Cost of Owning a Car Accelerates

A leading UK motoring organisation reports that the cost of running a car has passed the £6,000 a year barrier for the first time ever, as inflationary factors continue to blight vehicle owners across the nation.

The report from the RAC shows that owning a car has become a whole lot more expensive, and the figures collated for 2011 reflect just how much on-costs have accelerated. At the end of 2010 it was estimated the average cost of running a car in the UK was £5,869, by the end of 2011 that figure had gone to £6,689, a massive increase of 14%. The motoring organisation arrived at the figure by factoring in costs such as fuel, car insurance, depreciation, car taxes, finance loans and maintenance. It found that fuel costs had the greatest affect on the increase but that motor insurance reflected the largest percentage rise of all the categories.

A spokesman for the RAC said: “The cost of fuel and depreciation are the most significant contributors to the higher cost of owning and running a larger car. Drivers of these vehicles, such as a Ford Mondeo, pay an average of £659 or 49.3% more in fuel costs each year than drivers of small cars. For owners of large family cars, the cost of service, maintenance and repair is also higher. It costs an average of £499 for maintenance of these vehicles in 2011, compared to just £367 for small cars, £433 for family hatchbacks and £445 for people carriers.”

The report gives an average cost of over 55p per mile for UK drivers which in all probability will surpass the 60p mark for 2012, unless there is a dramatic change in revenue raising policies by the present Government.

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