Cost of motoring soars by 14 per cent in one year as fuel prices run amok
|
UPDATED:
12:40 GMT, 23 May 2012
Rocketing: The cost of motoring has gone through the 6,000 per year barrier for the first time, mainly because of the soaring cost of fuel
The cost of motoring has soared by a massive 14 per cent in one year, research showed today.
According to the RAC, it costs an average of 6,689 to run a car for a year up from 5,869 12 months ago.
The increase is largely down to higher fuel prices, but also takes into account the cost of depreciation, servicing and more expensive loans. It means drivers are paying 55.7p a mile to keep their car on the road.
The RAC annual report found the soaring cost of motoring was the number one concern for drivers.
High road and fuel tax and the poor state of the roads were among the most vexing issues.
Some 44 per cent of drivers feel less safe on the road.
The soaring cost of motoring is largely down to fuel as prices have risen 16.9 per cent for petrol and 20.3 per cent for diesel over the last two years.
The 6,689 annual cost of motoring measured at the end of 2011 compares with 5,869 at the end of 2010 and 5,523 at the end of 2009.
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 COST OF MOTORING: 2011 vs 2010
NEW CARS 2011NEW CARS 2012% CHANGEFUEL1,4581,298UP 12.40%INSURANCE551483UP 14.38%MAINTENANCE472434UP 8.8%VEHICLE EXCISE DUTY 111111UNCHANGEDRAC MEMBERSHIP149143UP 4.21%LOST CAR VALUE3,582
3,068UP 16.67%CAR FINANCE366333UP 9.85%TOTAL ANNUAL COST6,6895,870UP 13.96%
Related posts:
- Motoring groups across Europe will urge Brussels to investigate the rising cost of fuel
- Petrol prices rise but we love 4x4s: top motoring money stories 2011
- Cost of travel insurance for pensioners rises by up to 90 per cent in a year
- Petrol at an all-time high as AA warns cost of filling family car will top 96 today
- Petrol prices fall to lowest level since March and the North is cheaper than the South