Commenting on new figures from the RAC that show a 14 per cent increase in the cost of motoring this year, one car insurance comparison site has examined what exactly has been a contributing factor to these massive motoring costs.
The online car insurance comparison site found that the most significant increase from last year was the rate of depreciation for vehicles. Cars are losing their value by an average of 16.67 per cent every year, according to the provider of discount car insurance quotes.
The next culprit was found to be rising insurance costs, with the price of car cover rising by 14.38 per cent since 2010. Fuel costs were also high on the list, with a 12.4 per cent hike even before the two additional fuel duty rises planned for 2012 go into effect, while smaller factors included car finance costs rising by 9.85 per cent and car maintenance costs increasing by 9.85 per cent.
With households already reeling financially from the worldwide economic recession, the RAC says the average family will pay a massive £6,689 in total to keep their car on the road this year. This represents a £1,556 increase over last year’s £5,780 figure, the RAC also added.
A comparison site spokesperson remarked that such a driving cost increase, which is nearly three times the nation’s inflation rate – is the worst kind of news, especially in light of how many UK households are squeezed quite tight already. However, there are ways to cut your motoring costs, the spokesperson also sad, such as taking care of simple maintenance and repairs personally, staying away from purchasing premium fuels, and taking into consideration the possibility of taking out GAP insurance if you’re buying a new car, which will provide you protection against the depreciation of its value.