Over 40 per cent of 25-34 year olds intend to purchase a vehicle that is aged three years and above, in comparison to just 15 per cent of over 55 year olds and 24 per cent of 18-24 year olds.

In contrast, 52 per cent of drivers aged 55 and above are planning to buy a new car within the next 12 months, compared to just 21 per cent of 18-24 year olds and 20 per cent of 25-34 year olds. Simon Tennyson, managing director of AA Warranty said: “For many young drivers a major objective is to keep all associated costs of getting on the road as minimal as possible. “Consequently, not only are young people more likely to buy a used vehicle because it is cheaper, but they are also less inclined to take up suitable mechanical breakdown cover as it is often perceived as an elective cost.”