The Costs of Running a Car vs a Motorbike for Students
Having your own form of transport can be highly advantageous and can make life that bit easier. There is the benefit of avoiding delays, keeping safer and remaining a fair distance from strangers, all of which are problems faced with public transport. With your own car, pedal bike or motorbike, you can go straight to your destination whenever you want. While operating a vehicle can be expensive, in the long run it may save you a fortune.
Studying at university is an important time in a person’s life, helping them develop crucial life skills as well as advancing their career aspirations. As long as your financial situation is stable, owning a vehicle can be extremely useful for students. It presents the opportunity to navigate between campuses with ease and means you can visit home to see friends and family. Plus, owning a car or motorbike comes with new responsibilities that can aid a person’s development.
However, we recognise that buying or leasing a vehicle is not cheap, nor are the operational costs involved. As a student, you must look after your money. Motorbike Accident Claims is a professional legal firm that knows the ins and outs of the automotive industry. In today’s article, Motorbike Accident Claims will provide input on the costs of running a car versus a motorbike.
Why Students Need to Manage Their Finances Carefully
Leaving home to commence university life is hugely exciting. It is the first significant step in creating your own path in life. The student lifestyle is all about learning, making new friends and having a wild of a time. But with that said, it’s also about learning adult responsibilities. There is no greater responsibility than maintaining a healthy financial situation.
With bills to pay, you won’t be living on the back of your parents anymore. It’s crucial that students manage their finances carefully when beginning university. No longer will you be able to buy what you want without a care in the world. Every student should look to set a budget, track expenses, reduce unnecessary purchases, and open a savings account. If you can achieve this, then you will have no problem looking after a vehicle.
The Costs of Running a Car
There are several costs involved in running a car. First of all, there is the cost of the vehicle itself. You can choose to buy the car outright or by leasing. If leasing, you will take out a car finance loan with the commitment of paying a monthly amount. For students, unless buying a cheap second-hand car, the affordable choice will likely be leasing. The next most significant fee that you will have to pay is car insurance. Without third party insurance, you won’t be able to drive the car on the road. There are various factors that influence an insurance quote, including the type of car, your age and experience, and your home address. Young people, such as students, are unfortunately left with the burden of high prices, but this will decrease each year you drive without experience an accident. You can either pay insurance monthly or with a one-off fee. Do your research and collect several quotes before making a final decision.
In the UK, cars must be taxed before they can take to the roads. Car tax is calculated depending on the amount of CO2 that the vehicle produces. The tax must be renewed every year. It is a legal requirement for cars to pass an annual MOT test if it is over 3 years old. The maximum cost of an MOT is £54.85 and it is often accompanied with a full service which can cost a few hundred. Other regular costs include fuel, parking, repairs, maintenance, and replacement parts.
The Costs of Running a Motorbike
So we know how much a car costs to run, but what about a motorbike? You can ride a motorbike if you have a full driving licence, however, you must first pass a compulsory basic training course which can cost around £100. To get a full licence to drive a motorbike, you will need to pass a theory test (£23) and two practical tests (£104 in total). To obtain the motorbike itself, you can either buy or lease. The price to buy or lease a motorbike considerably cheaper than it is to buy a car.
As with any vehicle, you will need to be insured to ride a motorbike. You can pay a one-off fee or in monthly instalments and the price will again depend on various factors based on your individual circumstances. It’s understand that motorbikes are much cheaper to insurance than cars. In the UK, car insurance has an average cost of £630 while motorbike insurance is around £300. You will also need to pay an annual road tax based on the bike’s engine size. The maximum price you will possibly pay is £100.80. Other fees include fuel, MOT and service, maintenance, and replacement parts. You should also invest money in securing quality clothing such as protective helmets, jackets, boots, and gloves.
What Should Students Choose?
To answer the question of whether students should invest in a car or motorbike, there are several considerations to take into account. Cars are safer, comfortable and provide space for multiple passengers. However, motorbikes can be highly convenient, especially if you only intend to ride it yourself. Motorbikes are also much more cheaper to run than a car with lower purchase costs, insurance and road tax. For a student looking for an affordable and convenient mode of transport, a motorbike is an excellent option to consider.