Half of 18-34 year-old drivers having to borrow money from parents for fuel

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New research by used car buying service ChooseMyCar.com, showed that 46 percent of the age group have asked friends and family for money, due to huge spikes in fuel costs. This was in contrast with older age groups, with only 21 percent of 35-54 year olds in the same boat, and just four percent of the over 55s.

The Government was forced to step in with a 5p fuel duty cut back in April, however this hasn’t done much if anything to improve the situation.

More worryingly, the study showed that 42 percent of 18-34 year olds have gone to banks to borrow money due to fuel and cost of living rises.

The older age groups were again far less likely to need to take such drastic action, with just 19 percent of 35-54 year olds borrowing from banks, and just three percent of over 55s.

Founder of ChooseMyCar.com Nick Zapolski, said: “I really sympathise with the position the younger age group is in with huge spikes in fuel costs and the affordability of solutions like electric vehicles.

“Doing research into economical cars is vital in the current climate, as is shopping around for good finance deals if you are buying a car that way.”

Other findings in the study were that 55 percent of 18-34 year olds had to cut back on buying groceries due to fuel costs rising.

Some 80 percent of 18-34 year olds would now choose to walk over using their cars, where possible

And 66 percent of 18-34 year olds will buy an electric vehicle as their next car.

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Meanwhile, drivers could save more than three times the amount of money to run an electric car compared to a petrol or diesel equivalent, despite charging costs increasing.

New data found that the average price to charge an electric car at a publicly accessible rapid charger increased by 21 percent in the last eight months.

The research from the RAC and FairCharge found that it costs an average of 10p per mile to charge an EV using a rapid charger, compared to 19p per mile with a petrol car and 21p with diesel.

On average, it costs £22.81 to charge a typical family-sized electric car to 80 percent compared to £18.81 which was the price last summer.

In stark contrast, the cost of filling a 55-litre family car from empty to 80 percent has increased by a huge £14.54 since last September, from £59.67 to £74.21.

Alex Kindred, car insurance expert at Confused.com, commented on the data, saying that running an electric car is still far cheaper.

He pointed out this was especially true given the record prices of petrol and diesel at the moment.

He added: “In an electric car, 100 miles could cost you roughly £4 in energy, whereas it could cost you £15 in fuel for the same distance.

“Our research found that one in three drivers would consider buying an EV as their next car.

“However, over one in three (37 percent) said that there needs to be more information around how much EVs cost to run.

“The confusion around EV running costs may be holding drivers back, but there are plenty of cost cutting incentives, which include no congestion charge, free entry into low emission zones and home charging grants.”

But electric car owners still struggle to charge their cars in public with the UK being nowhere near ready for an electric vehicle future, according to experts.

Research carried out by Euro Car Parts has shown that the UK is nowhere near ready to accommodate electric vehicles.

This is despite the fact that the number of charging points has increased by 33 percent across the country.

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