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Which car will save you the most money as a student?

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A recent study of the most popular small cars perfect for students (namely the Ford Fiesta, Renault Clio and Vauxhall Corsa) has revealed that student drivers could save up to £1,116 depending on which car they choose to buy.

Car experts at CAP.co.uk have worked out the cost of buying and then owning each car for three years, including tax, servicing and depreciation (a reduction in value of the car over time, due to wear and tear, decline in price etc.)

Car make/model

Cost new (£) (Jan ’15)

Road tax (£)

Fuel costs (£)*

Depreciation (£)

Service/ maintenance (£)

Total cost of ownership (£)

Ford Fiesta 1.25 (3 door)

9,940

  60

4634

  6040

821

11555

Vauxhall Corsa 1.2 (3 door)

10,845

  220

4811

  6270

876

12177

Renault Clio 1.2 (5 door)

10,940

  220

4895

  6765

791

12671

*Based on travelling 15,000 miles per annum over three years

The Fiesta comes out with the cheapest overall cost at £11,555, whilst the most expensive option is the Clio, with an overall cost of £12,671.

CAP’s retail and consumer expert, Philip Nothard, said: “Students typically look for smaller cars that are cheaper to buy, but the results of this study prove that performance and running costs should also be a big consideration.

"All three cars have characteristics to suit students such as being compact and cheap to purchase, however it’s clear that a car which costs a lot initially doesn’t always turn out to be the most expensive option in the long term.”

Despite this, however, £1,116 worth of savings could allow you to save a lot of money on textbooks, rent, travelcards and much more - so next time you’re considering which car to get, make sure to do your research properly!

 

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