Belfast Telegraph

Thursday 27 November 2014

Annual cost of running a car is on the increase

Increased insurance premiums and rising motoring taxes mean the annual cost of running a car has risen by 11% since 2007, it has been revealed.

Excluding interest repayments on car loans, average annual car costs are now around £2,338, statistics from Sainsbury's Finance showed.

This is 2.68% higher than the 2008 average figure of £2,277 and 11.33% above the 2007 figure of less than £2,100.

Car insurance, which now averages £551, has increased by nearly 13% since last year and by 23% compared with 2007, the figures showed. Car tax, which now averages more than £167, has gone up 8.45% since last year.

And although fuel costs are now 1.22% lower than last year, they are more than 7.5% higher than in 2007.

Sainsbury's car insurance manager Ben Tyte said: “The cost of driving can be kept down by shopping around, particularly for insurance and servicing.”

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