The cost of owning and running a car is now over £6,600 a year for the average Brit-a rise of 14 per cent over the last year, the latest figures from the RAC suggest.
That’s a rise almost three times the current inflation rate, and shows how motoring is increasingly becoming a cost too much for many.
According to RAC’s annual Cost of Motoring Index, drivers are now paying on average £128.64 per week, or 55.74 pence per mile to own and run their vehicles. What’s more, it now costs an average of £1,556 per year more to own and run a car than it did in 2007, before the financial crisis and subsequent recession.
The Cost of Motoring Index, which is based on a pool of 17 new cars weighted by their ownership, is calculated by taking into consideration all the various financial outgoings associated with owning a new car. These include: depreciation, finance, service, maintenance, repair, fuel, insurance, road tax and breakdown cover .
When depreciation and finance are excluded, day to day running costs are also up a staggering 11 per cent per year to £2,741. Depreciation, cost of insurance and fuel show the biggest increase in costs, with a 16.67 per cent increase, 14.4 per cent increase and a 12.4 per cent increase respectively.
Adrian Tink, RAC motoring strategist, comments: “This year’s Cost of Motoring Index highlights the tough conditions being faced by Britain’s motorists. With the annual cost of motoring approaching seven thousand pounds the price burden of car ownership is hitting drivers hard. The increase of almost three times the rate of inflation is crippling drivers’ wallets and something needs to be done to stem the tide.
“With fuel prices continuing to be the biggest single running cost, UK drivers want action from the Government. Last week’s Commons debate, prompted by the Fair Fuel UK campaign, showed the real depth of feeling across the country on this issue. At the very least, we are calling for the scrapping of next year’s planned fuel duty increases.
With the cost of motoring ever spiralling upwards, we explored joining car clubs as an alternative in this week’s column. Read here.
