Motoring costs continue to soar

New research from the RAC has shown that the cost of motoring has soared by 14% over the last year, meaning car buyers are paying an average of £128 per week to run a new family car.

All told, the cost of running a new car for the year was found to be £6,689 a year, which compares unfavourably with the figure of £5,870 only 12 months ago.

The hike in costs is made of a 12.4 per cent rise in fuel prices compared to last year, while the average maintenance costs increased by 8.8 per cent.

Average insurance premiums have risen 14.38 per cent, car finance is now costing 9.85% more, while depreciation (decreasing car valuation) was the factor to rise the most – 16.67 per cent.

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.

"This year’s cost index highlights the tough conditions being faced by Britain’s motorists,’ said RAC motoring strategist Adrian Tink. ‘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."