Cheaper petrol has no impact on the cost of running a car
Oct 29, 2006
The cost of running a car has increased to £15 per day, despite recent cuts in petrol prices.
The RAC's Cost of Motoring Index revealed that the average car now costs more than £5,500 per year to run, with the cost of car ownership increasing by £539 in the past year – as much as the cost of a package holiday. Recent increases in congestion charging were among the factors causing the price rises and meaning that new car buyers need to budget even more carefully, with many buyers likely to choose a personal loan to fund at least some of their purchase.
Depreciation was still the largest cost factor in all new cars, increasing by 22 per cent or £432 in the past year, meaning that the average person now loses the equivalent of £46.50 per week.
Other growing costs included the cost of insurance, which rose from £389 this time last year to £412 this year and maintenance, rising to £300 from £271. The author and RAC spokesman said that car buying was the second biggest investment that consumers made after home ownership and that motorists needed to better understand the true costs of running their cars.
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