findings, please visit Select Car Leasing here.