We all know too well that millennials are being priced out of the housing market. Poor wages and continually rising house prices mean that it is now incredibly difficult for twenty-somethings to find a lending institution that is willing to offer them a mortgage. As a result, fewer young adults are buying property, and they are now stuck in the rental market. But is it really only the housing market that millennials are being priced out of?
Some studies show that fewer young adults are now choosing to learn to drive. If they do get their license, these same studies show that many still prefer to rely on public transport rather than buy a car. And this is all to do with money too. Driving lessons, buying a car, and getting auto insurance is now more expensive than ever. However, there are ways that young adults can prevent themselves from getting priced out of driving. They just need to follow these useful tips.
Find A Driving Instructor Who Offers Payment Plans
There is no way of getting around just how expensive driving lessons are. Even if you do shop around for the best-priced instructor, you will find that there isn’t a huge amount of difference between them. But one thing you should look out for is an instructor who offers payment plans. That just means that they won’t expect all of their money at once. You should be able to pay in monthly installments, which can make it a lot easier to afford.
Choose A Cheap Car To Insure
It is also impossible to get away from the fact the best car insurance is often the most expensive policy. But did you know that some cars are a lot cheaper to insure than others? That’s right! Cars that are viewed as being safe are relatively affordable to insure. How do you know if a car is a safe one? ‘Safe’ cars are often the smaller ones that have small engines and can’t be driven at exceptionally high speeds.
Another way to keep the costs of driving down is to choose an eco-friendly car. Even though these can sometimes be more expensive to purchase than regular cars, you will save a lot of money in the long run. And that is because you won’t have to buy expensive gas to fill up the tank. You will really benefit from buying an electric car, as these are extremely cheap to recharge – just plug them into a charger and wait for the battery to fill up!
Don’t Modify The Car
Modifications can be expensive in themselves, but they can also affect the price you pay for insurance. More often than not, a modified car will be a lot more expensive to insure than a modified one. So, even if you think a potential modification will look super cool, it will give the insurance company the wrong idea, and will push up your premiums!
So, millennials don’t have to be priced out of driving it seems!