Juggling textbooks, living expenses, and a social life can be quite a financial balancing act in university. On top of that, extra expenses like parking, fuel, and car insurance can swiftly deplete your student loan.
So, how does your university choice impact the overall cost of maintaining a car?
Confused.com have crunched the numbers on the annual expenses of running a car at UK universities. The findings reveal the most and least budget-friendly options for young drivers.
Least expensive universities for motorists
| University | Student Loan* | Annual Petrol Cost | Annual Parking Cost | Annual Insurance Cost | Total Annual | % of loan |
|---|---|---|---|---|---|---|
| University of Cumbria | £4,651 | £1,119 | £64 | £982 | £2,165 | 46.50% |
| Aberystwyth University | £4,651 | £1,120 | £42 | £1,073 | £2,235 | 48.10% |
| Trinity St David | £4,651 | £1,112 | £0 | £1,140 | £2,252 | 48.40% |
| University of Bath | £4,651 | £1,080 | £153 | £1,127 | £2,361 | 50.80% |
| Heriot-Watt University | £4,651 | £1,127 | £0 | £1,302 | £2,429 | 52.20% |
| Bangor University | £4,651 | £1,087 | £40 | £1,324 | £2,450 | 52.70% |
| University of Worcester | £4,651 | £1,128 | £174 | £1,196 | £2,499 | 53.70% |
| Royal Holloway | £4,651 | £1,119 | £0 | £1,400 | "£2,518 | 54.10% |
| Glyndwr University | £4,651 | £1,059 | £0 | £1,491 | £2,551 | 54.80% |
Residents near the University of Cumbria shell out approximately £2,165 annually for their car's upkeep. This includes the lowest student car insurance at £982 and a mere £64 for parking.
Most expensive universities for motorists
| University | Annual student Loan* | Annual Petrol Cost | Annual Parking Cost | Annual Insurance Cost | Total Annual Cost | % Of Loan |
|---|---|---|---|---|---|---|
| Imperial College London | £6,485 | £1,102 | £7,200 | £2,727 | £11,029 | 170.10% |
| University of Oxford | £4,651 | £1,246 | £3,768 | £2,346 | £7,360 | 158.20% |
| University of Cambridge | £4,651 | £1,120 | £4,014 | £1,424 | £6,558 | 141.00% |
| Glasgow Caledonian University | £4,651 | £1,096 | £2,700 | £2,122 | £5,918 | 127.20% |
| University of Strathclyde | £4,651 | £1,096 | £2,151 | £2,122 | £5,369 | 115.40% |
| Newcastle University | £4,651 | £1,112 | £900 | £2,998 | £5,010 | 107.70% |
| University of Leicester | £4,651 | £1,096 | £1,080 | £2,759 | £4,935 | 106.10% |
| University of Leeds | £4,651 | £1,000 | £1,440 | £2,445 | £4,885 | 105.00% |
| Leeds Beckett University | £4,651 | £1,000 | £1,440 | £2,445 | £4,885 | 105.00% |
| University of Manchester | £4,651 | £1,046 | £646 | £3,089 | £4,781 | 102.8% |
Maintaining a car at some of the nation's most prestigious institutions could devour up to 170% of your student loan.
At Imperial College London, students face an annual expenditure exceeding £11,029 for car-related expenses, covering parking, petrol, and insurance. Parking alone constitutes the most substantial cost at £7,200, making up 65% of the total.
Oxford claims the second spot in terms of unaffordability for drivers. Car owners among Oxford students grapple with the highest petrol costs, reaching £1,246 per year.
Cambridge ranks as the third least affordable university for drivers, with the cost of running a car surpassing 141% of a student loan. Although marginally more economical than its historical counterpart, Cambridge students contend with the second-highest parking expenses.
Universities with the Highest Car Insurance Costs
Your car's make and model are significant factors in determining your insurance costs. However, your premium can also be influenced by your location.
| University | Average annual insurance premium |
| Queen Mary University | £3,352 |
| University of Stirling | £3,185 |
| University of Manchester | £3,089 |
The highest car insurance premiums for university students are faced by those at Queen Mary University in London, averaging £3,352.
Situated in East London, the elevated population density and bustling roads likely contribute to the steep insurance costs. Urban areas, in general, tend to exhibit higher crime rates, further impacting insurance premiums.
Moving to the University of Stirling, set within a walled estate, students there can anticipate an annual car insurance cost of £3,185.
While city centers pose evident risks for drivers, rural environments come with their own set of challenges affecting car insurance. Poorly lit rural roads, susceptibility to ice and standing water, and the prevalence of sharp and blind corners increase the risk of accidents for motorists.
The University of Manchester takes the third spot in terms of car insurance expenses for students, averaging £3,089 per year. The bustling roads of Manchester city center contribute to the higher insurance premiums in the area.
Additionally, it's important to note that areas with a high concentration of students can be more appealing to thieves, given the transient nature of the neighbourhoods and the general lack of secure parking.
