A report by RAC has shown that, on average, drivers are now paying £128.64 a week to run a new car, an increase of 14% over the past 12 months. This increase is nearly three times the rate of inflation.
Depreciation, which rose by 16.67%, was the biggest factor in the rise whilst insurance, not far behind, rose by 14.38 %. Fuel prices were up 12.4% on last year, while the average maintenance costs increased 8.8%. All this meaning that the running costs of a new car are now £6,689 a year, compared with £5,870 only 12 months ago.
Adrian Tink, RAC motoring strategist, said: ‘This year’s cost index highlights the tough conditions being faced by Britain’s motorists. With the annual cost of motoring approaching £7,000 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 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.’
MJP Motoring Solicitors
Nov, 23, 2011
It is becoming much harder to maintain your vehicle to a high standard with the rising costs of motoring and labour charges.