Belfast Telegraph

Monday 21 April 2014

Driving costs soar 14% in 12 months

Drivers are now paying an average of 128 pounds a week to run a new car, a report suggests

The cost of motoring has soared by 14% over the past 12 months, a report by the RAC has said.

On average, drivers are now paying £128.64 a week to run a new car, the report said.

This is the equivalent of 55.74p a per mile and means it now costs an average of £1,556 more a year to own and run a new motor than it did in 2007.

Depreciation, which rose 16.67% in the last year, was the thing that had gone up the most between 2010 and 2011, followed by insurance (up 14.38%).

Fuel was 12.4% higher than a year ago, while maintenance costs, on average, were 8.8% higher.

Car finance was now costing 9.85% more, while RAC membership - which was included in the calculations - had gone up 4.21%.

All told, the costs amounted to £6,689 compared with £5,870 last year.

The cost index was based on a pool of 17 new cars with the results weighted by their level of ownership. Even taking depreciation and car finance out of the calculations, the day-to-day running costs were up 11.1% to £2,743.

The RAC said the rise for used cars' running costs was 13.2%.

RAC motoring strategist Adrian Tink 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."

Latest Food and Drink News

Latest Motoring News