Although not a new phenomenon, we’ve seen a lot about co-buying homes over the last few years, allowing people to get on the housing ladder earlier. Now, environment worries and the high cost of car-ownership mean many young drivers are co-buying their first set of wheels as well.

With the cost of running a car totalling £2,000 per year for first-time car owners, more than one in 10 (12%) young drivers have teamed up with a friend or family member to buy a car, according to new research from Direct Line Car Insurance.

Buying a vehicle with friends or family to split the cost of driving has enabled two million motorists (6% of all drivers) to get on the road when they otherwise wouldn’t have been able to.

It would seem that this co-buying trend is set to continue with more than one in five (23%) 18-29 year olds currently considering sharing their car and subsequent costs. Of course, co-buyers don’t have to live together to share motoring costs, but it helps with organisation and working out who will use the car and when.

Cost cutting is not the only reason young drivers are co-buying cars.  Going ‘green’ is also an increasing concern with four out of five (82%) of all motorists saying vehicle emissions are a growing worry. 

Out of the young drivers who already share a vehicle close to a quarter are sharing because it is better for the environment and 14% do it to help reduce congestion.

Emma Holyer, Direct Line’s motor spokesperson said: “Sharing a car is a great way to save money on costs and to help reduce vehicle emissions as well.  It’s particularly helpful for younger drivers who tend to pay higher insurance premiums.”

“To help car-sharers, Direct Line offers named drivers the chance to build up their own no claims discount.  And for those drivers living together for whom it is not practical to share a vehicle, Direct Line offers a multi-car discount for vehicles registered to the same address.”