According to the RAC Cost of Motoring Index, the annual cost of car ownership has increased by 6%, twice the current rate of inflation in the UK.
The RAC Cost of Motoring Index tracks how much it costs to own and run 17 different models of car. The index covers a variety of factors affecting owning and running a car including fuel, insurance, maintenance, road tax, breakdown cover, depreciation in value and other related expenses.
|Expenses||New Car 2010||New Car 2009|
|Vehicle excise duty||111.00||114.00|
|Total Cost Yearly||5,869.00||5,523.00|
|Total Cost Monthly||112.87||106.21|
The RAC noted that the main reasons for the increase were largely due to the rising cost of fuel, which showed a year on year increase of 14.8% for diesel and 12.6% for petrol,.
Adrian Tink, of RAC Motoring Strategist, said: “Rises in the cost of motoring for Britain’s 34 million drivers shows no sign of ending. Owning a car is a necessity for most people, but they are once again being hit in their pockets – this time by an increase in costs which is double the rate of inflation.
“Fuel continues to be a major contributor in the rising costs, with little being done to control the spiralling prices at the pumps. It is time for the government to look closely at the problem and take action, starting by cancelling the planned fuel duty rise of 0.76p in January 2011.
“Motorists will continue to be hit hard in the new year with the additional rise in VAT to 20%. This is likely to take us into a new era of record petrol prices, which is why it is vital the government takes a close look at the issue to help end the war on motorists’ pockets.”